Simpson Thacher Represents Duff & Phelps IPO
Simpson Thacher announced it represented Duff & Phelps Select Energy MLP Fund in connection with its $485 million IPO of common stock. Morgan Stanley and Wells Fargo Securities led the underwriting syndicate.
The fund is a newly organized, non-diversified, closed-end management investment company. Its investment objective is to seek a high level of total return resulting from a combination of current tax-deferred distributions and capital appreciation. It intends to place an emphasis on investments in midstream master limited partnerships across all market capitalizations.
Virtus Alternative Investment Advisers, the fund’s investment manager, supervises the day-to-day portfolio management by Duff & Phelps Investment Management and provides certain administrative and management services.
The Simpson Thacher team for the transaction included Sarah Cogan, Rafael Vasquez, Adam Moss, Shimeng Cheng, Nakita Cuttino and summer associate Katurah Topps (Capital Markets); Joyce Xu, Andrew Des Rault and Diona Park (Derivatives); Michael Isby (Environmental); and Jonathan Cantor and Devin Heckman (Tax).