Kayne Anderson Closed-End Funds Announce Appointment of New Independent Director

Rhea-AI Summary

On June 23, 2022, Kayne Anderson announced the appointment of Carita Walker as an independent director for both Kayne Anderson Energy Infrastructure Fund (NYSE: KYN) and Kayne Anderson NextGen Energy & Infrastructure (NYSE: KMF). With this addition, each board will consist of eight directors, seven of whom are independent. Walker, the Chief Legal Officer at Shell Recharge Solutions, brings extensive experience in the energy sector, ESG initiatives, and DE&I efforts. This strategic move aims to enhance governance and leverage her industry knowledge for the companies' growth.

Positive

• Appointment of Carita Walker as an independent director adds significant expertise in energy, ESG, and DE&I.
• Increased board independence with seven out of eight directors being independent.

Negative

• Potential challenges in governance continuity with the addition of a new member.

HOUSTON, June 23, 2022 (GLOBE NEWSWIRE) -- KA Fund Advisors, LLC (“Kayne Anderson”), which serves as the investment adviser to Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) and Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF, each a “Company” and collectively, the “Companies”) announced today the appointment of Carita Walker to serve as an independent director on each Company’s Board of Directors. After the addition of Ms. Walker, the Board of Directors of each Company will increase to eight directors, seven of which are independent.

Carita Walker is the Chief Legal Officer at Shell Recharge Solutions – a Shell company dedicated to unlocking the possibilities of the electric mobility future by delivering-game changing software and services at scale. Ms. Walker has numerous years of experience avoiding value leakage in commercial contracting, M&A, legislative and market development in nascent and novel industries and technologies, and grass-roots advocacy. She is passionate about creating scalable, innovative business solutions, building compliant, safe, and inclusive cultures, and advancing environmental, social, and governance (ESG) initiatives. Ms. Walker is an acknowledged thought leader and active participant in Diversity, Equity, & Inclusion (DE&I) efforts as one of the architects of the Shell Global Legal DE&I plan and a member of the Deloitte Chief Legal Officer DE&I think tank. Ms. Walker did her undergraduate studies at Xavier University of Louisiana, studied at Harvard University in Cambridge, MA, and obtained her law degree from the University of California at Berkeley – School of Law.

“Kayne Anderson is thrilled to welcome Carita to KYN and KMF’s Board of Directors,” said Jim Baker, KYN and KMF’s Chairman, President, and CEO. “Carita’s experience in multiple areas of the energy industry will be a valuable resource, as will her background in ESG and DE&I initiatives. We look forward to her contributions,” concluded Mr. Baker.

Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

Kayne Anderson NextGen Energy & Infrastructure, Inc. (NYSE: KMF) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The Fund’s investment objective is to provide a high level of total return with an emphasis on making cash distributions to its stockholders. The Fund seeks to achieve its investment objective by investing at least 80% of its total assets in securities of Energy Companies and Infrastructure Companies. The Fund anticipates that the majority of its investments will consist of investments in ”NextGen” companies, which we define as Energy Companies and Infrastructure Companies that are meaningfully participating in, or benefitting from, the Energy Transition. See Glossary of Key Terms in the Fund’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

Contact: Investor Relations at 877-657-3863 or cef@kaynecapital.com

FAQ

Who is Carita Walker and what is her role at Kayne Anderson?

Carita Walker is the newly appointed independent director on the boards of both Kayne Anderson Energy Infrastructure Fund (KYN) and Kayne Anderson NextGen Energy & Infrastructure (KMF). She is also the Chief Legal Officer at Shell Recharge Solutions.

What is the significance of the new director's appointment for KYN and KMF?

The appointment of Carita Walker is significant as it enhances the board's expertise in energy, environmental, social, and governance (ESG) initiatives, contributing positively to the companies' strategic direction.

How many independent directors are now on the boards of KYN and KMF?

With the appointment of Carita Walker, there are now seven independent directors on the boards of both KYN and KMF.

What are the investment focuses of the Kayne Anderson funds?

Kayne Anderson Energy Infrastructure Fund (KYN) focuses on securities of energy infrastructure companies, while Kayne Anderson NextGen Energy & Infrastructure (KMF) targets investments in companies participating in the energy transition.

What is the investment objective of KYN and KMF?

Both KYN and KMF aim to provide a high level of total return with an emphasis on making cash distributions to their shareholders.