Blackstone has agreed to acquire Harvest Fund Advisors, a Pennsylvania-based independent investment management firm, for an undisclosed sum.
Harvest primarily invests in master limited partnerships (MLPs). The firm, set up in 2005, currently manages over $10bn in assets.
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The deal is anticipated to be wrapped up during the fourth quarter of 2017, subject to customary closing conditions.
Commenting on the takeover, Blackstone president and COO Tony James said: “Harvest is a leader in bringing institutional investors to the MLP asset class. It has generated superior long-term results for its investors.
“Harvest’s expertise in this area will complement our extensive energy investing activities across Blackstone. We look forward to partnering with Harvest to continue growing its business.”
Harvest managing partner Eric Conklin added: “Moving forward, we believe there are a number of opportunities to partner with Blackstone to further our goal of building critical midstream energy assets and consequently driving value creation for our investors, versus waiting for the market to correct a mispricing in an undervalued asset class.”
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