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Sep 12 2017

Pathway Energy Infrastructure Fund to Restructure as an Interval Fund

Pathway Energy Infrastructure Fund Inc., a publicly registered non-traded closed-end fund, is planning to convert to an interval fund structure and expand its investment focus, according to filings with the Securities and Exchange Commission.

The board of directors recently approved the proposed restructuring, while shareholders will vote at the yet-to-be scheduled special meeting of stockholders. If approved, the company will change its name to “Pathway Capital Opportunity Fund Inc.”

Pathway Energy Infrastructure Fund is also seeking to expand its investment strategy beyond the energy and industrial sectors. In addition to its current strategy, the company expects to invest at least 50 percent of its total assets in the securities of infrastructure companies. These can include transportation, communication networks, water and sewage treatment, social infrastructure, metals, mining, and other infrastructure-related assets like cement, chemical, paper, and forest product companies.



Shareholders will also vote to amend the charter to allow the company to issue multiple classes of common stock. Pathway is currently authorized to issue Class I, Class R and Class RIA shares, but intends to continuously offer Class A, Class C, Class I and Class L shares.

According to a preliminary prospectus for Class A and Class C shares, Class A shares have a maximum sales load of 5.75 percent, a 0.25 percent shareholder servicing fee, and no distribution fee.

Class C shares have no sales load or servicing fee, and include an annual 0.75 percent distribution fee paid to the dealer manager, Provasi Capital Partners LP. The minimum initial investment is $1,000 for both share classes.

The fund is managed by Pathway Capital Opportunity Fund Management LLC, a joint venture between Prospect Capital Management and Stratera Holdings.

Pathway Energy Infrastructure Fund launched in 2014 and has approximately $8 million in net assets. The company has raised approximately $8.6 million in investor equity at an average share price of $14.93.

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Article by: The DI Wire


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