| NEW YORK
NEW YORK Nov 26 Goldman Sachs Asset Management,
a unit of Goldman Sachs Group Inc, launched its
first-ever closed-end fund on Tuesday, raising $826.3 million
The Goldman Sachs MLP Income Opportunities Fund
trades on the New York Stock Exchange and will invest mainly in
master limited partnerships (MLPs), which are publicly traded
entities that can own assets such as pipelines, timber or real
MLPs will benefit from record U.S. production of commodities
such as crude oil, natural gas, and natural gas liquids over the
next few years, said Kyri Loupis, managing director and lead
portfolio manager for the fund, in an interview.
Loupis, who runs Goldman Sachs Asset Management's Energy and
Infrastructure Team, manages the fund with two other portfolio
managers on the team. The team manages about $6.4 billion.
Morgan Stanley, Citigroup, and BofA Merrill
Lynch were the lead underwriters in the fund's offering.
Goldman Sachs Asset Management oversees more than $208 billion
in U.S. mutual funds.
Loupis said MLPs offer growth opportunities that bonds do
not, in addition to higher yields. He also said that MLPs will
benefit from increased demand from institutional investors and
are less sensitive to higher interest rates than other bonds.
Investors anticipate that rates will spike higher once the
Federal Reserve begins reducing its $85 billion monthly