Fundraising

Publicly-listed infra fund in $345m debut

Vaunted master limited partnership specialist Energy Income Partners is sub-adviser for First Trust Infrastructure Fund, a New York Stock Exchange-traded vehicle investing in energy and infrastructure that launched last week.

-

A listed infrastructure fund run by Energy Income Partners (EIP) commenced trading last Wednesday.

Closed-end First Trust Energy Infrastructure Fund (FIF) attracted $345 million in its initial public offering (IPO), according to First Trust Advisors. Bank of America Merrill Lynch, Citigroup and Morgan Stanley underwrote FIF.

At market close Thursday, FIF was trading at $20 per-share. Daily volume topped 55,117 shares.

First Trust touted FIF as an efficient vehicle to invest in infrastructure. Highly-regarded Connecticut master limited partnership (MLP) specialist EIP is acting as sub-adviser to FIF, handling day-to-day investment strategy.

EIP is owned by James Murchie, who used to work for hedge fund legend Julian Robertson. In 2004, Murchie founded Energy Investment Partners, which operated under the aegis of then-formidable hedge fund Pequot Capital Management, until Murchie established EIP as an independent asset manager.

Energy Income Partners has $44 million in total capital.

A secondary market offering is characteristic for a closed-end fund like FIF. Brookfield Infrastructure Partners (BIP), the premier offering from Brookfield Asset Management, is also traded on the NYSE.

EIP principal and co-portfolio manager Eva Pao will ring the NYSE opening bell today to celebrate the launch of FIF.