Blackstone has entered into an agreement to acquire Harvest Fund Advisors, an independent investment management firm with more than $10 billion in assets under management.
Harvest primarily invests capital raised from institutional investors in separately managed accounts and pooled vehicles, investing in public master limited partnerships (MLPs) holding U.S. midstream energy assets. Terms of the agreement were not disclosed.
“We see significant growth and opportunity in the MLP markets today, especially in the continued evolution towards broader institutional ownership,” said Dwight Scott, a senior managing director of Blackstone and president of GSO. “The Harvest team leads the way in this evolution and has a unique and successful approach to investing in this often misunderstood asset class.”
The transaction is subject to customary closing conditions and is expected to close during the fourth quarter of 2017.