Tortoise Capital Advisors LLC (NYSE: TTP) has closed an initial public offering for Tortoise Pipeline & Energy Fund Inc., which will trade on the New York Stock Exchange as TTP. Morgan Stanley, Citigroup and UBS Investment Bank were lead underwriters. Ameriprise Financial Services Inc., Barclays Capital, Oppenheimer & Co., RBC Capital Markets and Stifel Nicolaus Weisel were senior co-managers.

The fund raised $250 million in gross proceeds, and should the underwriters exercise their overallotment option in full, which may or may not occur, the fund will raise approximately $285 million. ...