Let’s talk infra recruiting

Rising sophomore here from a non target. I did my summer role in a big asset managers $7bn infra division. I got a return offer and will be coming back to the same role for my soph summer. Given the nature of how early recruiting is I'm already plotting my move to jump into a larger infra firm like Brookfield,GIP,Stone peak, MIRA etc.. unfortunately there aren't much resources on this site about infra recruitment. I'm mainly curious about the timelines, as well as any good resources that can be used for interview prep. Any input from current employees or even people currently going through the process would be greatly appreciated.

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Comments (27)

Most Helpful
  • Associate 1 in PE - LBOs
Aug 8, 2021 - 7:46am

Out of the infra firms you mentioned I think only MIRA has a dedicated analyst program. It's not as common in infra as it is in other sectors like RX.

BlackRock has one too but is a bit random in terms of placement into it (I hear you apply broadly first and 1 gets selected for the Power group). The most sure bet unfortunately is to recruit for the strongest power/energy banks in IB and recruit afterward.

  • Analyst 1 in IB - Cov
Aug 8, 2021 - 10:27am

You are correct. GIP, MIRA, BX Infra, and Ares Infra all have analyst programs. 

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Aug 9, 2021 - 8:49am

thanks this is great. Any tips for learning technicals? How deep do these interviews go? I got into project finance modeling at my internship and read some great primers just not sure what other resources to use and what to prepare for. This seems a lot less straightforward than IB.

Aug 9, 2021 - 2:34pm

Sure man, ended up in MM distressed PE but was told I didn't progress in interviews because I liked work experience in Infra roles (as a soph...) not because I didn't know my stuff. Some resources:

- Infrastructure Investor (it's a paid website with a free newsletter - that was enough for me to stay up to date on the space)

- Various infrastructure primers (not just the technical ones, but also ones connecting geopolitical/macroeconomic shifts to infra - tying the pieces together globally is something I was told set me apart, despite my complete lack of WE anywhere near the asset class)

- There are a few infra and project finance modeling podcasts, shouldn't be too hard to find given the specificity (boring I know, but spend a couple showers listening to these and you'll sail through infra-specific technical questions)

Hope this helps. Keep us updated on how it goes next cycle.

Aug 10, 2021 - 11:32am

Bit of background - Currently at an infra megafund (greenfield development focused) covering predominately renewables, power, and digital. Most infra funds recruit from IB power / energy groups, industrials groups, and recently TMT groups (given the large shift towards the non-recourse financing and contracted nature of data centers and digital fiber). These sectors have the largest "real assets" focus you would focus on at an infra fund.

There are additional avenues to competitively recruit for infra funds, including spending time at a large IPP / developer. However, you'll be limited to purely power and renewables focused roles from this background, and banking is more streamlined towards these exits.

If you don't secure a summer analyst offer (I don't see many top infra groups who take summer analysts due to the technical nature of the job, but I'm sure it's possible), I would focus on recruiting for a strong IB group and go from there.

Aug 10, 2021 - 7:09pm

RE_Student1995

Most infra funds recruit from IB power / energy groups, industrials groups, and recently TMT groups (given the large shift towards the non-recourse financing and contracted nature of data centers and digital fiber). These sectors have the largest "real assets" focus you would focus on at an infra fund.

There are additional avenues to competitively recruit for infra funds, including spending time at a large IPP / developer. However, you'll be limited to purely power and renewables focused roles from this background, and banking is more streamlined towards these exits.

How about project finance lending? Not preferred to industrials/P&U, but how would you say the exits are for that? 

Quant (ˈkwänt) n: An expert, someone who knows more and more about less and less until they know everything about nothing.

  • 4
Aug 12, 2021 - 8:41pm

I've seen it happen at several very prominent funds in the energy / infra space, but it's not as common. I see it more commonly exit to developers or IPPs who raise debt and other financings for their assets to sell at commercial operations.

Aug 10, 2021 - 12:23pm

Would honestly suggest you do IB in a group that has more diversified exposure so you have more options. In Infra PE, there's tons of tailwinds/$ to be made but it does not seem as interesting. Limited types of businesses, lots of extreme, neurotic sensitivity analyses, unnecessarily detailed modelling (which never track), and fewer "value creation" opportunities that can drive upside.

Aug 10, 2021 - 12:30pm

This would depend on the type of infra fund. The opportunities at a core infra fund would be fairly dry, but there's a lot of exciting opportunities in the energy transition space.

I disagree on the modeling. The assets are generally heavily contracted, and the modeling is a requirement for the complex capital structures involved in financing clean energy.

  • Associate 1 in PE - LBOs
Aug 10, 2021 - 1:58pm

Joined an infra MF this year and have to agree with this sentiment as well. Poster knows what he/she jus talking about here.

Oct 11, 2021 - 11:58pm

hey, any chance you have some time to chat? 

I have a background in infrastructure design and am doing a SA at GS/MS this coming summer. I want to land PE Infra at a MF after my SA and am looking for some guidance on how to recruit and prepare myself for that role. 

If so, please send me a message. Would love to connect!

  • Associate 1 in PE - Other
Aug 13, 2021 - 3:31pm

Am at a MF Infra arm you mentioned, we took one summer intern in my group. Timeline is same as all our other PE applications

Oct 13, 2021 - 5:29pm

Does your group take analysts?

I have an engineering infra background and am doing IB SA this coming summer. If you have time to chat, please send me a message. Looking for some guidance on the recruiting process and some insights on the work experience. 

  • Works at Other
Aug 21, 2021 - 1:03pm

hi, what's the application process?

Aug 22, 2021 - 4:36pm

I think they posted the application at specific schools and programs. Then a few rounds of interviews, behavioral and technicals with slight infra-specifc stuff at points. Was quite quick.

  • Prospect in IB-M&A
Oct 11, 2021 - 2:03pm

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  • Intern in PE - Other
Aug 22, 2021 - 5:27pm

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