NEW YORK--(BUSINESS WIRE)--Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE:GER) is pleased to announce its initial quarterly distribution of $0.320 per common share, payable on the date noted below. On an annualized basis this distribution reflects a current yield of 6.40% based upon an IPO price of $20.00 per share.
The initial distribution schedule is as follows:
|Ex-Date:||November 13, 2014|
|Record Date:||November 17, 2014|
|Payable Date||November 24, 2014|
|Amount:||$0.320 per share|
It is currently anticipated that a portion of this distribution will be treated for tax purposes as a return of capital, however, the final characterization of such distribution will be made in early 2015 when the Fund can determine its earnings and profits for the full year. The final tax status of the distribution may differ substantially from this preliminary information.
Goldman Sachs MLP and Energy Renaissance Fund
Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company which began trading on the NYSE on September 26, 2014. The Fund invests primarily in Master Limited Partnerships (“MLPs”) and other energy investments. The Fund currently expects to concentrate its investments in the energy sector, with an emphasis on midstream MLP investments. The Fund invests across the energy value chain, including upstream, midstream and downstream investments. The Fund is managed by Goldman Sachs Asset Management’s (GSAM’s) Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups. As of September 30, 2014 the team managed approximately $14.9 billion in MLPs and other energy investments.1 The Fund seeks a high level of total return with an emphasis on current distributions to shareholders.
1. Source: GSAM.
About Goldman Sachs Asset Management, L.P.
GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE: GS), which supervises $1.15 trillion as of September 30, 2014.2 GSAM 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.
2. Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.
Shares of closed-end investment companies frequently trade at a discount from their net asset value (“NAV”), which may increase investors’ risk of loss. At the time of sale, an investor’s shares may have a market price that is above or below NAV, and may be worth more or less than the original investment. There is no assurance that the Fund will meet its investment objective. Past performance does not guarantee future results. 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.
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.
A registration statement relating to the Fund’s common stock has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any security. The Fund has completed its initial public offering. 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.
For additional information, please visit the Fund’s website at https://assetmanagement.gs.com/cef
Compliance Code: 143749.MF.MED.OTU
Date of first use: November 3, 2014