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Bailey McCann, Opalesque New York: Brookfield Asset Management's Public Securities Group will acquire Center Coast Capital Holdings, an affiliate of Center Coast Capital Advisors, a Houston-based investment adviser focusing on energy infrastructure investments, including master limited partnerships, with over $4 billion in assets under management.
In connection with the transaction, Brookfield will also acquire certain assets of Liberty Street Advisors and certain assets of Liberty Street's affiliates - HRC Fund Associates and HRC Portfolio Solutions. Liberty Street is an investment adviser and HRC engages in third-party marketing for Center Coast Capital.
Following the completion of the transaction, both HRC's marketing business and Liberty Street's advisory business will continue and will focus on selling Liberty Street's mutual funds.
The deal follows Blackstone's recent acquisition of MLP shop Harvest Fund Advisors, in August. Interest in MLPs has returned in recent months. BP announced in September it was spinning off some of its pipeline assets into an MLP that will be listed on the NYSE. The company expects to raise $100 million from the IPO.
In a statement, Brookfield Asset Management said that the acquisition of Center Coast Capital will diversify its real asset public securities investment offerings by adding energy infrastructure as part of the platform. Brookfield will also add to its distribution capabilities with HRC.
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