Lovell Minnick and Tortoise Management Complete Buyout of Tortoise

LEAWOOD, Kan. & LOS ANGELES–(BUSINESS WIRE)–Tortoise Investments and Lovell Minnick Partners today announced the
completion of the buyout of Tortoise. As part of the transaction,
ongoing management and employees have meaningfully increased their
equity ownership of Tortoise, with many investing additional capital
alongside Lovell Minnick, who purchased the equity stake held by Mariner
Holdings and certain retiring co-founders of Tortoise. Tortoise will
maintain its independence and autonomy with its brand, investment
processes and day-to-day portfolio management remaining unchanged.

“We are excited to set course with our new partner,” said Tortoise
co-founder and Chief Executive Officer, Kevin Birzer. “The asset
management expertise and global network that Lovell Minnick brings the
partnership will help us to enhance and expand our client solutions.”

“We look forward to partnering with Tortoise and providing the team with
strategic and capital support to help them build upon their successful
platform of essential assets and income investing,” said Bob Belke,
Managing Partner at Lovell Minnick.

Lovell Minnick is joined by a premier group of institutional investors
who supported the transaction, including HarbourVest Partners, AlpInvest
Partners, and several additional limited partners.

BMO Capital Markets acted as exclusive financial adviser to Mariner
Holdings and Evercore acted as exclusive financial adviser to Lovell
Minnick. Key Strategic Advisors advised management on the transaction.
UBS and Credit Suisse provided committed debt financing for the
transaction.

Terms of the private transaction, announced on Oct. 18, 2017, were not
disclosed.

About Tortoise

Tortoise invests in assets and services that serve essential needs in
society and can also serve essential needs in clients’ portfolios, such
as diversification and income. Through a variety of investment vehicles,
Tortoise provides a wide range of client solutions, focused on their
evolving needs. As of Dec. 31, 2017, Tortoise had $20.2 billion in
assets under advisement. For more information, please visit www.tortoiseinvest.com.

About Lovell Minnick Partners

Founded in 1999, Lovell Minnick Partners is an independent private
equity firm specializing in the financial and business services sectors.
Having raised $1.7 billion in committed capital, the firm has provided
equity capital for growth investments, management buyouts, ownership
transitions, and recapitalizations for over 30 middle-market companies.
Currently, Lovell Minnick has investments in a number of
industry-leading asset management companies including Matthews
International Capital Management, CenterSquare Investment Management,
Trea Asset Management and 361 Capital. Previous investments include
ALPS, AssetMark, Duff & Phelps and numerous others. For more
information, please visit www.lmpartners.com.

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 Tortoise and Lovell
Minnick believe 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 Tortoise registered funds’ 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, Tortoise and Lovell Minnick do not assume a duty to update any
forward-looking statement. There is no assurance that any transaction
will be completed.

Contacts

For Tortoise
Zito Partners
Deborah Kostroun,
201-403-8185
deborah@zitopartners.com
or
Robert
Zito, 917-692-0747
bob@zitopartners.com
or
Pam
Kearney, 916-797-8287
pkearney@tortoiseadvisors.com
or
For
Lovell Minnick Partners
Stanton
Kelly Holman, 646-502-3509
kholman@stantonprm.com