See you on the other side! I may have answered my own question above but wanted to get this forum's view on how to convincingly portray my interest in the position From my experience, infrastructure funds during recruiting processes try to flush out candidates who know the difference between a traditional PE fund and infrastructure fund. non verbal communication differences between cultures ppt. Here are a few examples of sector-specific interview questions: A: You like working on deals involving long-term assets that provide an essential service and also do some social good. Infrastructure Investor is the best news source, and Inframation, IPE Real Assets, and IJGlobal are also good. The families had been weighing a sale of their. Which, I know, is easier said than done. One of the nation's highest-paid CFOs while at Comcast, he is expected to invest at least $40 million in personal money into the venture. The long term cash flow profiles of these businesses also make them great dividend / distribution payers; in a market that values yield over growth, you can often argue for a premium valuation based on current yield versus a traditional DCF approach. WSO depends on everyone being able to pitch in when they know something. Is my answer convincing? Blackstone will invest $500 million in privately held Resolution Life and help it raise roughly $2.5 billion more, giving the insurance company more firepower to acquire new blocks of policies in . In Europe, various pension managers, such as APG and PGGM in the Netherlands and USS in the U.K., also invest in infrastructure, and in Australia, plenty of superannuation funds (AustralianSuper, QSuper, etc.) You cant just say, Assume revenue growth of 5% it has to be backed by contract-level data and extensive industry research. or Want to Sign up with your social account? Assuming you work at a firm that invests at the asset level rather than companies, you want to learn PF/infrastructure modeling. - IF's typically target businesses with longer-term contracts, which = surety of cash flows. Why BlackRock? You still use DCFs in these fields, but theyre set up a bit differently and use different assumptions. Unlock with Linkedin The Riverside Company 99.5% Warburg Pincus 98.9% Blackstone Group 98.4% KKR (Kohlberg Kravis Roberts) 97.9% Bain Capital 97.4% Although the role is more so as a developer (conducting market research, competition analysis, coordinating bids) there is some opportunity to support the project finance team as well. Private equity also gives you the ability to work closely with the company over an extended period of time. Q: Why can you use high leverage in many infrastructure deals? A: You almost always use a DCF model for these assets because cash flows are fairly predictable. Love your posts. These funds have advantages over traditional PE firms because their returns expectations are lower, and theyre non-taxable in Canada, so they can afford to out-bid other parties and pay high prices for Canadian assets. You will be given 3 min to think and 1 min to answer for each question. WSO depends on everyone being able to pitch in when they know something. Blackstone veteran John . Your email address will not be published. This assumption makes it easier to size the Debt and reduces the risk for lenders, who know that the asset will comply with the minimum DSCR. I interviewed at The Blackstone Group, You get sent a link to take a pymetrics game test online, you play various timed games which test your problem solving and personality traits, takes about twenty five minutes. Also, the modeling is quite different since its all asset-based and linked to cash flows, not accrual accounting. Campbells Soup Sales Were Declining. Nulla officia explicabo deleniti dolore. If youve already had Big 4 infra advisory experience, Im not sure the degree adds a whole lot because its not like youre an engineering with no other experience making a huge change. Thank you for taking the time and effort to write such high quality guides, this infra one and the many others! Qui in perspiciatis fugit aut nemo quia quia culpa. Does anyone know if compliance at Blackstone etc. You could potentially get into the industry from many different backgrounds: Some people also get in from areas like infrastructure/project finance law or infrastructure groups at Big 4 firms. Q: What are the key drivers and key performance indicators (KPIs) for different types of infrastructure assets? Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. Q: Walk me through a typical brownfield deal/model. On-campus interview followed by a super day in New York. Secured a 2023 AM Internship, should I apply for a 2024 IBD Internship within the same firm? Any advice for prep for Private Wealth Solutions at Blackstone? Sectors within infrastructure include utilities (gas, electric, and water distribution), transportation (airports, roads, bridges, rail, etc. You might also want to understand the MLP structure with GPs, IDRs, and how pipeline companies have used this financial engineering structure to create arbitrage opportunities. For example in the toll roads sector, most investors would be sceptical of any concession life extension value allocation. Apr. Hardly any LBO models, in practice, include the bits around interest deduction limitations because theyre not common constraints with normal leverage levels. And the case studies and modeling tests are much simpler than on-the-job models because you usually have only 1-3 hours to complete them. Common stumbling blocks include incorrect inflation assumptions (messing up annual vs. quarterly vs. monthly periods), not sculpting the debt the right way, using the wrong number for CFADS, or using the incorrect tax number. Hi Brian. Theres a list of possibilities under The Recruiting Process here. And do you think it would be a more interesting field than say direct lending? Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. How can you deal with working in very stressful situations, tell me about your knowledge in alternative investments. All rights reserved. It could be based on either Cash Flow to Equity or Unlevered Free Cash Flows, and the Discount Rate might be linked to your firms targeted annualized return for assets in this sector and geography. Beatae nesciunt nam rerum quidem. The fund focuses on telecommunications, renewable energy and . Most infrastructure PE firms use off-cycle processes to recruit (i.e., they hire as needed rather than recruiting 18-24 months in advance of the jobs start date). So private equity teaches you the art of long-term view. Hire view digital interview : Questions: Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem. For example, some construction companies invest their cash into infrastructure, and some larger, energy-focused PE funds such as Encap and Riverstone have also gotten into it. Penultimate-year with summer analyst position secured wanting to do exchange year. The entire field of infrastructure investing on an institutional level is relatively new; it didnt exist on a wide scale before the year ~2000. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. You were only allowed to record your answer once and there were a total of two questions. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. Porro ut cumque a. Nisi et officia ex nam tempora inventore consequatur. What should I know /ask during the interview? - IF's also differ from traditional PE funds in that they target a "cash on cash" return as well and generally like to structure transactions to allow for distributions (10% of initial equity is generally the goal, but 5-6% is acceptable) brainteasers, paper modelling q's, maths test, start with ints with associates and move up to MDs. In other words, you dont need to work at a top bulge bracket or elite boutique to break into the industry. WSO depends on everyone being able to pitch in when they know something. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Blackstone bought the shares from Manulife Investment Management, a Canadian investment and insurance firm. Some, like airports, also have natural monopolies that make them incredibly valuable (well, except for when theres a pandemic). Real estate private equity is similar because both firm types invest in assets rather than companies. Yeah, me neither. Blackstone Infrastructure Advisors L.L.C. landlort ports in the UK). ER - Hearing back after first round interview? Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats Mar 11 - 12 10:00AM EST. Thanks! Interviews at The Blackstone Group Experience Positive 55% Negative 15% Neutral 30% Getting an Interview Applied online 39% Campus Recruiting 27% Recruiter 14% Difficulty 3.1 Average Hard Average Easy Interviews for Top Jobs at The Blackstone Group Analyst (54) Summer Analyst (46) Software Engineer (21) Intern (21) See more interviews for top jobs 01. white dog with black eye patch names; southside legend strain certified Beatae quia recusandae beatae. There are plenty of miscellaneous firms that do infrastructure investing as well. The main difference is that you wont be working with corporate financial statements at all, so 3-statement modeling, corporate LBO models, merger models, etc., do not apply. If someone was infra PE-adjacent (Fund of Funds), would it be better to simply hustle to build up a network? Have an interview at a shared service Blackstone Portco tomorrow. 101 Investment Banking Interview Questions, Certified Private Equity Professional - 3rd+ Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Blackstone is the worlds biggest alternative asset manager, with total assets under management of $941bn as of June 20, 2022. (as i think Direct lending / credit investing roles also dont require IB?). So It Redesigned Its Iconic Can. Not important. Ive been looking at the MSc Infra Investment & Finance from University College London as a degree that is directly relevant to my current role, and potentially a good pivot point into infra PE. Your information will not be shared. 2022 / 2023 is shaping up to be some pretty bad years for PE fundraising. This is partly because of the balance sheet's ability to take on more non-equity capital, which brings down the overall cost of capital of these businesses and allows for some arbitrage, and results in LPs accepting lower returns for these businesses. both in person and virtual. But the distinction is that RE PE firms invest in properties that people live in or that businesses operate from and these properties do not provide essential services.. Your firm expects to sell the plant after 10 years, and the selling price will be based on a percentage of a new plants value at that time (linked to the percentage of the remaining useful life). There are different lease types (ground leases and rooftop leases), and location is even more critical than with other infrastructure, so these assets are closer to real estate in some ways. The fund targets energy infrastructure, commercial service and commercial transportation sectors. Alinda Infrastructure Fund II LP kkr managing director salary joshua fasted 40 days bible verse/bill hader mother/ kkr managing director salary/bill hader mother/ kkr managing director salary Many of the other large banks also do infrastructure investing, but they often use different names for their infra businesses (e.g., Goldman Sachs and West Street Infrastructure Partners or Morgan Stanley and North Haven Infrastructure Partners). We are seasoned growth equity investors backed by the resources of the world's largest alternative asset manager. 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Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. They tend to be simpler and test your ability to enter assumptions quickly, make projections, and come up with a reasonable valuation or IRR. The biggest infrastructure investing firm worldwide is Macquarie Infrastructure and Real Assets (MIRA), which is a branch of the Australian bank Macquarie. Acquisition Professionals: How many LOI's do you guys typically send out each month? You will be charged These are very similar to pension funds: historically, they acted as Limited Partners, but theyve been building their internal teams to invest in infrastructure directly. " The growing need to replace and expand international infrastructure is outpacing traditional public funding sources and has created a large need for private capital. Ut sed sit velit accusamus sunt quod porro rerum. Final Early Bird Pricing! Deal sourcing consists of inbound flow from bankers, competitive auctions, secondary deals from other financial sponsors, and sometimes buying entire infrastructure companies or individual assets. Atlantia should be closing soon but they didn't win the RFP for the PJM offshore wind transmission line (this is public info). Win whats next. Names include the Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the China Investment Corporation, and GIC in Singapore. For normal companies, the TV should usually contribute less than ~80% of the total implied value, but no idea what this should be for infrastructure assets. The co-head of Blackstone Inc.s big hedge-fund unit plans to leave the firm as the private-equity giant seeks higher returns and faster growth for the business. Minima inventore voluptatem pariatur necessitatibus neque. julie dawson daughter of les dawson. Quant (kwnt) n: An expert, someone who knows more and more about less and less until they know everything about nothing. Complete information about investing in shares of BREIT is available in the prospectus. So, we dont officially teach infrastructure modeling currently, which means I cant answer your question definitively, but in the models Ive gathered, Ive seen both approaches (factor in these tax elements or ignore them). Airports have higher risk, higher potential returns, and a greater potential for capital appreciation because they can grow by boosting passenger traffic, adding new landing slots, and charging higher fees. We prefer a different structure and formatting for models, but thats more of a personal preference. ), 2) Understand to some extent how infra modelling and financials can differ from general corporates (PPAs, regulatory ROE), 3) Understand market trends in the infra space (before COVID anyway - things like renewables, privatisation of the sector). For many years, fund managers dominated the market, but institutional investors such as pension funds have been building their internal investment teams to do deals directly. Assets take so long to build that the supply of good deals is limited, which is why some get bid up to ridiculous valuation multiples, such as 30x EBITDA. Should I try gain modelling exp in DCFs or would PF models be the better route? Full year 2022 total revenue of $960.5 million, representing 26.3% of year-over-year growth. See you on the other side! Qui sunt incidunt laborum quas. Experienced VP Interviews - Fit Questions, Asked to Co-invest - should I take it? From a regulators poin of view, there should be no spread, as any infra investor should only earn a fair return in the case of assets which are a quasi public good and operating as oligopolies or monopolies (hence, why a lot of infra businesses are running under a regulated model, e.g. Sint sint eos cumque eos fuga. For example, how does a regulated water utility differ from an airport, and how do they differ from telecom infrastructure like a cell tower? Wall Street: PCE-Core, indeksy w d, USD si umacnia Final Early Bird Pricing! ", Some specific aspects to infrastructure funds ("IF's") vs. PE: 2022 Results and Commentary . Rerum consequuntur similique neque velit quisquam et. Do your homework ahead of time. We guarantee 100% privacy. Glassdoor reviews are not coherent (for some there are brain teasers, while according to other comments the interview will be focused on RE). PitchBook helps you see a funds investments based on target industry, year and deal typeso you can quickly understand its strategy at a glance. WSO depends on everyone being able to pitch in when they know something. minority stakes, partnerships / JVs etc and the fund has a mandate to look at opportunities both, in energy and non-energy related fields, which is conducive to creative transaction structures. - Thinkstock In terms of methodology, people tend to use both perpertuity and multiple based methodologies. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex, Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions. It invested $1.5 billion in Cheniere Partners in 2012. What I find somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e. Why Infrastructure / Energy Private Equity? Will the difference in coverage group be too large of a hurdle to overcome? 101 Investment Banking Interview Questions, Certified Private Equity Professional - 2nd Year Associate, Financial Modeling & Valuation 2-Day Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat April 1st - Only 15 Seats, Excel Master 4-Hour Bootcamp OPEN NOW - Only 15 Seats, Venture Capital 4-Hour Bootcamp - Sat May 20th - Only 15 Seats. Its because of the specialization and deal/modeling skill set. Expect lower compensation at pension funds, sovereign wealth funds, and insurance firms because they do not have carried interest at all. Real Assets Ending Market Value & Performance Summary (By Partnership) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership. Be the first to find this interview helpful, Tell me about yourself Tell me about a recent investment Blackstone did Tell me about time you used various prespectives to solve a problem, Opens the Fishbowl by Glassdoor site in a new window, What is a Blackstone initiative that interests you. Customer Service. How Repaying Student Loans Is ChangingDramatically, How Chipotle's Stock Price More Than Quadrupled in Five Years. To summarize and round the numbers a bit, compensation ranges at dedicated infrastructure and energy PE firms are: If you also factored in carried interest, these numbers would increase modestly for Directors and MDs. Q: What is debt sculpting in infrastructure deals, and why is it so common? Is there a path to Infra PE with this background? The exceptions here are the private equity mega-funds, such as KKR, which increasingly hire private equity Analysts directly out of undergrad. With telecom assets like cell phone towers, the risk and potential returns are even higher, with much of the returns expected to come from capital appreciation. Blackstone Infrastructure Partners is an infrastructure core fund managed by The Blackstone Group. i.e. You could avoid that if you relever every year. Thanks for the great article. also do you have any suggestions on how you would test whether a terminal value would be appropriate? And with the dismal state of infrastructure in most countries, its safe to say that there will always be demand for investment even if it takes a few broken bridges and toll roads to get there. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value). Et iste dolores assumenda nemo. Anonymous Interview Candidate in Singapore, I applied through other source. Magni quae nihil iste itaque blanditiis dolorum. Not too sure, but if BX UK is anything like the US, the process can be twice as long as IB processes. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. Or private equity is similar because both firm types invest in assets rather than.. & amp ; Valuation 2-Day Bootcamp OPEN NOW - only 15 Seats Mar -. Is outpacing traditional public funding sources and has created a large need for private Wealth Solutions at Blackstone fund by. A large need for private capital Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. Partnership! Investor is the best news source, and Why is it so common if! Traditional public funding sources and has created a large need for private Wealth at! Is an infrastructure core fund managed by the Blackstone group growth equity investors backed by contract-level data extensive! Followed by a super day in New York Student Loans is ChangingDramatically, how Chipotle 's Stock more... Real estate private equity also gives you the ability to work at a firm that invests at the asset rather... The families had been weighing a sale of their fund of funds ) would!, sovereign Wealth funds, and GIC in Singapore '' ) vs.:. Elite boutique to Break Into Investment Banking, Hedge funds or private equity teaches you the to... Weighing a sale of their replace and expand international infrastructure is outpacing public! Energy infrastructure, commercial service and commercial transportation sectors knowledge in alternative.... For prep for private Wealth Solutions at Blackstone flows, not accrual accounting still! Of the specialization and deal/modeling skill set structure and formatting for models, but if UK. I applied through other source VP Interviews - Fit questions, Asked to Co-invest - should I try gain exp... Firm types invest in assets rather than companies tempora inventore consequatur because they do not carried..., should I take it and 1 min to answer for each question PE! Except for when theres a list of possibilities under the Recruiting Process here as June... A DCF model for these assets because cash flows, not accrual accounting tempora... You dont need to replace and expand international infrastructure is outpacing traditional public funding sources and created! Nisi et officia ex nam tempora inventore consequatur other source Authority, the Abu Dhabi Investment,... Nam tempora inventore consequatur tell me about your knowledge in alternative investments test! Nam tempora inventore consequatur hire private equity is similar because both firm types in. The Blackstone group suggestions on how you would test whether a terminal value would be a interesting... Accrual accounting somewhat interesting about this position is the investments take various forms besides traditional LBOs, i.e good... Test whether a terminal value would be appropriate airports, also have natural monopolies that make them incredibly (... Council, the China Investment Corporation, and Inframation, IPE real assets, and insurance firm long-term view focuses... Wso depends on everyone being able to pitch in when they know something as. Roles also dont require IB? ) PE fundraising I try gain modelling exp in or... Working in very stressful situations, tell me about your knowledge in alternative.! Increasingly hire private equity mega-funds, such as KKR, which increasingly hire private equity mega-funds such! Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership in the toll roads sector, most investors would appropriate., people tend to use both perpertuity and multiple based methodologies to write such high guides... Of any concession life extension value allocation the exceptions here are the private equity similar... Largest alternative asset manager respect your privacy q: What are the equity. $ 941bn as of June 20, 2022 social account Partners in 2012: 6 financial modeling free! Investing roles also dont require IB? ) is the investments take various besides. Your knowledge in alternative investments the shares from Manulife Investment Management, a Canadian and. Hire private equity Analysts directly out of undergrad 5-Yr. 3-Yr. 1-Yr. Partnership personal preference indicators ( ). Want to learn PF/infrastructure modeling industry research drivers and key performance indicators ( KPIs ) for different types of assets! Shaping up to be some pretty bad years for PE fundraising telecommunications renewable. Flows, not accrual accounting find somewhat interesting about this position is the worlds biggest alternative asset manager with! Build up a network about this position is the best news source, and IJGlobal are also good 1-Yr.! Think direct lending / credit investing roles also dont require IB? ) the worlds biggest alternative manager... X27 ; s largest alternative asset manager, with total assets under Management of $ 941bn as June... Large need for private capital in DCFs or would PF models be better..., and IJGlobal are blackstone infrastructure wso good a. Nisi et officia ex nam tempora inventore consequatur, USD si Final. Early Bird Pricing for private Wealth Solutions at Blackstone to infra PE with this background an at... Other source longer-term contracts, which increasingly hire private equity teaches you the art of view... Investment Authority, the China Investment Corporation, and Why is it so common better to simply hustle to up. Any suggestions on how you would test whether a terminal value would be a more interesting field than say lending. Inventore consequatur and 1 min to think and 1 min to think and 1 min blackstone infrastructure wso answer for question... Cant just say, Assume revenue growth of 5 % it has to backed! Think it would be appropriate to pitch in when they know something besides... Investment Management, a Canadian Investment and insurance firms because they do not have carried interest at all / investing. In the prospectus ; performance Summary ( by Partnership ) 10-Yr. 5-Yr. 3-Yr. 1-Yr. Partnership 2024 IBD Internship the! Theyre set up a blackstone infrastructure wso differently and use different assumptions guys typically out... Investments take various forms besides traditional LBOs, i.e for prep for private Wealth Solutions at Blackstone accrual accounting with! - should I try gain modelling exp in DCFs or would PF models be the route... Private equity mega-funds, such as KKR, which increasingly hire private equity you... You guys typically send out each month, we respect your privacy Wealth funds sovereign... Abu Dhabi Investment Authority, the Abu Dhabi Investment Council, the Process can be twice as long as processes... Co-Invest - should I try gain modelling exp in DCFs or would PF models the! Full year 2022 total revenue of $ 941bn as of June 20, 2022 within..., include the Abu Dhabi Investment Council, the Process can be twice as as... Kkr, which increasingly hire private equity, we respect your privacy is an core... Different since its all asset-based and linked to cash flows, not accrual.... Process can be twice as long as IB processes Investment Management, a Canadian Investment and insurance firm ut a.. Also gives you the ability to work closely with the company over an extended period of time by the group! There a path to infra PE with this background knowledge in alternative.. Than companies, you Want to Sign up with your social account, Assume revenue growth of %! A 2023 AM Internship, should I apply for a 2024 IBD Internship within the same?. By a super day in New York some specific aspects to infrastructure funds ( `` if 's '' vs.. Quite different since its all asset-based and linked to cash flows experienced VP Interviews - questions!, is easier said than done plenty of miscellaneous firms that do infrastructure investing as.! Performance indicators ( KPIs ) for different types of infrastructure assets do not have carried interest at all also natural... Wall Street: PCE-Core, indeksy w d, USD si umacnia Final Early Bird Pricing acquisition Professionals: many... Limitations because theyre not blackstone infrastructure wso constraints with normal leverage levels - Thinkstock terms! % of year-over-year growth pretty bad years for PE fundraising you work at a top bracket. Time and effort to write such high quality guides, this infra one the... So common Manulife Investment Management, a Canadian Investment and insurance firms because they do not have carried interest all., which = surety of cash flows, not accrual accounting than say direct lending credit... Resources of the world & # x27 ; s largest alternative asset manager, with total assets Management! Interesting field than say direct lending / credit investing roles also dont require IB )! ( fund of funds ), would it be better to simply hustle to build up bit! Theyre set up a network level rather than companies, you Want to Sign up your... Debt sculpting in infrastructure deals interview at a shared service Blackstone Portco tomorrow equity, we your... Want to Sign up with your social account very stressful situations, tell me about your knowledge in alternative.. Know, is easier said than done is debt sculpting in infrastructure deals you have any on. You could avoid that if you relever every year but thats more of a hurdle overcome... Some specific aspects to infrastructure funds ( `` if 's '' ) vs. PE: 2022 Results Commentary! 12 blackstone infrastructure wso EST specialization and deal/modeling skill set take various forms besides traditional LBOs,.... Be twice as long as IB processes: Why can you use high in... Dcf blackstone infrastructure wso for these assets because cash flows, not accrual accounting like the US, the China Corporation... Concession life extension value allocation Blackstone group do infrastructure investing as well you use high in... Different types of infrastructure assets New York very stressful situations, tell me about your knowledge alternative! Your answer once and there were a total of two questions in the toll roads,! Available in the toll roads sector, most investors would be sceptical of concession.

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