Infrastructure or Real Estate PE?

Hi all, I've recently managed to land some PE internship offers in the areas of Infrastructure and Real Estate.

I'd like to ask for some opinions between the 2 different fields, which one should I go for? Previously, I was in back-office finance in real estate and consulting before transitioning to risk advisory in the Big 4.

Should I take the offer from Real Estate PE and leveraging on my past exp supporting the sales and investment teams? Or should I go into a completely new area with Infrastructure PE? Both offers are from similar firms in terms of size as well as focus their focus on emerging markets.

Comments (8)

Mar 8, 2018

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  • More suggestions...

Calling relevant pros to the rescue! @Hongye-WANG @dferris77 @ridethewave

You're welcome.

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Best Response
Mar 11, 2018

What about:
* the gut feeling you've had with the teams;
* the chances of an offer to be hired after the internship?

Anyway, there's something you haven't written that makes me rise an eyebrow: if you've already worked somehow in real estate (despite was BO finance) and you don't feel this is the chance to get back to that area and learn more about it (which could be the foundation of a career in PE real estate), it is at least possible that isn't the path for you.

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Mar 12, 2018

I would say that it was very clear that the infra team was a lot more friendly and easy going than the RE team, which gave me the impression that they were expecting me to "hit the ground running" and adapt quickly with minimal guidance. So I am sort of pivoting towards the infra offer in this regard as they told me that an analyst would help mentor me in my initial few days.

In terms of potential FT offers, RE will very likely lead to FT offers, but the infra side didn't really seem to be willing to convert becuz they gave a cryptic answer when I asked that seemed to indicate a "No" answer. But I'm not sure if this should be a priority for me as this will be my year 2 summer internship, so I'm still 2 years from graduation and I doubt that either firm will be willing to give a FT offer given my year 2 circumstances, no matter how well I do. The interviewers themselves seemed to hint at this as well.

I'm sure you're going to ask about how I got 3 internships b4 the end of year 3, and the order is as follows:

Year 1 winter: BO Finance RE
Year 1 Summer: Consulting
Year 2 winter (extended to part time spring): Risk Advisory

Mar 12, 2018

Ok, and what's your career goal? Not Real Estate or infra PE for sure...

Mar 12, 2018

I'm looking towards a career in project/sponsor finance, doing deals in the energy and utilities sectors. No current preference for being on either the buy/sell side.

But I'm keeping my options open at this time and I wouldn't mind making career switches into PE or infra if I find a good team or company that I really enjoy working with ^^

Mar 12, 2018

Perhaps it makes more sense to try something different and work with people you feel it would be nice to spend time with.
At that career point it's somehow better to risk a little more in terms of not being sure to secure a FT offer after the internship but having the chance to see different stuff and meet different people than simply finding the job ASAP.
Finding what you are really passionate about (and good at) is the most important thing.

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Mar 12, 2018

They're both very niche industries...yet both highly critical to geographical and societal development.

Which ones interest you more?

Personally for me, I would go with the Infra PE offer. Infrastructure is an extremely fascinating space. Plus, experience in general Infra is transferable to project finance and energy infrastructure.

Mar 13, 2018
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