Associate - Infrastructure PE - Mid Market

Posted by the recruiter Dartmouth Partners on 29 June 2026, London and full time. The client is described as a very well-known and successful mid-market infrastructure fund with a presence in London and New York, investing in European and North American businesses across a broad range of sectors including energy and energy transition, transport, social and digital, with investments that can be categorised as core-plus and value-add. They want an Investment Associate. Source

The four flavours of infrastructure and their revenue engines: regulated utilities such as water and energy networks, where allowed revenue is set by Ofwat or Ofgem every five to eight years on a regulated asset base; transport such as toll roads, airports, rail and ports, which carries demand risk directly, with 80% of greenfield toll roads overestimating first-year traffic by 20-30%; social infrastructure such as PFI schools and hospitals, paid a fixed unitary charge regardless of usage; and digital infrastructure such as towers, fibre and data centres. Regulated asset base multiples of 1.2-1.6x are typical for utilities, airports trade at 14-20x EV/EBITDA and towers at 20-30x. The real diligence pain is regulatory resets - Ofwat once cut the allowed cost of equity from 4.8% to 2.75%, taking 30-40% of equity value out in a single cycle - plus contractor insolvency on fixed-price construction, political intervention including windfall taxes, and inflation-linkage mismatches when RPI swaps to CPI. Source

Three tokens, three separate facts. 'Associate' is the band, and the requirements pin it at one to three years, which makes this a lateral hire - someone leaving a bank or another fund, not someone starting out. 'Infrastructure PE' means equity: you would own the asset rather than lend against it, which is the opposite side of the same asset from an infrastructure debt seat, with uncapped upside and the operational work that comes with control. 'Mid Market' is the fund's size tier, and on a mid-market fund it usually means small deal teams and an associate who is on every part of a transaction rather than one workstream.

The two words worth preparing on are the fund's own risk labels, core-plus and value-add. They decide whether your days are spent on operating assets with regulated or contracted revenue that need some improvement, or on assets carrying construction, contract or growth risk. Map them onto the revenue engines above before an interview - knowing whether the fund's value-add bucket means greenfield digital infrastructure or a transport asset with real demand risk is the difference between a specific conversation and a generic one, and it is a fair question to ask the consultant first.

The fund is not named, but this row leaks more than most and it is worth using. London and New York offices, Europe and North America, mid-market, core-plus and value-add, across energy and energy transition, transport, social and digital: that is a specific enough description that anyone who knows the London infrastructure landscape could shorten the list considerably. Take those five facts to the named consultant and ask them to confirm the client - you are entitled to know whose team you would be joining before you write anything.

What is stated about the team: a mid-market infrastructure fund present in London as well as New York, investing across Europe and North America in a broad range of sectors including energy and energy transition, transport, social and digital, in core-plus and value-add strategies. Source

Dartmouth Partners is the recruiter publishing the page, not the employer. The role is filed under its Real Assets team and a single consultant, at Principal level, is named as the contact with a direct email address. Source

18 people have held London roles at Dartmouth Partners since 2018 - the agency's own recruiters, not the infrastructure fund behind the advert, on which the record holds nothing because it is not named.

The number '1-3 years' is the most useful thing on this page for anyone still at university. It names the exact window in which people move from a bank to an infrastructure fund, and the sentence around it names the seats that qualify: an infrastructure or energy M&A team at a top-tier bank or boutique, or a private equity or private debt team. If infrastructure investing is where you want to end up, this row tells you the first job to aim at and roughly how long you stay in it. That is a map most students never get shown.

No deadline is stated and the row has been live since 29 June 2026 - more than two months. That means it is either close to filled or hard to fill, and either way it ends when someone accepts rather than on a date. We do not mark a posting closed without positive evidence, so treat it as live and move quickly.

Requirements as stated: one to three years' experience from an infrastructure or energy M&A team within a top-tier investment bank or boutique, or from a private equity or private debt team; very capable at financial modelling and able to build models from scratch; strong interpersonal skills and able to work closely with senior stakeholders; motivation to develop a career as an infrastructure investor in private equity. European deal experience and an additional European language are listed as desired. The role is London and full time. Source

Read where the line falls, because two of these are hard and two are not. The one to three years and the from-scratch modelling are the gates - 'able to build models from scratch' is a real test, not boilerplate, and on a mid-market fund it means exactly what it says. European deal experience and the extra language are marked '(desired)', so do not rule yourself out for lacking them. Students and new graduates are outside this row entirely; nothing on the page addresses right to work either way, so ask if you need sponsorship.