Goldman Sachs Asset Management (GSAM) has launched Goldman Sachs MLP Income Opportunities Fund, its first closed-end fund in the US.
Managed by GSAM’s energy and infrastructure team, the new fund trades on the New York Stock Exchange and has been launched for those investors who aim to participate in America’s current energy expansion.
According to GSAM, the fund aims to invest primarily in Master Limited Partnerships (MLPs), which are publicly traded entities that can own assets such as pipeline operators, processors, and fractionation and storage facilities.
Kyri Loupis, managing director and lead portfolio manager for the fund, said: "Our index-agnostic approach and closed-end structure allows us to execute on our best investment ideas, including those offered by smaller cap MLPs poised for higher levels of growth.
"Through the launch of this closed-end fund, we’re able to provide investors another avenue to access MLP exposure," Loupis added.
James McNamara, president of the Goldman Sachs Funds in GSAM, said: "Expanding our mutual fund platform into closed end funds is an important strategic initiative for GSAM, and we are pleased to have such a successful initial launch."
The fund raised US$826.3 million in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares.