Brookfield Asset Management Inc.'s Public Securities Group agreed to acquire the Center Coast Capital Advisors LP affiliate Center Coast Capital Holdings LLC, an investment adviser focused on energy infrastructure.
Center Coast Capital manages more than $4 billion in assets and invests mostly in master limited partnerships and other energy infrastructure companies, according to an Oct. 10 news release. The acquisition diversifies and expands Brookfield's investment offerings, adding to its current focus on, among other things, real estate equities and infrastructure equities along with real asset debt.
Also as part of the deal, Brookfield would acquire certain assets of the New York-based investment adviser Liberty Street Advisors Inc. and certain assets of its affiliates HRC Fund Associates LLC and HRC Portfolio Solutions LLC. Liberty Street has acted as the investment adviser to Center Coast Capital's MLP Focus Fund since it was formed. The HRC companies serve as third-party marketing and servicing agents of Center Coast Capital's products to clients such as financial advisers, wealth managers and broker-dealers.
"We believe [Center Coast Capital's] alignment with Brookfield provides a strong platform from which to evaluate opportunities in today's changing MLP and energy infrastructure landscape," said Victor Fontana, president of Liberty Street and HRC. Brookfield expects that the new offerings would "appeal to our client base given the attractive investment opportunities in the midstream MLP and energy infrastructure sectors," according to Craig Noble, CEO of Brookfield's Public Securities Group.
The deal is scheduled to close in the first quarter of 2018. Brookfield Asset Management is a global asset manager headquartered in Toronto.