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Blackstone to acquire Harvest Fund Advisors

Blackstone Group is buying energy money management firm Harvest Fund Advisors as an addition to its GSO credit business, said Matt Anderson, Blackstone spokesman.

GSO has $94.5 billion in assets under management; Harvest has more than $10 billion in AUM. Terms of the deal are not being disclosed. It is expected to close in the fourth quarter.

Harvest specializes in investing in master limited partnerships holding U.S. midstream energy projects, managing funds and separately managed accounts. The acquisition will give Blackstone additional, complementary expertise in the energy arena, Mr. Anderson said.

Eric Conklin, Harvest's managing partner, will continue to lead the business, which will retain its firm name and its headquarters in Wayne, Pa.

"We see significant growth and opportunity in the MLP markets today, especially in the continued evolution towards broader institutional ownership," Dwight Scott, a senior managing director of Blackstone and president of GSO, said in a joint news release.