Ropes & Gray Advises on Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund $1.25 Billion IPO
Cohen & Steers, Inc. (NYSE: CNS), announced on Oct. 28, 2020 the initial public offering of the Cohen & Steers Tax-Advantaged Preferred Securities and Income Fund, Inc. (the Fund). The Fund raised approximately $1,250,000,000 in proceeds (excluding any exercise of the underwriters' option to purchase additional securities) in the initial public offering of 50,000,000 common shares at $25 per share. Ropes & Gray advised Cohen & Steers on the IPO.
Cohen & Steers is a global investment manager specializing in liquid real assets, including real estate securities, listed infrastructure and natural resource equities, as well as preferred securities and other income solutions. Founded in 1986, the firm is headquartered in New York City, with offices in London, Dublin, Hong Kong and Tokyo.
The Ropes & Gray team advising Cohen & Steers was led by asset management partner Michael Doherty and included tax associate Morris Jerome, corporate associate Sophia Duval, and Investment Management Program Paralegal Carolina Young.