OppenheimerFunds is buying SteelPath Capital Management and its fund advisory unit, SteelPath Fund Advisors, which manage infrastructure investments primarily through master limited partnerships, confirmed Arthur Steinmetz, chief investment officer of OppenheimerFunds.
Terms were not disclosed.
SteelPath had $2.6 billion in assets under management as of June 30 in a family of MLP-focused mutual funds and mostly retail private investment strategies.
The acquisition will add energy infrastructure to Oppenheimer Funds' alternative investment platform that already includes real estate, commodities and precious metals.
Mr. Steinmetz said he expects SteelPath's energy infrastructure strategy will be available once the deal closes sometime in the fourth quarter.
SteelPath's 11 investment professionals will be joining Oppenheimer Funds including Gabriel Hammond, SteelPath founder and CEO.
OppenheimerFunds had more than $176 billion in assets as of June 30.