The recruitment process was lengthy, moved slowly at every stage, and seemed very disorganized. Round 1: Interview with two VPs, mostly behavioral. Very resume-driven. Be prepared to explain every single line on your CV in detail. They drill into dates, transitions, and even very small details of prior roles and projects. Round 2: Take home modeling test, 5 hours to complete. Case focused on the acquisition of a natural gas power plant, with a refinancing planned ~6 months post-acquisition. The analysis included: -Structuring refinancing via either a term loan with cash sweep or a project bond with DSCR constraints (different treatment for contracted vs. uncontracted revenue) -Valuation using: Buy and Hold IRR vs Buy and Exit IRR (5-year hold case) Round 3 (Superday): 6 back-to-back 30-minute interviews with MD, VPs, and Associates. All behavioral. Heavy focus on: -Deep dives into previous projects -Why PEI / why infrastructure -Why you want to leave your current role -Btw, no discussion about the modeling test at all Interviewers openly emphasized that 80-hour work weeks are normal and expected.