Tortoise Capital Advisors, L.L.C. also d/b/a TCA Advisors
(“Tortoise,” “we” or “us”) was founded in 2002. Tortoise is
indirectly controlled by Lovell Minnick Partners LLC (“Lovell
Minnick”) and is an indirectly wholly owned subsidiary of
TortoiseEcofin Investments, LLC (“TortoiseEcofin
Investments”). TortoiseEcofin Investments indirectly holds
multiple wholly owned essential asset SEC registered
investment advisers. A vehicle formed by Lovell Minnick
and owned by certain private funds sponsored by Lovell
Minnick and a group of institutional co-investors owns a
controlling interest in TortoiseEcofin Investments. Certain
employees in the TortoiseEcofin Investments complex,
including substantially all of our Managing Directors and an
independent board member of TortoiseEcofin Investments
own the remaining interests in TortoiseEcofin Investments.
Our day-to-day business is managed by our senior
management team.
We provide investment management services to individual
and institutional investors and pooled investment vehicles.
Our investment advice is generally limited to investments in
energy and power infrastructure and the transition to
cleaner energy.
For separately managed account client strategies, we
typically provide advice on clients’ investments in the North
American energy sector, including strategies that invest in
listed securities of midstream companies that transport,
gather, store, process and distribute crude oil, refined
petroleum products (gasoline, diesel and jet fuel) and
natural gas. We also provide advice on companies that
explore, develop, complete, or produce low cost and/or
lower carbon energy sources such as natural gas, natural
gas liquids (“NGLs”), such as ethane and propane, and zero
carbon renewable energy. We also provide advice
on companies that derive value from rising global energy
demand such as (i) providers of electric power generation,
including the production of electricity from renewable
sources; (ii) companies that engage in the transmission,
storage, and distribution of electricity; (iii) energy efficiency
companies such as companies that manufacture products
that consume less energy by unit of output; (iv) providers of
treatment and supply of water including the treatment of
waste water; (v) providers of environmental services such
as recycling and waste management;
and (vi) other
technology and cleantech companies such as companies
that invent, develop or manufacture technologies that
enable the production of products and services that require
less energy, produce clean energy or otherwise reduce
environmental impacts.
We also serve as investment adviser to private and
registered funds, including our closed-end funds and open-
end funds. These funds invest in master limited
partnerships (“MLPs”), pipeline and other energy
companies, other companies that benefit from the
operations of energy companies or other issuers operating
in the essential asset sectors, including investments in
private renewables investments such as solar and wind
projects and investments in companies in the water value
chain. In addition, we serve as investment adviser to our
interval fund that invests in the private credit sector. Certain
of our affiliated registered investment advisers serve as
sub-advisers to certain of the funds for which we act as
investment adviser.
We generally seek to manage client accounts to reflect our
model portfolio applicable to the investment strategy for that
account. When changes are made to our model portfolios,
we trade all client accounts to align them with the applicable
model portfolio (except where specific instructions provided
by the client require otherwise). Although clients typically
grant full discretion with respect to security selection, clients
may impose reasonable restrictions on investing in certain
securities or types of securities.
We provide investment management services to clients in
wrap fee programs sponsored by third parties. Our
investment strategies with respect to wrap fee clients are
similar to the investment strategies provided to our other
clients. However, the wrap fee sponsor typically is
responsible for assisting the client in selecting managers
and investment strategies and handles most aspects of the
client relationship including identifying individual
circumstances of the client. The wrap sponsor pays us a
portion of the wrap fee in connection with the services we
provide, however, under some arrangements, the wrap
sponsor and Tortoise each charge a separate fee for their
respective services.
As of February 29, 2024, we managed approximately
$7,036,500,000 of client assets on a discretionary basis.