TSL Express Daily News
The Secured Lender
SFNet's 80th Annual Convention Issue
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July 11, 2024
Source: PR Newswire
New firm comprises former Tortoise investment professionals
OVERLAND PARK, Kan., July 11, 2024 /PRNewswire/ -- Tortoise Capital and 503 Capital Partners, LLC (503 Capital) today announced they have entered into a definitive agreement for 503 Capital to acquire Tortoise's private credit platform. 503 Capital is a newly formed entity comprising the investment and management team of Tortoise's private credit division. Terms of the transaction were not disclosed.
503 Capital will be led by Managing Partners Gary Henson, David Sifford, and Kate Moore. As part of the transaction, employees of 503 Capital will own 100% of the equity interest of the entity, aligning interests with the firm's clients.
"We are thrilled to announce the formation of 503 Capital," Henson said. "There is no better way to align client outcomes than to have our employees as owners of the business."
"Keeping our investment team intact is essential to our client experience," said Sifford, 503 Capital's Chief Investment Officer. "We have become a recognized lender in the education, healthcare, and waste transition sectors, which has helped us obtain strong risk-adjusted returns for our clients."
Following the completion of the acquisition, which is expected to occur in the third quarter, Overland Park, Kansas-based 503 Capital will manage approximately $500 million in assets across private funds and separately managed accounts.
The team at 503 Capital will continue to work with Tortoise Capital on the management of its public funds, and the investment processes and day-to-day portfolio management remain unchanged.
About 503 Capital Partners
503 Capital is an employee-owned private credit firm specializing in lower middle-market loans, often lending on a tax-exempt basis. 503 Capital was founded in 2024 as part of a management buyout of Tortoise Capital's private credit platform. For information about 503, visit www.503capitalpartners.com.
About Tortoise Capital Advisors
Tortoise Capital Advisors, L.L.C. is an SEC-registered asset manager that invests primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. Tortoise Capital's solid track record of investment experience and research dates back more than 20 years. As an early investor in midstream energy, Tortoise Capital believes it is well-positioned to be at the forefront of the global energy evolution. For more information about Tortoise Capital, visit www.tortoiseadvisors.com.
Media Contacts:
For Tortoise Capital
Margaret Kirch Cohen/Richard Chimberg
Newton Park PR
+1 847-507-2229
+1 617-312-4281
margaret@newtonparkpr.com
rich@newtonparkpr.com
For 503 Capital Partners
Gary Henson
503 Capital Partners
+1 913-279-0177
ghenson@503capitalpartners.com