▁sp un ▁off ▁from ▁Al er ian ▁and ▁shortly ▁there after ▁created ▁a ▁family ▁of ▁open - ended ▁mut ual ▁funds ▁focused ▁on ▁Master ▁Limited ▁Part ners hips . ▁Gabriel ▁Hamm ond , ▁who ▁previously ▁handled ▁M LP s ▁for ▁Gold man ▁Sach s ▁& ▁Co . ▁and ▁Stuart ▁Cart ner , ▁also ▁previously ▁with ▁Gold man ▁Sach s , ▁managed ▁all ▁Ste el Path ▁funds . ▁▁ ▁In ▁July ▁ 2 0 1 2 , ▁O ppen heimer F und s ▁announced ▁they ▁were ▁acqu iring ▁Ste el Path ▁Capital ▁Management ▁and ▁Ste el Path ▁Fund ▁Ad vis ors ▁( “ Ste el Path ” ). ▁ ▁In vest ment ▁F ocus ▁Ste el Path ▁was ▁focused ▁exclus ively ▁on ▁invest ing ▁in ▁energy ▁infrastr ucture ▁through ▁the ▁emer ging ▁mid stream ▁energy ▁Master ▁Limited ▁Part ners hips ▁asset ▁class . ▁These ▁companies ▁are ▁the ▁energy ▁infrastr ucture ▁analog ue ▁to ▁real ▁estate ▁invest ment ▁trust s ▁( “ RE IT S ” ), ▁and ▁similarly ▁do ▁not ▁have ▁entity ▁level ▁tax ation , ▁while ▁trad ing ▁on ▁public ▁stock ▁ex changes . ▁M LP s ▁typically ▁dist ribute ▁a ▁majority ▁of ▁the ▁c ash ▁flow ▁generated ▁as ▁distributions ▁to ▁invest ors ▁and ▁continue ▁to ▁be ▁one ▁of ▁the ▁highest ▁yield ing ▁equ ity ▁asset ▁classes ▁in ▁the ▁US . ▁ ▁In vest ment ▁Product s ▁ ▁Histor ically , ▁M LP s ▁were ▁difficult ▁for ▁many ▁invest ors ▁to ▁hold ▁directly , ▁due ▁to ▁the ▁multiple ▁state ▁partners hip ▁tax ▁returns