Blackstone Wants a Slice of the MLP Industry
The Blackstone Group moved to acquire Harvest Fund Advisors LLC, an investment firm with more than US$ 10 billion in assets under management. Harvest Fund Advisors raises money from institutional investors in pooled funds and customized separately managed accounts, investing those assets in public master limited partnerships (MLPs) holding U.S. midstream energy assets. The separately managed accounts are marketed toward U.S. public pension plans. The asset manager invests in crude oil play exposures and NGL shale plays. Blackstone is keen on expanding its offerings in the MLP space, while possibly selling some assets to these institutional investors. Goldman Sachs, Oppenheimer, Atlantic Trust Company, Nuveen, Cornerstone Advisors and Salient Capital Advisors, all have MLP income products. Blackstone is moving the Harvest Fund Advisors under its GSO credit business.
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