NEW YORK – For investors seeking to participate in the US Energy Renaissance, Goldman Sachs Asset Management, L.P. (“GSAM”) is pleased to announce the public listing of the Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”), now trading on the New York Stock Exchange under the ticker symbol “GER.”
“Further expanding our energy-focused product line continues to be an important strategic initiative for GSAM, and we are pleased to have completed our second successful MLP closed-end fund launch within the last 12 months,” said James McNamara, President of the Goldman Sachs Funds advised by GSAM.
The Fund will invest primarily in Master Limited Partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund will invest in investments across the energy value chain, including upstream, midstream and downstream investments. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. There can be no assurance that the Fund will achieve its investment objective or that the Fund's investment program will be successful.
“We believe the US energy renaissance story is only in its early stages and we see multiple years of growth ahead,” said Kyri Loupis, Managing Director of GSAM and lead portfolio manager for the Fund. “Our midstream MLP focus, combined with an opportunistic approach for selecting energy users and producers, can help make this fund more of a complete product for today’s environment.”
The Fund is managed by GSAM’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups. As of August 31, 2014 the team managed approximately $14.1 billion in MLPs and other energy investments.2
1. Source: Closed-End Fund Association (cefa.com)
2. Source: eVestment Alliance Search Engine (eASE) Analytics, August 31, 2014.
The Fund raised $1.4 billion in its common share offering, excluding any exercise of the underwriters’ option to purchase additional shares. If the underwriters exercise their option to purchase additional shares in full, the Fund will raise $1.61 billion. Underwriters may exercise their option to purchase additional shares up to 45 days after the initial public offering.
BofA Merrill Lynch, Morgan Stanley, UBS Investment Bank, Wells Fargo Securities and Citigroup were lead underwriters in connection with the offering.
About Goldman Sachs Asset Management (GSAM)
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which supervises $1.14 trillion as of June 30, 2014.3 GSAM has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals.
