LEAWOOD, Kan.--(BUSINESS WIRE)--Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on direct investments.
Since the last update issued on June 4, 2019, the fund closed on three direct social infrastructure investments totaling approximately $6.7 million. The fund also expects to close in the coming weeks on an additional $9 million social infrastructure investment and a $17.8 million portfolio of solar projects that will bring the fund’s total direct investment commitments to $56.3 million or 19% of the portfolio.
The social infrastructure direct investments include follow-on financing for a charter school in Idaho with capacity to serve 550 students, a new charter school in Florida and a new senior living facility in Wisconsin with 179 units offering the continuum of care including independent and assisted living and memory care.
“Our goal is to allocate approximately 60% of the portfolio into direct investments within the first year,” said Portfolio Manager Nick Holmes. ”We have made significant progress and remain confident that we are on track to meet that goal.”
TEAF is managed with a long-term focus on essential assets through public and direct investments across social infrastructure, sustainable infrastructure and energy infrastructure. These assets tend to be uncorrelated assets that have attractive potential for high total return with an emphasis on current income as well as a relatively inelastic demand profile.
Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. For additional information, please visit tortoiseadvisors.com.
Safe harbor statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.