Goldman Sachs Asset Management Announces Share Repurchase Program for MLP and Energy Renaissance Fund and Quarterly Distribution of $0.200 Per Share

Rhea-AI Summary

Goldman Sachs MLP and Energy Renaissance Fund (GER) announced a quarterly distribution of $0.200 per common share, marking a 14% increase from the previous quarter. This distribution is payable on November 30, 2022. Additionally, the Fund's Board of Trustees approved a $10 million share repurchase program effective November 10, 2022, aimed at enhancing shareholder value by purchasing shares trading at a discount to net asset value (NAV). The Fund intends to return capital to investors through these initiatives.

Positive

• Increase in quarterly distribution by 14% to $0.200 per share enhances shareholder returns.
• Share repurchase program of $10 million indicates confidence in fund valuation and aims to support NAV.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Goldman Sachs MLP and Energy Renaissance Fund (the “Fund”) (NYSE: GER) is announcing its quarterly distribution of $0.200 per common share, which represents a 14% increase over the distribution amount for the previous quarter. The distribution is payable on the date noted below.

The distribution schedule is as follows:

Ex-Date:	November 22, 2022
Record Date:	November 23, 2022
Payable Date:	November 30, 2022
Amount:	$0.200 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 2023 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.

Additionally, Goldman Sachs Asset Management, the investment adviser for the Fund, announced today that the Fund’s Board of Trustees has approved a share repurchase program for the Fund, effective from November 10, 2022 through November 10, 2023. Under the share repurchase program, GER intends to purchase up to $10 million of its outstanding common shares in the open market, if the shares are trading at a discount to net asset value (“NAV”) per share in excess of 10%. The share repurchase program seeks to enhance shareholder value by purchasing the Fund’s shares trading at a discount to NAV per share, which could result in NAV and Net Investment Income per share accretion.

“As the cash flow receipts of the Fund’s underlying investments continue to grow, we remain committed to returning incremental capital to our investors and are thus increasing the dividend by over 14% this quarter. Additionally, we continue to believe that open market share repurchases are an optimal way to further enhance shareholder value and therefore are renewing our share repurchase program,” said lead Portfolio Manager Kyri Loupis.

The Fund’s repurchase activity will be disclosed in its shareholder reports for the relevant fiscal periods. The share purchase program will follow the requirements of Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and there is no assurance that the Fund will repurchase shares in any amount.

In addition, portfolio holdings as of September 30, 2022, as well as additional information regarding the Fund, can be accessed through the Goldman Sachs Asset Management Closed-End Fund landing page at www.GSAMFUNDS.com/cef.

Goldman Sachs MLP and Energy Renaissance Fund

Goldman Sachs MLP and Energy Renaissance Fund is a non-diversified, closed-end management investment company managed by Goldman Sachs Asset Management’s Energy & Infrastructure Team, which is among the industry’s largest MLP investment groups.

The Fund began trading on the NYSE on September 26, 2014. The Fund seeks a high level of total return with an emphasis on current distributions to shareholders. 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.

About Goldman Sachs Asset Management, L.P.

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2022¹. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

Disclosures

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.

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.

1 Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion. AUS figure as of September 30, 2022.

Compliance Code: 297730.OTU

Date of First Use: November 11, 2022

View source version on businesswire.com: https://www.businesswire.com/news/home/20221111005302/en/

Media Contact:

Avery Reed

Tel: 212-357-0125



Investor Contact:

Charles Sturges

Tel: 212-902-7996

Source: Goldman Sachs MLP and Energy Renaissance Fund

FAQ

What is the new quarterly distribution amount for Goldman Sachs MLP and Energy Renaissance Fund (GER)?

The new quarterly distribution amount for the Fund is $0.200 per common share, a 14% increase from the previous quarter.

When will the distribution for GER be payable?

The distribution will be payable on November 30, 2022.

What is the purpose of the $10 million share repurchase program for GER?

The $10 million share repurchase program aims to enhance shareholder value by buying back shares trading at a discount to net asset value (NAV).

What is the effective date for the share repurchase program announced by GER?

The share repurchase program is effective from November 10, 2022, through November 10, 2023.

How does the new distribution affect shareholders of GER?

The increased distribution signifies a return of capital to shareholders, improving their overall returns on investment.