Brookfield Asset Management‘s Public Securities Group has acquired Center Coast Capital Holdings LLC, an energy infrastructure-focused, Houston-based SEC-registered investment adviser. Brookfield’s Public Securities Group has also acquired certain assets of Liberty Street Advisors Inc and its affiliate HRC. HRC was the marketing and servicing agent of CCC products to financial advisers and wealth managers at major wirehouses, independent registered investment advisers and independent broker-dealers. No financial terms were disclosed. Berkshire Capital served as financial adviser to Brookfield while Sandler O’Neill + Partners, L.P. did likewise to CCC. And, Moelis & Company LLC served as financial adviser to Liberty Street.
NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) — Brookfield Asset Management’s Public Securities Group today announced it has completed the acquisitions of Center Coast Capital Holdings, LLC (“CCC”), an energy infrastructure-focused, Houston-based SEC-registered investment adviser with approximately $4 billion in assets under management, and certain assets of Liberty Street Advisors, Inc. (“Liberty Street”) and its affiliates, HRC Fund Associates, LLC and HRC Portfolio Solutions, LLC (collectively, “HRC”). HRC served as the third-party marketing and servicing agent of CCC products to financial advisors and wealth managers at major wirehouses, independent registered investment advisers and independent broker-dealers. The acquisitions were previously announced on October 10, 2017.
“These acquisitions mark an important step in the growth of the Public Securities Group, which now has more than $20 billion of assets under management. We have complemented our real assets and alternatives focus with a dedicated energy infrastructure capability—one that expands our investment platform and diversifies our offerings of public securities portfolios. Our investors will gain access to standalone midstream infrastructure strategies, at what we see as a pivotal point in the cycle. Adding this team of seasoned investment professionals expands and strengthens our research and investment capabilities for the benefit of clients globally,” said Craig Noble, Senior Managing Partner at Brookfield and CEO of Brookfield’s Public Securities Group. “We are also excited to welcome members of HRC’s team to Brookfield, who will continue to service financial advisors and bolster the retail distribution capabilities of our entire platform.”
The newly established dedicated energy infrastructure investment team, led by Dan Tutcher, Rob Chisholm and Jeff Jorgensen, will remain based in Houston and will manage the Center Coast Brookfield MLP Focus Fund and Center Coast Brookfield MLP & Energy Infrastructure Fund. Liberty Street and HRC team members join Brookfield to form the foundation of our Wealth Management Group. They will continue to service the Financial Advisor community across the country as they expand our presence in these distribution channels.
Berkshire Capital served as financial advisor to Brookfield and Paul Hastings LLP served as its legal advisor. Sandler O’Neill + Partners, L.P. served as financial advisor to CCC and Skadden, Arps, Slate, Meagher & Flom, Porter Hedges and Alston & Bird served as its legal advisors. Moelis & Company LLC served as financial advisor to Liberty Street and HRC, and Lowenstein Sandler LLP and Stradley Ronon Stevens & Young served as their legal advisors.
Matters Relating to the Center Coast Registered Funds
On January 23, 2018, shareholders of the Center Coast MLP & Infrastructure Fund (“CEN”) approved a new investment advisory agreement with BrookfieldInvestment Management Inc. and approved new members to the Board of Trustees. CEN’s Board of Trustees also approved a name change in light of the transaction to the Center Coast Brookfield MLP & Energy Infrastructure Fund. In addition, on January 23, 2018, shareholders of the Center Coast MLP Focus Fund approved the reorganization of the fund into a newly formed series ofBrookfield Investment Funds having the same investment objective and substantially similar principal investment strategies and risks as the Center Coast MLP Focus Fund.
Brookfield’s Public Securities Group
Brookfield Investment Management Inc. (the “Firm”) is an SEC-registered investment adviser and represents the Public Securities platform of BrookfieldAsset Management Inc., providing global listed real assets strategies including real estate equities, infrastructure equities, energy infrastructure equities, real asset debt and multi-strategy real asset solutions. With more than $20 billion of assets under management as of February 5, the Firm manages separate accounts, registered funds and opportunistic strategies for financial institutions, public and private pension plans, insurance companies, endowments and foundations, sovereign wealth funds and individual investors. The Firm is a wholly-owned subsidiary of Brookfield Asset Management Inc., a leading global alternative asset manager with approximately $265 billion of assets under management as of September 30, 2017. For more information, go to www.brookfield.com.
About Center Coast Brookfield MLP & Energy Infrastructure Fund
CEN is a non-diversified closed-end management investment company. CEN’s investment objective is to provide a high level of total return with an emphasis on distributions to shareholders. The “total return” sought by CEN includes appreciation in the net asset value of the Fund’s common shares and all distributions made by CEN to its common shareholders, regardless of the tax characterization of such distributions, including distributions characterized as return of capital. CEN seeks to achieve its investment objective by investing primarily in a portfolio of MLPs and energy infrastructure companies. Under normal market conditions, CEN will invest at least 80% of its managed assets in securities of MLPs and energy infrastructure companies. CEN may invest up to 20% of its managed assets in unregistered or restricted securities, including securities issued by private companies. CEN utilizes leverage as part of its investment strategy. There is no assurance that CEN will achieve its investment objective.
About Center Coast Brookfield MLP Focus Fund
The Focus Fund is a non-diversified open-end management investment company. The Focus Fund’s investment objective is to seek maximum total return with an emphasis on providing cash distributions to shareholders. The “total return” sought by the Focus Fund includes appreciation in the net asset value of the Focus Fund’s common shares and all distributions made by the Focus Fund to its common shareholders, regardless of the tax characterization of such distributions, including distributions characterized as return of capital. The Focus Fund seeks to achieve its investment objective by investing primarily in a portfolio of MLPs. There is no assurance that the Focus Fund will achieve its investment objective.