Infrastructure

Hi all, Does anyone know how infra PE like ISQ/Stonepeak/ECP compare to Brookfield in terms of 1) salary, 2) reputation, and 3) growth potential? I know all of these players are top-notch in the infra space, but considering that Brookfield is a Canadian company as opposed to other firms that are US-based, I was wondering if there would be pay/reputation difference. I am pretty sure that former would be a great opportunity since it has the largest AUM in the aforementioned names, but I am curious if there would be other factors that I should be aware of. If anyone can shed some light, I would

09 Sep 2021

Hi all, I'm being asked to model the levered and unlevered returns for a Greenfield solar project in LatAm. The project life IRR is easy of course, but I don't know what you all might recommend for how PE funds would look at a project like this in terms of exit multiples - the asset would be fully operating, fully contracted with an investment grade rated off-taker (note the project itself would be in a non-investment grade LatAm country) but project is fully in US$. I'm currently modelling that it an exit in Year 8 at 10x (unlevered) FCF, is that in the ballpark? Thanks in advance for the

18 Oct 2021

Has anyone done a superday at Partners Group for the financial analyst program? This is a 2-3 year program where you rotate between their different groups for undergrads. What was the format (behaviourals, technicals, case studies)? How many people did you interview with? How did you best prepare? How did you best prepare for your superdays for ib and pe?

10 Aug 2021

Hi All, I am in the fortunate position to have 2 FT infra IBD offers from banks with a lesser presence in London, with both having a historically strong infrastructure franchise (think 2 offers from the likes of RBC/Nomura/BNPP/Standard Chartered) I have 2 qns about this 1) Should I pick the bank with the better brand name or the one which will give me the deal experience 2) When it comes to lateralling, what are the top banks for infra that I should be targeting? I know Macquarie is a clear #1, but is there an extended list? Thanks

29 Jun 2021

Which verticals within PubFin are best for exits or development of transferrable skills to either PE or traditional IB? I was thinking it would probably be P3, Transportation, or Healthcare given that they might have greater exposure to traditional modeling, but I would appreciate some light shed in this regard. Additionally, what about groups that cover land-secured deals (e.g. California Community Facilities District) with regard to the aforementioned development or career mobility opportunities? Thanks a lot!

28 Feb 2021

Have a potential opportunity for a PM role with MF REPE (Carlyle, Brookfield, Blackstone, etc.), and was just curious if anyone has ever transferred internally into a different vertical (PE, energy, infra, whatever). MFs are obviously huge, but what is the internal networking like and ability to move around, if any?

20 Aug 2021

Junior that will be interning at a Houston EB wanting to stay in Houston for my IB stint. I want to know how difficult it is to recruit for PE in energy-related industries like industrials / infrastructure / renewables. Do I have a chance at non-O&G MF PE (NY/SF) coming from a top HOU energy shop? Obviously focus on renewables deals if wanting to go into renewables but what vertical should I focus on if wanting to recruit for infrastructure / industrials? Also, what are the chances for distressed PE if I focus on Rx deals?

08 Nov 2021

Hey Everyone, First time poster here, so please excuse if I may have overlooked any past relevant threads. I am in the process of developing a deeper understanding for the IB and Developer opportunities within the Power & Utilities industry. What are the key players within this sector and what is the best strategy for penetrating associate position opportunities within such firms? For background, I am a Project Engineer (Engineer/Project Management Role) for a leading Engineering Consultant firm servicing the Power & Utilities sector. My ultimate goal is to transition to a role targeted to

21 Apr 2021

Hi, I would like to seek advice whether I should choose Macquarie Capital (principal investing role) or one of MM Infra PE (Total AUM ~$20-30bn) out of undergrad position. Just to be clear, I don't have offers at any of these places yet. But if I were to choose one of these choices, which career choice would be better for me in terms of 1) future career options, 2) salary and 3) MBA options? I know Macquarie is the biggest name brand in infra, but at the same time it is extremely difficult get into PE out of undergrad, so I was wondering which one would be better option. I would greatly

21 Jul 2021

For all the euro-slinging monkeys on the continent, does anyone know what the infrastructure PE + project finance lending scene is like in Amsterdam? I would imagine ING has a large team for that there. That being said, does anyone know of other firms in the infra space in Amsterdam? Here's what I know off the top of my head: ING DIF Capital Partners (one of the larger PE firms I think) APG (investment management team for a Dutch pension fund) Also, does anyone know what the culture/lifestyle/comp is at these and similar firms, and whether they hire non-Dutch staff (but other English-speaking

15 Dec 2020

Hi, question up front: I am interested in getting into energy infrastructure investing, specifically renewables, hydrogen, power transmission, etc., either on the equity or debt side. I am wondering whether the Chartered Alternative Investment Analyst (CAIA) cert is a possible way in as someone from a non-finance background. I am in Europe and would prefer to work in either Europe, the Middle East (Dubai), or Canada. Additional details: I am currently working at a Big 4 in Europe mostly doing due diligence on integrity, reputational, and regulatory risks (i.e. corruption, bribery, conflicts of

08 Nov 2020

Life worked out in a weird way and I'm looking to get a dual degree with a good MBA (that's the hope at least) in the next few years, with an expected age of graduation around 32 or so. I'm specifically targeting Infra PE firms (independents, pensions, MFs, etc.), and am trying to lateral into a project finance role currently with the federal government (think DFC, DOE, DOT, etc.), giving me a somewhat unconventional background, but with an inside look at how some loan programs are administered that institutional investors use. Have previous experience in the NNN RE space and other credit

25 Dec 2020

Hi all, I am late stages in an interview process with a big 4 Infrastructure Advisory team and the interviewer mentioned the next stage will be a 2 hour modelling test then an interview to discuss the analysis/recommendations. I am from Australia and the interviews so far have not been in person due to the COVID environment would anyone have ideas on what to expect here? They do a lot of renewable energy deals (solar, hydro) so I have been looking at some examples but I am curious given the 2 hour time frame what would be expected? I am imagining modelling a 20-30 year contract based on the

01 Nov 2020

Hi all, Long-time reader, first-time poster from Singapore. Quick summary of my background: Graduated in 2018, and started working for the Infrastructure Advisory team of a Big 4 firm in 2019. It piqued my interest in the infrastructure financing space, but growing in the role was tough, as our team handed off the modelling work on our mandates to the Valuation guys, so there wasn't a whole lot of skill development (especially in modelling). It's proven to be a significant setback when interviewing for other positions, as employers already expect me to have decent modelling capabilities

10 Feb 2021

Hello WSO, I have been a long time lurker, and this is my first post (or maybe I am one of the top rated authors who decided to make a post anonymously). I have noticed a certain lack of information about infrastructure investing on WSO, and those threads that are created from time to time, are long on questions and short on answers, especially on answers from actual industry insiders. With this in mind, I have decided to make this post and cover the following topics: * What infrastructure PE is and how it is different from traditional PE * General info about infra PE landscape * Key players

02 Jan 2017

What are the top-performing Power & Utilities, Infrastructure, Renewables/Green Energy groups on the street? Would appreciate updated takes from 2019-2020+

22 Jan 2021

I was hoping to hear about some alternative paths to infrastructure private equity outside of the typical 2 year IB analyst window. Does an infrastructure project financing role on the sell-side help make that leap or do you have to sort of hop into an IB associate role along the way? Other thoughts on the matter appreciated

08 Apr 2020

I know its not an exciting topic but would really just like to hear the community's opinion. I recall one of my professors always mentioning how engineers should get more involved politically as we need to tackle so many science related issues climate, energy, and my personal favourite infrastructure. So, why don't they? Compared to other nations we have the traditional law backgrounds where as most Chinese leaders are scientists or engineers, President Hu Jintao is a hydraulics engineer, Premier Wen Jiabao a geologist and Angela Merkel trained as a physical chemist. In regards to China they

06 Jun 2016

Hey everyone, long-time lurker/poster but recently made a new account. My dilemma is as follows: got an offer to be an analyst for an infrastructure investment firm, the day I went to sign the contract they said they'd need me to help the advisory team too (they do advisory, direct investments, and asset management), and I said okay. Although I was unhappy about I tried to look on the bright side since I'd be getting a more varied transaction experience. Now my involvement on the deal team is deplorable, I honestly feel cheated, I came to invest in infrastructure and rejected other offers for

10 Jul 2018

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18 Apr 2021

Hi all, have an upcoming modelling test with IFM Investors - Infrastructure Have been told the test will be 2.5hrs in length, so am expecting a pretty standard infra modelling test fare. I have heard it may be a toll road or another core infrastructure asset Was wondering if anybody has taken it already or had any general pointers from similar tests - is it likely that VBA will be required? Any response would be greatly appreciated Thanks very much!

17 Jul 2021

Hi all, I have a modeling exam and interview coming up for an Infra-focused PE. For the purpose of passing the test, I was wondering about the difference between infra PE vs traditional PE modeling exam. I would like to ask how your experience was. What variables/inputs were you given with? From my understanding the former involves more project finance-focused elements while the latter is more centered around LBO stuff... For those of you who have gone through recruiting processes, I would greatly appreciate your insights...

04 Apr 2021

Hi, Any monkeys with wisdom to impart on Infra PE? (i) Which players garner respect in the industry other than Macquarie? (not only have capital but are seen as being intelligent investors) (ii) Does the career path differ from traditional PE? i.e. Is it easier to move into at the Senior Associate/VP level for someone without sector investing experience because it's a less mature asset class than traditional PE? (iii) How are pension funds and sovereigns viewed in this space? They seem to be more active in infra vs. traditional PE deals where they've largely been limited to co-invests. (iv)

04 Nov 2014

Hi all, I'm a buy side equity analyst with a private equity for about a year. My boss and I have discussed that in the interest of both the fund and myself I should try to specialise in an industry/sector over the next six months. Our chosen industry is infrastructure. My next action is to devise a six month plan to become a specialist in this industry, and the goal is to know "better than the management themselves" about their businesses and the sector. I'm a bit perplexed as to what is involved to acquire such high level of knowledge. For those of you who have become specialists in a certain industry, what do you think are the most helpful things you've done to become an expert analyst in that industry? Many thanks!

11 Jan 2012

Hi everyone, I've gotten experience in real estate at a small investment firm as well as currently interning in Power, Utilities, and Infrastructure investment banking. Having these experiences, I really enjoy both niche industries but as I'm looking into my next year summer and specifically placement day for a different bank, I'm not sure which group I would enjoy more. Looking at the trajectory for both industries, do you think either one is a better place to be, in terms of industry growth or compensation or any other factors? Thank you so much!

16 Nov 2020

Can anyone give some insight into how CIBC does in Power & Infrastructure versus the other banks? I assume they are quite strong within Canada but how are they perceived in the US / globally? How competitive is the group when it comes to buyside placement into top GPs / LPs?

20 Feb 2021

In case you guys missed it, here's a link to President Obama's State of the Union speech from WSJ. As always, I really enjoy listening to the President speak. Regardless of policy, I think it's important for us monkeys to listen to this speech. Some of the topics discussed include: the economy, jobs, taxes, innovation/technology, education, immigration, infrastructure, and healthcare. I think it's one of the better speeches in the last couple years. The only thing left is to see how he follows through on his promises. WSJ: Pres. Obama's Speech

26 Jan 2011

WSO Team - I am looking to move from a banking role into an infrastructure private equity fund. I have had a few interviews already - nothing too technical - but am being asked to come in and take a modeling test. Does anyone have advice or tips/tricks for an infrastructure related modeling test? Unsure if it would be typical LBO modeling or if it would be more similar to three statements and contract/cash flow modeling. Would appreciate any advice from the more experienced folks out there who have gone through this process before.

20 Jan 2020

Hey Folks, I've just completed a Spring Insight (London) at Macquarie and been fast tracked to a super-day in May for their Infrastructure Debt Group (MIDIS). I found the work and the team super interesting and well-rounded. However my question is how to prepare for such a niche group. Is there some readings/books/models in particular I should look up? What concepts should I familiarise myself with and which website/resources would be a good start. Moreover I find International Development / Infra PE as my end goal but would love to dally in traditional finance too. I was also at the Lazard

25 Apr 2019

Hey everyone, After browsing WSO for quite some time, I've noticed that this forum lacks conversation around infrastructure & project finance. I'd like to get the conversation started. If you're in infrastructure, what is your current title, what did you do before and where do you plan to be in the future? Structuring the discussion like this will be able to give individuals interested in the field more colour on sector and where they should begin. As for me, I'm currently a Project Finance Analyst at a large cap renewable energy company. I'm a recent graduate with internship experience in

27 Jun 2021

Hi Everyone, I have an interview coming up with a PU&I/PE&E team for a first year analyst role. I don't really know what to expect from a technical POV, so if someone can help shed light that would be much appreciated. I really want tot land this role because I love the space and its a solid shop, any general interview advice to really help me ace it would be much appreciated! It is for a boutique bank. Thanks

27 Jul 2021

It's a challenging deal environment out there for infrastructure investors. Particularly for credit investors, as borrowers can tap into so many sources of cheap credit: 1. For public companies, since bond markets are rocking there is no interest in a non-recourse financing with an asset manager. 2. Private borrowers: if you can tap into the bank debt market, credit is being given away by banks without any prepayment penalties, and the Term Loan B, US Private placement, and 144a market are all on fire. Relative value is very hard to come by. Anyone else out there dealing with this?

28 Feb 2021

Hi all, Been a long time user here and need your inputs, I am currently working as an investment analyst for a mid-sized fund based in Canada that invests primarily in renewable energy assets (solar, wind, biomass, various different forms of flexible capacity). My main responsibilities are running the valuation models (project finance) which take up ~60% of my time, drafting IC memos, and being actively involved in various capacities in development. I was recently sent on an assignment to Tokyo as we have an office there and will be here for the next 12 months. While it's a very rewarding

11 Jan 2019

There was recently a job posting for the Morgan Stanley Infrastructure (MSI) ($4B private equity style fund) for a portfolio analyst. Looks like the primary role would be to assist in marketing/fundraising for the fund. Does anyone know any more about MSI or about this type of position? The fund looks really badass. They invest in everything from natural gas pipelines to parking meters in Chicago. I know several people applied (600+), and i realize asking on WSO is a shot in the dark, but has anyone heard back?

11 Dec 2012

Does anyone have any info on Ares Power and Infrastructure group in regards to their recruiting process, group culture, and comp? Based on what I can find via LinkedIn it seems like they hire externally at both the analyst and associate level from a mix of IB and project finance backgrounds.

01 Feb 2021

First time writing at WSO. I've been spectator for some time - finding this website has been the best thing ever happened to me. I'm saying this because now I have few decisions to make! FYI. I have always been interested in infrastructure and project finance. Option 1) Public Finance role at BB Option 2) Well respected Infra PE firm (~10bn AUM) Option 3) PE role at Pension Fund's in-house Infra Investment group (~20bn AUM) Option 2,3 are most compelling as these would entail direct investing in infra. Public fin role at BB isn't so attractive compared to 2 and 3 in my opinion. What do you

17 Oct 2017

Hi fellow monkeys, long-time lurker here. I am planning to apply to top MBA programs in the US this upcoming fall and would appreciate your insight on a tough decision that I have to make. Right now I've been with a Big 4 Corporate Finance practice in Continental Europe for a few years (and worked at a boutique consultancy before that). My group focuses on Infrastructure & Energy-related deals (mostly PPPs though), so I recently started reaching out to headhunters to see if there are any opportunities at infrastructure-related PE funds for people like me. I would love switching to a fund with

17 Apr 2018

Got asked by my friend on an interview question about how to value 20% equity stake in a single asset power company with a remaining concession of 15 years. My thinking is as follows: 1. Project the financials of the company for 15 years till the end of concession 2. Calculate the FCFE (primarily dividends + capital redemption at the end of the concession) for the projection period 3. Calculate the cost of equity using CAPM and relever the cost of equity by the capital structure of the company across the projection period on a rolling basis. 4. Discount FCFE by rolling cost of equity to derive

02 Aug 2017

Hi fellow monkeys, I have a very tough decision to make. I have been a generalist for almost 2 years now and will be moving to an industry team within my BB. However I can not make a decision whether to go to Infrastructure or Healthcare. I like both sectors and can imagine myself working in either. I understand there are quite big differences in terms of exit opportunities and skill sets which makes my decision very difficult. One thing to consider, I am currently working in London, but would like to move at some point across the pond and join a PE/Infra fund or even stay in banking. But I am

23 Apr 2017

Did 1 year in TMT at a MM IB (think HL/JEFF/PJ), then moved to a Tier 2 place for 1.5yrs (think NOM/RBC/HSBC) to do Power, Utils & Infra and now have an offer at an Infra PE fund. Fund is about $5bn AUM (so not big), but deal flow is very high (quite possibly highest in the infra PE space) so name is fairly well known in infra. Plan is to do 2/3 years there and take a punt at top tier MBA (H/S/W), and hopefully land a VC gig. Does that sound like a plausible plan? Naturally I expect my lack of TMT experience to be a negative relative to people who did TMT in IB, but is VC still attainable?

21 Jan 2016

So I've been looking at finding more information on infrastructure. Since from what I've gathered most of it is funded by PE firms or Government it seems finding updates/development is difficult. I'm interested in all aspects of infrastructure and was wondering if you guys have any links to good blogs or twitter feeds covering the sector. I'd also be interested in analyst covering any of it as well. If you guys have any links you can send my way, please post below. thank you,

21 Oct 2014

Hello all - I have a final round coming up for an infrastructure fund focused on telecom, airports, roads. I have read a lot of posts on modeling type of case studies and am comfortable with those, but can someone provide tips or general idea of how more on-the-spot type of case questions would like? I'm currently guessing market sizing type of questions or modelling approach? I frankly have no project finance experience, just TMT experience for the most part, so any tips / pointers would be appreciated. Thank you!

06 Apr 2020

Currently seeking advice and general thoughts on the infrastructure landscape (disclosure: I am a 2nd year analyst in an energy coverage group). To anyone currently working/ has worked in infrastructure PE: 1. How did you break into infrastructure (i.e. relevant coverage group during IB years, MBA, etc.) 2. How do you guys view the changing landscape? Especially with the "increased popularity" of P3s 3. With so much dry powder available right now, and with guys like BX raising ~$40bn funds, how do your firms think about the challenges of generating sufficient returns from large-scale

07 Feb 2018

Hi All, I've worked in Investment Consulting for 3 years and progressing well but am considering a change. I'm looking at Ernst and Young and their Government Infrastructure Advisory roles. From the blurb "The EY Lead Advisory practice focuses on providing sector focused corporate finance advice across a range of transactional activity including infrastructure projects, M&A, debt advisory, finance raising and commercial advisory." Does anyone know what day to day work would be like in this sort of roll? Presumably it trains you to become a "jack of all trades" but master of none?

28 Apr 2014

Received an interview request for a DCM from a non-US bank (Europe) that does a fair amount of DCM activity, team seems to cover a lot but could also include project finance and commodity finance lending too. For someone that's ultimately looking at infrastructure PE, would this be a good role to pursue (short of infra M&A/advisory, actual project finance, or LevFin)? Fwiw, this bank also has a project finance team that I did not receive an invite for.

28 Jun 2021

I will be starting in the public finance / munis group of Citi this summer. From what I understand, my exit ops are pretty much limited to infrastructure funds, ie, Macquarie, Citi Infrastructure Investors, Cintras, GIP, etc or funds that infrastructure groups such as Terra Firma, CDPQ, Ferrovial. What is the recruiting process for these funds like? Is it similar to that of standard PE firms? Are there opportunities for pre-MBA candidates? Will headhunters reach out to me, or will I have to network a lot? I really know nothing about this, and there's not as much info out there about it as

28 Dec 2010

So I've come across a new sector in real estate (read: title) that kind of had me interested. Does anyone have any experience with investing in social housing, healthcare and social infrastructure when it comes to real estate? Would love to understand more about your experience, how you approach an investment and general strategy. Also, how transferable is the skill set that you build in roles such as this? Obviously, the technical part is covered, but to me it seems like the underwriting process, DD and general transaction analysis is rather specific, which makes me think it could be

24 Mar 2021

Hi everyone, I few weeks ago I joined one of the biggest pension funds in Mexico (Over 50bn usd), specifically in the Private Equity division, as an Infrastructure&Energy Analsyt after being 2 years as a market risk analyst in another pension fund, so pretty good job in FO buy side as LP (Limited Partner). But now, almost at the same time I started my new job, I got contacted to start the recruitment process at GS in IBD as an Junior Analyst. I know the most common thing is going from IB to PE, but this PE is referred as KKR, Blackstone, etc. but what about PE from the perspective of a pension

10 Mar 2021

Hey everyone, I've been a long-time lurker of WSO and finally mustered the courage to start my own thread. Fresh grad from Australia, don't have a great GPA (we go by % and I'm sitting at high 70%), but currently returned home to Malaysia to begin my career. Have always aimed for BB IBs in Singapore and Australia but wasn't able to secure a summer internship in my penultimate year; given my situation, I've only recently overcome my stigma (never liked audit) against Big 4s and started seriously considering them as an alternative. I've been offered a stint with a Big 4 Infrastructure team in

03 Apr 2015

There doesn't seem to be a lot of infrastructure topics on WSO, so I was wondering if anyone knew the top groups within the space. Tried back-searching on LinkedIn and I'm still unsure. Thank you!

12 Nov 2020