Large Cap Infrastructure Investing

I've read through the infrastructure AMA's and other posts on this forum which have been helpful, but I'm looking for a bit more detail on strategy and culture at the MF's within their infrastructure platform. There are a number of posts already on some of the infrastructure specific funds (i.e. GIP, Stonepeak, etc.) but I'm looking more at the Blackstone/KKR/Carlyle's of the world.

If anyone has any specific insights on these MF's in terms of their strategy, culture, recruitment process, etc. that would be great. As context I'm an Associate at a MM infrastructure fund and I'm thinking of recruiting off-cycle as a lateral.

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Comments (33)

  • Associate 3 in PE - LBOs
Jun 11, 2021 - 10:21am

IMO only a few of the MFs really play well in infra.  Would put Blackstone at the top (think they lost a lot of infra talent when Stonepeak spun out but still solid), followed by Apollo, then KKR, then Carlyle.  Can't speak to hours at KKR/Carlyle, but you'll work pretty hard at Blackstone and Apollo.  Worth noting that Blackstone's Tac Opps seems to do a lot of telecom/digital infra. 

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  • Associate 1 in PE - Other
Jun 14, 2021 - 9:50am

Haven't heard anything on MIRA, but I have heard Brookfield and GIP (especially GIP) had zero work life balance. Did your friends indicate otherwise? On top deal experience I agree - I actually think that working at these specialized funds will give better deal experience than some of the MFs.

  • Prospect in IB - Restr
Jun 15, 2021 - 3:05am

How about I Squared? Anyone hear how life is like there?

Jun 19, 2021 - 12:42am

How about I Squared? Anyone hear how life is like there?

Reputation is mediocre at best and their associates aren't impressive in terms of background or competence 

Caprock and Pinnacle were awful deals - Whiptail also went nowhere

  • Analyst 1 in IB - Cov
Jun 14, 2021 - 11:00am

Have a buddy at GIP. Place is insanely sweaty and from the people I know at MIRA, it's not much better over there either. Infra investing requires such granular research that it is nearly impossible to have good WLB. At least pay is very solid across most infra shops. 

  • Associate 3 in PE - LBOs
Jun 14, 2021 - 12:07pm

Would echo GIP having a sweaty/hardo culture - have heard so-so things about Brookfield culture as well.  Stonepeak is supposedly better in terms of WLB, and another strong name in the space.  Infra as an asset class does it lend itself to more associate-level work given how granular/technical the modelling can be (almost to the point of false precision). 

  • Associate 1 in PE - Other
Jun 14, 2021 - 1:09pm

Re infra lending itself to more associate level work I completely agree. However I have to say, at least at my shop, it doesn't get remotely better at the next level. My VPs/Principals are grinding just as much as I am and it doesn't really get better until you hit the MD/Partner level. When I think about the next 5-7 years of my life, I would hope that things get a bit better, but that won't be the case if I stay put. I'm assuming that this is the case at the names mentioned above, but thought I'd ask anyways.

  • Analyst 1 in IB - Cov
Jun 14, 2021 - 1:22pm

Seeing as your anon, would you mind sharing what fund you're at?

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  • Associate 1 in IB-M&A
Jun 14, 2021 - 10:45pm

There was somehow a misconception that seemed a bit more prevalent maybe 4-8 years ago that the Infra world was easier and culturally more laidback. But today, I think it couldn't be further from that. Everyone I know in Infra gets absolutely worked to the bone. The modelling and diligence is incredibly granular, naturally time consuming and sometimes overly technical to the point of being boring. And unless you're at a MF or strong UMM/large cap independent manager (there only a few; e.g GIP, Stonepeak), the comp I don't think is even that great. MIRA and Brookfield are huge, sure, but the pay is not going to be on par with traditional UMM/MF PE. It seems like a tough grind to be honest.

Jun 19, 2021 - 12:37am

There was somehow a misconception that seemed a bit more prevalent maybe 4-8 years ago that the Infra world was easier and culturally more laidback. But today, I think it couldn't be further from that. Everyone I know in Infra gets absolutely worked to the bone. The modelling and diligence is incredibly granular, naturally time consuming and sometimes overly technical to the point of being boring. And unless you're at a MF or strong UMM/large cap independent manager (there only a few; e.g GIP, Stonepeak), the comp I don't think is even that great. MIRA and Brookfield are huge, sure, but the pay is not going to be on par with traditional UMM/MF PE. It seems like a tough grind to be honest.

Any numbers on the MIRA side? I'm familiar with Brookfield and GIP comp but haven't heard much on the MIRA front

  • Works at Other
Jun 19, 2021 - 1:09pm

Could you break out the Brookfield and GIP general comp? Very curious

  • VP in PE - LBOs
Aug 6, 2021 - 2:35am

GIP and Stonepeak comp is very high. 1st year AS at 375-400, 2nd years clear into the mid 400s. i'm pretty sure they both also give carry on top of that 

  • Intern in PE - Other
Jun 26, 2021 - 11:17am

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