Blackstone Agrees to Acquire Harvest Fund Advisors LLC
August 17 2017 - 4:30PM
Business Wire
Blackstone (NYSE:BX) today announced that it has entered into an
agreement to acquire Harvest Fund Advisors LLC (“Harvest”), an
independent investment management firm with over $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.
Tony James, President and Chief Operating Officer of Blackstone,
said, “Harvest is a leader in bringing institutional investors to
the MLP asset class. It has generated superior long-term results
for its investors. Harvest’s expertise in this area will complement
our extensive energy investing activities across Blackstone. We
look forward to partnering with Harvest to continue growing its
business.”
Dwight Scott, a Senior Managing Director of Blackstone and
President of GSO, said, “We see significant growth and opportunity
in the MLP markets today, especially in the continued evolution
towards broader institutional ownership. The Harvest team leads the
way in this evolution and has a unique and successful approach to
investing in this often misunderstood asset class. We have known
the team for several years and have seen their creative approach to
the sector first hand. We are excited to have Eric and his partners
as part of Blackstone.”
Eric Conklin, Managing Partner of Harvest, added, “We are
thrilled to join Blackstone and work with them to continue building
on Harvest’s strong track record of success. Moving forward, we
believe there are a number of opportunities to partner with
Blackstone to further our goal of building critical midstream
energy assets and consequently driving value creation for our
investors, versus waiting for the market to correct a mispricing in
an undervalued asset class.”
The transaction is subject to customary closing conditions and
is expected to close during the fourth quarter of 2017.
About Blackstone
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $370 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com. Follow Blackstone on Twitter
@Blackstone.
About Harvest
Harvest is a leading provider of actively managed public market
energy infrastructure and MLP investment solutions for
institutional investors. Founded in 2005 and located in the suburbs
of Philadelphia, Harvest currently manages over $10 billion in
assets. Harvest maintains a singular goal of generating strong
risk-adjusted returns and meeting the needs of our investors each
and every day.
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version on businesswire.com: http://www.businesswire.com/news/home/20170817006016/en/
BlackstoneMatt Anderson,
+1-212-390-2472matthew.anderson@blackstone.com
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