Tortoise Capital Advisors, a fund manager focused on traditional energy and power infrastructure investing, has announced plans to merge two of its closed-end funds — Tortoise Midstream Energy Fund and Tortoise Energy Infrastructure Corp.
The board of directors of both funds have approved the merger of Tortoise Midstream Energy Fund into Tortoise Energy Infrastructure Corp., with Tortoise Energy Infrastructure Corp. as the surviving company.
Tortoise Energy Infrastructure Corp. invests in energy infrastructure companies and is positioned to benefit from growing energy demand and accelerated efforts to reduce global carbon dioxide emissions from energy consumption. The combined assets of the two funds totaled $914.4 million as of Aug. 31. Tortoise Capital Advisors, the manager of both funds, will continue to manage the combined fund with the same investment team.
Tortoise Capital intends to complete the merger of the two funds during the fourth quarter of 2024,