Tortoise Tax-Advantaged Social Infrastructure Fund
TSIFX
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- Ecofin Tax-Exempt Private Credit Fund, Inc. (TSIFX) is a closed-end interval fund that seeks attractive total return with an emphasis on tax-exempt income by investing primarily in private credit investments, including tax-exempt municipal bonds, private loans, and other credit instruments issued by non-publicly listed entities such as municipal corporations and government-owned private companies focused on social infrastructure. The Fund targets sectors including education (such as charter schools and private K-12 institutions), healthcare (senior living facilities, hospitals, medical care centers, nursing, and residential care), and waste transition (water treatment plants, recycling centers, waste-to-energy, and waste-to-value projects); as of September 30, 2024, its portfolio consisted of municipal bonds (96%), private loans (3%), and short-term investments (1%), with key sector allocations of 44% education, 43% healthcare, and 12% waste transition. It operates as a non-diversified fund under normal circumstances investing at least 80% of its total assets in such private credit, including directly originated securities and secondary market purchases, with holdings exempt from federal income tax or both federal and state taxes; the Fund provides quarterly repurchase offers of 5% to 25% of outstanding shares at net asset value, issues 1099 tax forms, and maintains daily mark-to-market valuations. The Fund, formerly known as Tortoise Tax-Advantaged Social Infrastructure Fund, Inc., was originally launched in March 2018 and is managed by Tortoise Capital Advisors, L.L.C., located at 6363 College Boulevard, Suite 100A, Overland Park, Kansas 66211. It previously utilized Ecofin Advisors, LLC as sub-adviser until July 2024, when Tortoise terminated the sub-advisory agreement following 503 Capital Partners, LLC's acquisition of Tortoise's private credit platform, integrating the relevant team directly with Tortoise Capital. In a major strategic shift approved by shareholders on October 24, 2024, following a proxy statement issued August 30, 2024, the Fund adopted a Plan of Liquidation and Termination, revoking its fundamental quarterly repurchase policy to pursue an orderly liquidation of assets targeting completion around mid-2027, with periodic liquidating distributions aimed at maximizing shareholder value amid challenges like net outflows, liquidity constraints, and rising expense ratios post-termination of the Expense Limitation Agreement. This reorganization aligns with broader Tortoise Capital efforts, including closed-end fund mergers in 2024-2025, such as those involving TEAF and TYG effective November 2025. The Fund serves institutional and accredited investors seeking tax-advantaged exposure to essential social infrastructure assets across the United States, with no international operations noted.