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Alternative Market Briefing

Salient Partners launches second MLP fund

Wednesday, June 18, 2014

Bailey McCann, Opalesque New York:

Texas-based Salient Partners has launched its second MLP focused fund. Its strategy entails investing at least 80 percent of its net assets in equity securities of MLPs. The Fund may also invest in securities of other energy companies and securities issued by open and closed-end investment companies, including money market funds, actively managed and index exchange traded funds and exchange traded notes, U.S. government securities, debt securities, cash and/or other cash equivalents.

"As well as MLPs have performed over the past 10-15 years, the opportunity set through the end of the decade appears to be quite encouraging as uptick in North American production is expected to require midstream infrastructure spending of ~$30B annually which should help drive continued distribution growth," said Greg Reid, President & CEO of Salient’s Master Limited Partnership (MLP) business.

The fund will be focused on the midstream energy industry, including long-term, fee-based real assets that engage in the transportation and storage of natural resources. Leverage will be approximately 25 percent of the value of the Fund’s total assets.

"In our opinion, the market routinely underestimates the value of both a corporation that owns an MLP general partner and the underlying MLP as well in a dropdown scenario," Reid said. "We believe that MLP investors should focus on growth at a reasonable price and not absolute yield when making their MLP ......................

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