Vedder Price Advises Tortoise Funds on Significant Business Venture
Vedder Price Guides Tortoise Fund Mergers
Vedder Price, a renowned commercial law firm, has led a team in guiding Tortoise Capital Advisors through a strategic initiative to restructure the closed-end fund product line of funds managed by the company. The firm has been instrumental in the merger of several Tortoise funds, which were completed between December 20 and 23, 2024.
The mergers involved the Tortoise Midstream Energy Fund, Tortoise Pipeline & Energy Fund, Tortoise Energy Independence Fund, and Tortoise Power and Energy Infrastructure Fund. Tortoise Energy Infrastructure Corporation served as the acquiring entity in the merger of Tortoise Midstream Energy Fund.
The combined fund from the first set of mergers will continue to focus on infrastructure investments in the energy sector. Following the mergers, the funds were converted into actively managed exchange-traded funds (ETFs). The Tortoise Midstream Energy Fund, for instance, now trades on the NYSE under the ticker TYG.
The Tortoise Energy Infrastructure Total Return Fund, previously with ticker symbols TORIX, TORTX, and TORCX, and the Tortoise North American Pipeline Fund (TPYP) have been transferred to the Tortoise Capital Series Trust. The Tortoise Energy Infrastructure and Income Fund was reorganized into the Trust, consolidated into an institutional share class, and converted from a mutual fund to an actively managed ETF named the Tortoise Energy Fund, trading under the ticker TNGY since June 2025.
The investment advisor of the Tortoise North American Pipeline Fund also changed, implying more streamlined management under Tortoise Capital Advisors with ETF sub-advisor support.
The merger process involves a "Merger Sub" entity which merges into the acquiring fund, with the acquiring fund surviving post-merger for corporate and tax efficiency. This restructuring was part of Tortoise Capital Advisors' strategy and was supported by legal counsel including Vedder Price.
Vedder Price, with offices in major global cities such as Chicago, New York, Washington, DC, London, San Francisco, Los Angeles, Singapore, Dallas, and Miami, has enduring relationships with marquee organizations. Many of the firm's clients have been with the firm since its founding in 1952. The team for the Tortoise fund mergers included Deborah Bielicke Eades, Jacob Tiedt, Cody Vitello, Adam Goldman, Chris Barrett, Nathaniel Segal, Christina West, Liz Baxter, Devin Eager, Dan Sherlock, and Andrew Falevich.
The firm offers a unique mix of finance, corporate, labor and employment, and litigation legal services, including market-leading practices in global transportation finance, middle-market finance/M&A, executive compensation, employment class actions, investment services, and more.
For more information, visit Vedder Price's official website.
Table: Fund Changes
| Fund Name | Previous Type | Previous Tickers | New Structure | New Ticker | |---------------------------------------------|-------------------------|----------------------------|-----------------------------------|------------| | Tortoise Energy Infrastructure Total Return Fund | Closed-End Fund (CEF) | TORIX, TORTX, TORCX | Merged into Tortoise Capital Series Trust (CEF) | Various (merged) | | Tortoise North American Pipeline Fund | Closed-End Fund (CEF) | TPYP | Merged into Trust with new advisor structure | TPYP (same ticker) | | Tortoise Energy Infrastructure and Income Fund | Mutual Fund | N/A | Converted to actively managed ETF | TNGY | | Tortoise Power and Energy Infrastructure Fund | Series of Trust | N/A | Merged into combined fund | TPZ (ETF) |
- The business restructuring of Tortoise Capital Advisors, led by Vedder Price, included class actions aimed at converting mutual funds into exchange-traded funds (ETFs) within the finance sector, such as the Tortoise Energy Infrastructure and Income Fund becoming the Tortoise Energy Fund (TNGY).
- Vedder Price, a distinguished commercial law firm, has provided legal advice for several finance-related business ventures, including guiding Tortoise Capital Advisors in investing in infrastructure, as evidenced by the mergers of funds like the Tortoise Midstream Energy Fund and the Tortoise Power and Energy Infrastructure Fund.
