Goldman Sachs MLP Income Opportunities Fund
Raises $826.3 Million in Initial Public Offering With Aim to
Deliver Exposure to America’s Rapidly Expanding Energy
Sector
For investors seeking to participate in America’s current energy
expansion, Goldman Sachs Asset Management, L.P. (“GSAM”) is pleased
to announce the public listing of the Goldman Sachs MLP Income
Opportunities Fund (the “Fund”), now trading on the New York Stock
Exchange under the ticker symbol “GMZ.” This is the first
closed-end fund ever launched by GSAM.
As a result of advances in drilling, extraction and refining,
the US is on a path toward energy independence, primed to surpass
Saudi Arabia as the world’s largest oil producer by 20201.
“Expanding our mutual fund platform into closed end funds is an
important strategic initiative for GSAM, and we are pleased to have
such a successful initial launch,” said James McNamara, President
of the Goldman Sachs Funds in GSAM. GSAM currently manages more
than $208 billion in US mutual funds.
The Fund aims to invest primarily in Master Limited Partnerships
(“MLPs”)—a tax-advantaged structure created for use by energy firms
to support growing hydrocarbon extraction and increasing energy
demand. Focused specifically on midstream infrastructure, these
essential companies include pipeline operators, processors, and
fractionation and storage facilities. The Fund seeks a high level
of total return with an emphasis on current distributions to
shareholders.
“We have strong conviction that compelling opportunities in MLP
investing lie with midstream companies collecting toll-like
revenues, which, we believe, are less exposed to underlying
commodity prices,” said Kyri Loupis, Managing Director and lead
portfolio manager for the Fund. “Our index-agnostic approach and
closed-end structure allows us to execute on our best investment
ideas, including those offered by smaller cap MLPs poised for
higher levels of growth.”
The Fund is managed by GSAM’s Energy & Infrastructure Team,
among the industry’s largest and longest-tenured MLP investment
groups. As of September 30, 2013, the team managed approximately
$6.4 billion in MLPs and other energy sector investments.
“MLPs have historically delivered attractive distributions to
investors, as well as low interest rate sensitivity2. These
attributes can be beneficial to investors in either a low or rising
rate environment,” said Loupis. “Through the launch of this
closed-end fund, we’re able to provide investors another avenue to
access MLP exposure”
The Fund raised $826.3 million in its common share offering,
excluding any exercise of the underwriters’ option to purchase
additional shares. If the underwriters exercise their overallotment
option in full, the Fund will raise $950.1 million. Underwriters
may exercise their overallotment option up to 45 days after the
initial public offering.
Morgan Stanley, Citigroup and BofA Merrill Lynch were lead
underwriters in connection with the offering.
Goldman Sachs Asset Management is the asset management arm of
The Goldman Sachs Group, Inc. (NYSE:GS), which manages $878 billion
as of September 30, 2013. Goldman Sachs Asset Management has been
providing discretionary investment advisory services since 1988 and
has investment professionals in all major financial centers around
the world. The company offers investment strategies across a broad
range of asset classes to institutional and individual clients
globally. Founded in 1869, Goldman Sachs is a leading global
investment banking, securities and investment management firm that
provides a wide range of financial services to a substantial and
diversified client base that includes corporations, financial
institutions, governments and high-net-worth individuals.
Risk Disclosures
Shares of closed-end investment companies frequently trade at a
discount from their net asset value (“NAV”), which may increase
investors’ risk of loss. This risk may be greater for investors
expecting to sell their shares in a relatively short period of time
after completion of the public offering. At the time of sale, your
shares may have a market price that is above or below NAV, and may
be worth more or less than your original investment. There is no
assurance that the Fund will meet its investment objective.
Investments in securities of MLPs involve risks that differ from
investments in common stock, including among others risks related
to limited control and limited rights to vote on matters affecting
MLPs, potential conflicts of interest risk, cash flow risks,
dilution risks and trading risks.
The Fund's investment return and principal value will fluctuate
so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Past performance does not guarantee
future results. Please see the Fund’s prospectus for more risk
information.
Investors should consider their investment goals, time horizons
and risk tolerance before investing in the Fund. An investment in
the Fund is not appropriate for all investors, and the Fund is not
intended to be a complete investment program. Investors should
carefully review and consider the Fund’s investment objective,
risks, charges and expenses before investing. The prospectus, which
contains this and other information about the Fund, should be read
carefully before investing. A copy of the prospectus can be
obtained from the Fund’s website by visiting
www.goldmansachsfunds.com, by contacting your financial advisor or
by calling (855) 807-2742.
This document is not an offer to sell securities and is not
soliciting an offer to buy securities in any jurisdiction where the
offer or sale is not permitted.
Compliance code: 115431.MF.MED.OTU
1 Source: International Energy Agency, World Energy Outlook
2012. There is no guarantee that current US energy production is
sustainable nor that current production growth will continue.
2 Source: FactSet, September 30, 2013 and United States
Department of Labor, December 31, 2012.
Media Contacts:Andrea Raphael, 212-357-0025Konstantin Shishkin,
212-445-8462
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