Ancala Partners Analyst Interview Guide & Questions 2025
Complete interview guide with salary insights, interview process breakdown & career pathways for infrastructure private equity analyst roles
About Ancala Partners
Ancala Partners is a UK-based infrastructure investment firm specializing in core mid-market infrastructure projects across Europe. Founded by experienced infrastructure professionals, the firm manages diversified infrastructure investments focusing on renewable energy, telecom, social infrastructure, oil and gas storage, transportation, and utilities. Ancala’s unique hands-on approach to asset management and value creation has established them as a leading player in the European infrastructure investment landscape.
Compensation Overview
Interview Process Overview
| Interview Stage | Format & Duration | Key Focus Areas | Preparation Tips |
|---|---|---|---|
| 1st Stage | Online Tests (Similar to IBD Graduate Programs) | Numerical, verbal reasoning, situational judgement | Practice SHL-style tests, focus on speed and accuracy |
| 2nd Stage | 90-minute Modelling Test | Infrastructure asset modelling (toll-road/airport) | Review infrastructure DCF models, traffic forecasting |
| 3rd Stage | Interviews with Associates, VPs, Directors | Technical competency, cultural fit, motivation | Prepare infrastructure sector knowledge, deal examples |
| 4th Stage | Partner/Founding Partner Interviews | Strategic thinking, long-term vision, leadership potential | Research Ancala’s portfolio, prepare thoughtful questions |
The 90-minute modelling test typically involves a toll-road or airport asset. Focus on revenue build-up (traffic projections, pricing), operating expenses, capex requirements, and debt structuring. Infrastructure IBD experience provides excellent preparation for this test.
Analyst Role Overview & Compensation
| Position Details | London Office | Role Structure | Career Development |
|---|---|---|---|
| Base Salary | ÂŁ70,000 – ÂŁ98,000 | Sector specialization focus | Full investment cycle exposure |
| Performance Bonus | 20-35% of base | Small deal teams (3-4 people) | Direct portfolio company interaction |
| Language Requirement | Additional European language mandatory | Cross-border deal exposure | International project opportunities |
| Total Compensation | ÂŁ84,000 – ÂŁ132,300 | Hands-on asset management | Fast progression to Associate |
đź’ˇ Culture & Working Environment Insights
- High-Achieving Culture: Connect with an inspirational network of industry leaders across portfolio firms
- Empowerment Philosophy: Colleagues are empowered to pursue projects aligned with their interests and skills
- Entrepreneurial Mindset: Smaller fund environment fostering quick decision-making and individual impact
- Intellectual Challenge: Attracts people who are inquisitive, inspired, and thrive under challenge
- Learning Environment: Surrounded by experienced, intelligent, and creative professionals
Typical Analyst Profiles & Academic Backgrounds
| Profile Type | Educational Background | Professional Certifications | Additional Skills |
|---|---|---|---|
| Profile 1: Finance Specialist | LBS Masters in Finance (Distinction), BSc/MSc Economics from Tampere | CFA, CAIA, FRM, CIIA | Strong quantitative skills, modelling expertise |
| Profile 2: Economics Focus | BSc Economics (Honours) from University of York | Infrastructure finance certifications | Macro-economic analysis, sector research |
| Profile 3: Sustainability Expert | BSc International Business (Maastricht), MSc Climate Change Management & Finance (Imperial) | Sustainable finance, systems thinking certifications | ESG analysis, renewable energy expertise |
Academic Excellence Requirements
Ancala Partners seeks candidates with:
- Top Universities London Business School, Imperial College, University of York, Maastricht
- Strong Academics Distinction/First Class Honours typical requirement
- Relevant Degrees Economics, Finance, International Business, Climate/Sustainability Finance
- Professional Certifications CFA, CAIA, FRM valued highly
Key Responsibilities & Required Skills
Primary Responsibilities:
- Support the team in sourcing, evaluating, and executing infrastructure investment opportunities
- Build detailed financial models and conduct company valuations for infrastructure assets
- Prepare investment committee materials and participate in internal investment discussions
- Conduct market research and support thematic sourcing (focus on luxury, retail, and real estate sectors)
- Assist in portfolio company analysis and performance tracking
- Support value creation initiatives across the portfolio
Essential Requirements:
- Language Skills: Fluency in an additional European language (Spanish, Italian, German) – MANDATORY
- Experience: 1–2 years in investment banking (infrastructure preferred), strategy consulting, or private equity
- Sector Interest: Strong interest or background in infrastructure sectors
- Technical Skills: Excellent analytical and financial modelling capabilities
- Soft Skills: Team-oriented, proactive, and commercially minded
- Academic: Outstanding academic record from top-tier institution
Interview Questions & Preparation Guide
🎯 Technical & Infrastructure-Specific Questions
Q: Walk me through how you would value an airport asset.
Discuss passenger growth projections, aeronautical vs commercial revenues, regulatory framework (RAB model), capex cycles, and appropriate discount rates for infrastructure assets.
Q: What are the key differences between greenfield and brownfield infrastructure investments?
Cover risk profiles, return expectations, construction risk, revenue visibility, leverage capacity, and typical hold periods. Link to Ancala’s mid-market focus.
Q: How would you assess the impact of regulatory changes on a utility investment?
Discuss regulatory cycles, allowed returns, capex allowances, operational incentives, and mitigation strategies. Show understanding of regulated asset frameworks.
Q: Explain the key revenue drivers for a toll road investment.
Cover traffic volume forecasting, toll pricing mechanisms, elasticity of demand, GDP correlation, competing routes analysis, and concession terms.
🔍 Market & Sector Knowledge Questions
Q: What trends are you seeing in the European infrastructure market?
Discuss energy transition, digitalization, aging infrastructure needs, ESG requirements, and government infrastructure programs. Reference specific European markets.
Q: How is the energy transition affecting infrastructure investing?
Cover renewable energy opportunities, grid infrastructure needs, storage requirements, stranded asset risks, and transition financing. Link to Ancala’s portfolio.
Q: What makes mid-market infrastructure attractive vs large-cap deals?
Discuss less competition, higher returns, value creation opportunities, operational improvements potential, and relationship-driven sourcing.
đź’Ľ Behavioral & Motivation Questions
Q: Why are you interested in infrastructure investing vs other asset classes?
Emphasize tangible assets, societal impact, stable cash flows, inflation protection, and long-term value creation. Show genuine passion for the sector.
Q: Why Ancala Partners specifically?
Highlight entrepreneurial culture, hands-on approach, diverse portfolio, mid-market focus, and opportunity to work in smaller teams with greater responsibility.
Q: Describe a time you had to analyze a complex problem with limited information.
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Use infrastructure or investment-related example if possible. Emphasize structured thinking, assumptions made, and decision-making process.
Insights from Ancala Professionals
“I had been working at a large investment institution with thousands of employees and was looking to work for a smaller, entrepreneurially-minded fund manager that was growing quickly. Ancala was in the process of raising its third flagship fund at the time and I was really interested by its diverse portfolio and unique approach to working with its portfolio companies to add value. As soon as I met the Ancala team members in the interview process, I knew that it was right for me and was excited by all the opportunities to learn.”
“The work is really intellectually challenging, and I love that. It requires a proactive mindset, constantly questioning and probing deeper into each opportunity to get to the right result. Being surrounded by experienced, intelligent and creative people really brings out the best in me and has helped develop my abilities. One of the most fulfilling parts of my role is helping businesses to identify and then deliver their value creation plans. Collaborating with the management team at Liverpool Airport to revamp its retail and leisure offering has been really rewarding and added material value to the business.”
“The variety! I work with management teams on their business plans, go to board meetings, conduct valuations, refinancings, and support the broader portfolio, not just my key assets. I also get involved with investor relations. There’s never a dull day at Ancala. I also love seeing the assets in motion. I’m a bit of a plane nerd so going to Liverpool and seeing everything in action is a great day out!”
“Ancala trusts all of its team members to deliver. This is really empowering, particularly at a junior level. The level of accountability has definitely pushed me out of my comfort zone and driven me to improve. Working at a smaller firm, you really need to understand the details behind your recommendations and then believe in your own ability to deliver on them. Ancala has supported me through this by surrounding me with the right people where I’m allowed to make mistakes, learn from them and ultimately achieve the right outcome.”
Day-to-Day Activities & Skill Development
| Activity Area | Specific Tasks | Skills Developed | Career Impact |
|---|---|---|---|
| Deal Sourcing | Market mapping, broker relationships, proprietary sourcing | Network building, sector expertise | Origination capabilities |
| Financial Analysis | Infrastructure modelling, sensitivity analysis, returns analysis | Technical modelling, risk assessment | Investment evaluation expertise |
| Due Diligence | Technical DD coordination, regulatory analysis, market studies | Project management, detail orientation | Transaction execution skills |
| Portfolio Management | Board preparation, performance monitoring, value creation initiatives | Strategic thinking, stakeholder management | Asset management experience |
| Investor Relations | LP reporting, fundraising support, investor queries | Communication, relationship management | Fundraising exposure |
Career Progression & Development Path
Typical Career Timeline at Ancala
- Years 1-2 Analyst: Foundation building, modelling expertise, sector knowledge development
- Years 2-3 Senior Analyst: Lead workstreams, direct portfolio company interaction
- Years 3-4 Associate Promotion: Deal execution leadership, junior team mentoring
- Years 5-7 Vice President: Origination focus, investment committee presentations
- Years 8+ Director/Partner Track: Sector leadership, LP relationships, strategic decisions
🚀 Why Choose Ancala for Your Infrastructure Career?
- Entrepreneurial Environment: Smaller team structure means greater responsibility and faster learning
- Diverse Portfolio Exposure: Work across multiple infrastructure sectors from renewables to airports
- Hands-On Experience: Direct involvement in portfolio company value creation initiatives
- International Exposure: Cross-border deals leveraging language skills and cultural knowledge
- Strong Mentorship: Learn from experienced professionals in a supportive environment
- Meritocratic Culture: Fast progression based on performance and contribution
Interview Preparation Checklist
Technical Preparation:
- Review infrastructure asset valuation methodologies (DCF, multiples, precedent transactions)
- Understand key infrastructure sectors: utilities, transport, energy, telecom, social infrastructure
- Practice infrastructure-specific modelling (traffic forecasting, regulatory models, availability-based revenues)
- Study recent European infrastructure transactions and market trends
- Prepare views on energy transition, digitalization, and infrastructure megatrends
Behavioral Preparation:
- Prepare specific examples demonstrating analytical skills and commercial thinking
- Articulate why infrastructure investing and why Ancala specifically
- Showcase language skills and international experience
- Demonstrate understanding of Ancala’s portfolio and investment strategy
- Prepare thoughtful questions about the role and firm
Emphasize your language skills early – this is a mandatory requirement. Show genuine passion for infrastructure’s societal impact. Demonstrate that you understand the entrepreneurial, fast-paced nature of a mid-market fund. Research Ancala’s portfolio companies, especially Liverpool Airport, to show detailed preparation.
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