I've been trying to break into project finance and would like your guys' input. A lot of positions I've seen online (both in project finance and infra PE) say the CFA is a nice to have, so I signed up to take L1 this December (whether that actually happens is another story). However, as we all know, though the CFA is well-regarded, it's not aimed at every industry, and other than being a "nice to have" to check a box, I don't see how it would be all that useful in infra overall. So I'm considering pushing L1 to February and learning project finance modeling. I don't necessarily feel confident
29 Sep 2020
Background: I am working on a brownfield telecom infrastructure deal right now. My MD's are letting me run with it on my own since I brought it to the table. It's small compared to what we normally do. They are letting me pursue it and will commit to underwriting 20% of the equity stack (in a GP/LP model) if we can find an accredited equity sponsor to take the other 80%. The deal is located in an area in the western hemisphere with limited capital markets activity. It has high growth potential due to distressed and mismanaged incumbents. The total check size is around $40-60mm w/ the equity
14 Sep 2020
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 PE later on in my career? I know Public Finance and Infrastructure Investing have slight similarities and major differences, so I wanted to just start preparing myself to end up in Infra PE. Thank you in advance for the insight.
25 May 2020
Hi everyone, As the title mentions, I'm looking on comments/advice/thoughts on next career steps in order to get into Infra PE. Some background on me: I'm graduating in 1 year from a well-regarded Canadian university, after having studied finance. This summer I've been interning at a major US bank's Real Assets division within AM in London. Although I am in real assets, it's not exactly Infrastructure, but it is closely related (not real estate). I'm thinking of recruiting for like a MIRA, MSIP, GSIP type FT analyst job towards the end of the summer for a job in NYC (I have only Canadian
07 Jul 2018
Hi, I am currently prepping for an infra PE interview, and would be grateful if anyone here can share thoughts/experience regarding what the different considerations/drivers are when valuing different types of assets within the infrastructure sector. E.g. how to value a hospital vs. a solar PV plant vs. a water de-salination plant. Would be grateful for any ideas or pointers to good websites/sources of info that can help me in this respect. Thank you!
17 Apr 2018
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
I was just wondering how this group compares with other groups at banks in terms of exit opportunities, team culture, deal flow and any other miscellaneous factors that I may have forgotten
13 Feb 2012
Just wondering if anyone on WSO has had PE interview experience, or working experience with Infrastructure private equity? I did a search and I haven't found too much on the topic, except high level details on one or two top funds. I'm curious what kind of questions (both qualitative and quant) you got vs. more traditional PE firms? Do they use similar lbo models? It'd be great if someone has any sample models to share (or can point me to online). Thanks everyone
19 Apr 2011
Dearest Fellow Primates, I have been given a short-notice first round (semi-technical) interview on Monday with a strong strong Infrastructure fund (direct, not FoF), and wanted to ask if any of you knows what to focus on. I haven't worked in an Infrastructure group, though I have had some M&A experience in Utilities and 6 months of LBO modelling at a German PE shop, so I know what direction to look in (DSCR, Regulated Returns, etc). If any apes could tell me what kind of metrics infra funds care most about, I'd be much obliged. Thanks, HL
16 Dec 2011
QG Alt Investments is part of Quantum Global Wealth Management working out of Zug, Switzerland. I have an interview coming up for Sr. PE Associate in their Infrastructure Fund. Not much deal history or news publicly available on these guys, aside from their affiliation with the ruling family of Angola (and their associated wealth). Can anyone shed any light on these guys? Deals? Comp? Culture? Any info would be valuable. Thanks...
14 Aug 2014
All Wanted to get people's thoughts on getting into the infrastructure investment industry. I don't have formal banking experience, but I do have a master's in finance from a top public and 2 years' experience in corporate development at a major infrastructure player including some financial modeling and deal execution. My questions are: is it feasible given my qualifications to go direct into the infrastructure investing space? Or is it almost necessary to have banking experience? And if so, how do I get into banking as someone 2 years out of school with no banking experience? Thanks!
31 Aug 2018
Wondering if moving from public finance to infra PE can be done? I am an associate, graduated from a target in 2014. I'm with a MM firm, but my senior bankers came over from a BB firm and run our office as such. Our team covers large cities and state issuers, but I've most enjoyed working on the transit/toll road/public utility issuers and project financings. From what I've read about infra PE on WSO, it seems like there may be parallels between the two (e.g. appears to be a lot of focus on docs/covenants, often policy connections, often modeling against relatively fixed/known revenue
08 Dec 2017
I have seen this asked in threads regarding REPE exit opportunities, but never fully answered. Is it possible to move from REPE to Infrastructure PE? I am an associate at a REPE funds with 4 years of RE experience (3 in REPE, 1 in Lending) and interested in trying something new. Given the revenue streams are fairly contractual, operating expenses tend to be fixed and the physical nature of both investment classes (making Balance Sheets less relevant?) I cannot imagine the underwriting techniques / models are that different. I'd also imagine given the increasing capital that infrastructure
12 Sep 2017
Hey, I got an offer on an Infra fund (direct invest) and in the top 3 management consulting companies. I am a bit confused about what to choose?
28 Aug 2015
A little new to this type of modeling so excuse me if anything sounds off, as I am used to the traditional corporate modeling. If you were to model the acquisition of a solar / renewables power plant and look at your IRR, how would you sensitize? Some of the things I think that may be used: -MW capacity of plant -Capacity factor - Discount / premium to this capacity factor based on seasonality -Operations and Maintenance expenses - Any govt rebates - power output depending on type of solar (PV vs. CSP) -tax equity implications Would think that the "value" is the NPV of all the cash flows from the annual power output over life of PPA
15 Mar 2011