Infrastructure

Just locked down a summer VP role at a middle-market infrastructure/renewables fund (most recent fund ~2B) and couldn't be more excited. Especially sweet because I came into my MBA program from a consulting/nonprofit background intent on making a pivot to energy/climate/infra investing and have been...

25 Feb 2022

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...

28 Feb 2021

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...

25 Dec 2020

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...

15 Dec 2020

I recently received a solid MM 2023 SA offer, and without getting too specific, it will be a generalist M&A internship in NYC. I am also under the impression that most analysts will return full-time as generalists, at least for the first year, with the opportunity to get more sector-focused after...

26 May 2022

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...

02 Jan 2017

Hello all, I recently joined an infra debt house that is relatively new and is very unique. I'm the most junior member on the credit team, which is relatively small overall. One thing that really sucks is because of how new the firm is we don't have any paid or free infra news subscriptions. Are...

05 Apr 2022

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...

08 Nov 2020

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...

21 Apr 2021

Hi Everyone, Just wondering if anyone has any insight on RBC's PU&I group? I have heard they are pretty good, but also see them posting the analyst role literally every 30 days...What is going on over there? Are people lateralling to better opps after a couple months or are they just flat out...

01 Dec 2021

Hi all, anyone here working in infra on the equity side who can share how they determine the relative value generated by their investments? I come from a private credit background, and a so our investment memorandums demonstrate how the yield and MOIC on our investments generate a higher return...

25 Jul 2022

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...

09 Sep 2021

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...

10 Feb 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...

08 Apr 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...

01 Nov 2020

I received an interview question that asked about the purchase price of an infrastructure business assuming a target IRR of 15%, max debt to cap of 70%, useful life of 30 years and operating inputs were provided to get to CFADS. The modeling test prompted a debt structure with a 5% cost of debt. The...

10 Aug 2020

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...

29 Jun 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...

21 Jul 2021

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...

27 Jun 2021

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...

10 Jul 2018

Does anyone know any recruitment agencies that work with infra PE firms? I have heard of OneSearch but curious if there are others

12 Jul 2022

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,...

07 Feb 2018

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,...

27 Jul 2021

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...

06 Jun 2016

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...

18 Oct 2021

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...

25 Apr 2019

For seasoned bankers / investors currently covering P&U / broader infrastructure verticals, which EBs (if any) are competitive in the space given 0 lending capabilities and non-existent balance sheets? I'm specifically referring to independents like EVR / PJT / CVP / MOE / LAZ / PWP. Would you still...

15 Dec 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?...

10 Aug 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...

20 Aug 2021

Hey all, wanted to get your thoughts on my situation. Currently a VP at a bank where we invest in infra private credit in core+ and value add infra for our balance sheet. Prior to my current role, my previous experience has been mostly in project finance and financial advisory within the space....

22 May 2022

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?...

08 Nov 2021

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...

24 Mar 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...

11 Jan 2019

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?...

20 Jan 2020

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...

10 Mar 2021

Hi All, This is my first post on this site. I appreciate you taking the time to review my question. I have a final round coming up with Macquarie Capital's Infrastructure group and I am looking for guidance on how to answer "How would you value a Wind Farm/Toll Road/Airport/Port/etc.". Does anyone...

08 Mar 2020

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...

06 Apr 2020

Hello everyone, I have been interviewing for a project finance role at a power company. The job description did not ask for specific project / infrastructure finance experience. I did first two rounds which HR and hiring manager. For the third round, they sent a 48 hour case analysis for two solar...

16 Nov 2020

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...

17 Apr 2018

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

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...

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...

04 Apr 2021

Hello fine folk of WSO, I have a modelling test coming up for a MM boutique and I was hoping for some advice around what to expect given the context. The process is 90 minutes but I haven´t been given any more info on what to expect. It´s for an infrastructure M&A role. I have good modelling...

09 Apr 2019

Hi I will be starting as a full-time analyst at a BB in their Public Finance IB group (firm usually ranked top3 in muni underwriting). I was wondering how I could break into Infrastructure Banking/PE later on in my career? I know Public Finance and Infrastructure Investing have slight similarities...

25 May 2020

I came across the Technology Analyst position on the Barclays website and was wondering where it fits in the hierarchy of front office, middle office and back office. What would be the exit opportunities from such a position? The Technology Analyst was under the 'Infrastructure Analyst Program'....

20 Feb 2013

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...

10 Jan 2019

Hey guys First post here but lets get to it Im starting full time in the leading boutique in my country in half a year. Basically the firm is advising on traditional M&A in multiple sectors (with 1 part of the deal generally being local). In addition to this the firm has a department for global...

08 Nov 2018

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...

16 Nov 2020

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....

28 Feb 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...

04 Nov 2014