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Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced plans to merge two of its closed-end funds.
The board of directors of each of Tortoise Sustainable and Social Impact Term Fund (NYSE:TEAF) and Tortoise Energy Infrastructure Corp. (NYSE:TYG) have approved the merger of TEAF into TYG, with TYG as the surviving company. This strategic merger is designed to enhance scale, improve efficiency, and strengthen Tortoise Capital's leadership in energy infrastructure investing – while better serving shareholders.
As of May 31, 2025, the combined total assets under management of TYG and TEAF are approximately $1.2 billion. TYG will retain its existing investment strategy and objective, continuing as Tortoise Capital's sole closed-end fund for investors seeking long-term exposure to essential energy assets.
TYG provides diversified exposure to energy and power infrastructure and seeks a high level of total return with an emphasis on current distributions. TYG's investment strategy is designed to capitalize on the ‘age of electricity,' driven by data center growth, electrification, and grid modernization as well as unprecedented natural gas and LNG demand as a globally scalable, lower-emission fuel anchoring U.S energy exports. The board of TYG also approved a 30% increase in distributions for TYG, subject to and upon completion of the merger.
