OppenheimerFunds has signed an agreement to buy SteelPath Capital Management and SteelPath Fund Advisors, an energy infrastructure investments company focused on the Master Limited Partnership sector.

SteelPath offers a family of MLP-focused mutual funds as well as privately available products. The transaction is expected to close during the fourth quarter of this year.

Financial terms of the transaction were not disclosed.

UBS Investment Bank acted as financial advisor to OppenheimerFunds, Inc. and Deutsche Bank Securities Inc. acted as financial advisor to SteelPath. Willkie Farr & Gallagher LLP acted as legal advisor to OppenheimerFunds, Inc. and Ropes & Gray LLP acted as legal advisor to SteelPath.

According to Bill Glavin, chief executive officer, OppenheimerFunds, Inc.,SteelPath's expertise in the MLP sector complementts the firm’s real estate, commodities and precious metals product lineup.

Art Steinmetz, Chief Investment Officer, OppenheimerFunds, Inc. told Money Management Executive that SteelPath reached out to his firm because they wanted to partner with with firm with a wider distribution capability. "We recognized this dovetialed nicely with our own offerings," he said.

He added the the firm will keep the Steelpath brand going forward.  

SteelPath currently manages some $2.6 billion in assets as of June 30 and is headquartered in Dallas, Texas.