Tortoise Capital Announces Shareholder Approval of Closed-End Fund Merger

OVERLAND PARK, Kan.--(BUSINESS WIRE)-- Tortoise Capital Advisors, L.L.C. (Tortoise Capital), a fund manager focused on energy investing, today announced that shareholders for Tortoise Sustainable and Social Impact Term Fund (NYSE: TEAF) and Tortoise Energy Infrastructure Corp. (NYSE: TYG), both closed-end funds, have approved the merger of TEAF into TYG, with TYG as the remaining company. The combined fund will offer investors a more efficient and scaled vehicle for accessing high-quality energy and power infrastructure opportunities.

This strategic merger cements TYG as Tortoise Capital’s flagship closed-end fund providing shareholders with refined efficiency and increased scale for bottom-up, fundamentals based, high-quality energy infrastructure investing. Distributions for TYG will increase 30% subject to and upon completion of the merger.

The merger, expected to become effective before the market opens on November 10, 2025, marks the final phase of Tortoise Capital’s comprehensive closed-end fund reorganization, which has streamlined the firm’s product suite through a series of mergers and conversions accomplished over the past twelve months.

The merger of the closed-end funds was previously approved by the funds’ board of directors.

“We are excited about the upcoming merger, which underscores our ongoing commitment to delivering enhanced long-term value to our shareholders,” said Tom Florence, Chief Executive Officer and Chairman. “As the fund industry continues to evolve, Tortoise Capital continues to adapt by simplifying our product lineup, enhancing efficiency, and reinforcing our leadership in energy infrastructure investing.”

As of September 30, 2025, the combined total assets under management of TYG and TEAF are approximately $1.269 billion. TYG will maintain its current investment strategy and objective, seeking a high level of total return with an emphasis on distributions by capitalizing on the ‘age of electricity’ and growing energy demand.

Tortoise Capital will continue to provide updates as the transaction progresses and remains committed to transparency, disciplined capital management, and delivering long-term value to shareholders.

About Tortoise Capital

With approximately $9.2 billion in assets under management as of September 30, 2025, Tortoise Capital’s 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 that is under way. Based in Overland Park, Kansas, Tortoise Capital Advisors, L.L.C. is an SEC-registered investment adviser who manages funds that invest primarily in publicly traded companies in the energy and power infrastructure sectors—from production to transportation to distribution. For more information about Tortoise Capital, visit www.tortoisecapital.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are “forward-looking statements.” Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251016921252/en/

Craft & Capital

Chris Sullivan chris@craftandcapital.com

Source: Tortoise Capital Advisors, L.L.C.