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Brookfield Public Securities Closes Acquisition of Center Coast Capital, Certain Assets of Liberty Street Advisors and HRC
Tuesday 13 February 2018

13 February 2018 - US-based investment adviser Brookfield Asset Management's Public Securities Group has closed the acquisition of US-based investment adviser Center Coast Capital Advisors, LP's Center Coast Capital Holdings, LLC affiliate, the company said.

Center Coast Capital Holdings is focused on energy infrastructure investments, including master limited partnerships with over USD 4bn in assets under management.

In conjunction with the transaction, Brookfield also will acquire certain assets of Liberty Street Advisors, Inc. a New York-based SEC-registered investment adviser that serves as the investment adviser to the Liberty Street family of funds.

Additionally, Brookfield will acquire certain assets of Liberty Street's affiliates, HRC Fund Associates, LLC and HRC Portfolio Solutions, LLC, a New York-based third-party marketing and servicing agent of CCC products to financial advisors and wealth managers at major wire houses, independent registered investment advisers and independent broker-dealers. Financial terms were not disclosed.

Founded in 2007, CCC manages energy infrastructure assets with an investment process focused on due diligence from an owner-operator perspective.

CCC invests in a portfolio of MLPs and other high-quality energy infrastructure companies through the following products: Center Coast MLP Focus Fund (CCCAX) (CCCCX) (CCCNX); Center Coast MLP and Infrastructure Fund (NYSE: CEN); separately managed accounts; and other investment funds.

Liberty Street has served as the investment adviser to the Focus Fund since its inception on December 31, 2010, and HRC has served as the marketing and servicing agent to wealth management channels for CCC products since 2011, and also serves as the shareholder servicing agent to the Center Coast MLP and Infrastructure Fund.

Following the completion of the transaction, both HRC's marketing business and Liberty Street's advisory business with respect to the Liberty Street family of mutual funds will continue.

The acquisition of CCC will strengthen and expand Brookfield's business and research capability, diversifying its real asset public securities investment offerings, which currently focus on real estate equities, infrastructure equities, real asset solutions and real asset debt.

In addition, with the acquisition of certain HRC assets related to CCC, Brookfield will broaden its national retail distribution capability that markets its suite of public securities investment funds.

Consummation of the transaction will result in the automatic termination of the current investment advisory agreement between CCC and Center Coast MLP and Infrastructure Fund, and the current sub-advisory agreement between Liberty Street and CCC with respect to the Focus Fund.

Brookfield Investment Management Inc. is an SEC-registered investment adviser and represents the Public Securities platform of Brookfield Asset Management Inc., providing global listed real assets strategies including real estate equities, infrastructure equities, multi-strategy real asset solutions and real asset debt.

The firm is a wholly-owned subsidiary of Brookfield Asset Management Inc., a global alternative asset manager with approximately USD 250bn of assets under management as of June 30, 2017.

Berkshire Capital served as financial advisor to Brookfield and Paul Hastings served as legal advisor. Sandler O'Neill + Partners, L.P. served as financial advisor to CCC and Skadden, Arps, Slate, Meagher and Flom, Porter Hedges and Alston and Bird served as its legal advisors.

Moelis and Co LLC served as financial advisor to Liberty Street and HRC, and Lowenstein Sandler LLP and Stradley Ronon Stevens and Young served as legal advisors.
Details
Date Published: 13/02/2018
Target: Center Coast Capital Holdings
Country: USA
Sector: Banking/Financial Services
Type: LBO
Financing:
Status: Closed
Vendor: Center Coast Capital Advisors
Buyer: Brookfield Asset Management, ´s Public Securities Group
Buyer Advisor: Berkshire Capital , Paul Hastings
Comment:
Terms of the deal were not disclosed

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