NXG Investment Management

What NXG Investment Management does

NXG Investment Management is an independent, 100% employee-owned investment management firm headquartered in Dallas, Texas, specializing in infrastructure investing since 2003. Originally founded as Cushing Asset Management and rebranded in March 2022 following an employee buyout, the firm manages approximately $782 million in two NYSE-listed closed-end funds — NXG NextGen Infrastructure Income Fund (NXG, $469M AUM) and NXG Cushing Midstream Energy Fund (SRV, $313M AUM) — alongside separately managed accounts, model portfolio platforms, and a sub-advised mutual fund in partnership with New York Life Investments.

The firm's core technology is a proprietary bottom-up fundamental research framework applied across three main strategies: the NXG Cushing Midstream Energy Strategy (long-only equities in gathering, processing, transportation, storage, and export of natural gas, crude oil, and NGLs), the NXG NextGen Infrastructure Strategy (investing across clean, communications, energy, and industrial infrastructure themes), and the NXG Global Clean Equity Strategy (clean energy, infrastructure, transportation, and water). Research is supported by a dual-track ESG integration process, a Responsible Investing Committee, and dedicated infrastructure classification frameworks. The firm employs ~30 people covering investment, distribution/client services, and operations, with sector-specialist credentials (CFA, CIMA, FRM, CMT, PE) and prior experience at Citadel, UBS, Moody's, Bear Stearns, and J.P. Morgan.

NXG generates revenue through recurring asset-based management fees (e.g., 1.00% post-waiver on the NXG fund), with a sales-led go-to-market targeting institutional investors (consultants, corporate and public retirement plans, endowments, foundations) and a secondary wealth management/RIA channel via model portfolios. Distribution is multi-channel, combining direct institutional sales, NYSE-listed closed-end fund vehicles, sub-advisory mandates, and third-party model platforms.

Name

NXG Investment Management

Legal name

NXG Investment Management

Website

https://nxgim.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

NXG Investment Management is an independent, employee-owned Dallas-based investment manager specializing in infrastructure strategies (midstream energy, NextGen infrastructure, clean equity), distributing via two NYSE-listed closed-end funds, SMAs, model portfolios, and a New York Life sub-advisory mandate to institutional and wealth clients.

Ownership category

akta.pro rank

Product category

Asset Management / Infrastructure Investing

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable/ESG Equity (Active) (FSAAAIAM)

Keywords

• Infrastructure investing
• Midstream energy funds
• Closed-end fund management
• ESG integrated investing
• Separately managed accounts

Headquarters

HQ city

Dallas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Asset Management Fees: The firm charges management fees on assets under management. For the NXG NextGen Infrastructure Income Fund, the management fee is 1.00% (after voluntary waiver of 25 bps). Fees are earned from managing separately managed accounts, model portfolio platforms, and closed-end funds.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels3 records

Core offering

NXG Investment Management is an independent, employee-owned investment management firm that manages infrastructure-focused equity strategies for institutional and high-net-worth investors. The firm offers three core long-only equity strategies (NXG Cushing Midstream Energy, NXG NextGen Infrastructure, and NXG Global Clean Equity), delivered through separately managed accounts, model portfolio platforms, sub-advisory mutual funds, and two NYSE-listed closed-end funds. Revenue is generated primarily through asset-based management fees on approximately $782M in fund AUM.

Product overview

NXG Investment Management offers a suite of infrastructure-focused investment strategies and products. The core offerings include three main investment strategies: NXG Cushing Midstream Energy Strategy (focused on pipelines and energy infrastructure), NXG NextGen Infrastructure Strategy (investing across four infrastructure themes including clean energy, communication infrastructure, and industrial infrastructure), and NXG Global Clean Equity Strategy (targeting clean energy, transportation, infrastructure and water themes). These strategies are available through multiple investment vehicles including two NYSE-listed closed-end funds (NXG and SRV), a sub-advised mutual fund in partnership with New York Life Investments, separately managed accounts, and model portfolio platforms for wealth management distribution. The firm specializes in bottom-up fundamental research-driven investing with dedicated ESG integration across all strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• NXG Cushing Midstream Energy Strategy A global long-only equity strategy investing in midstream energy companies focused on gathering, treating, processing, transportation, storage, terminalling and exporting of natural gas, crude oil and natural gas liquids (NGLs). Based on a relentless research culture combined with a disciplined portfolio construction framework. Available to institutional investors and high-net-worth clients.
• NXG NextGen Infrastructure Strategy A global long-only equity strategy investing across four infrastructure themes: Clean & Sustainable Infrastructure, Communication & Technology Infrastructure, Energy Infrastructure, and Industrial Infrastructure. Targets NextGen infrastructure companies leveraging technological advancement and renewable energy. Available to institutional investors and high-net-worth clients.
• NXG Global Clean Equity Strategy A global equity strategy investing in publicly traded companies across four clean investment themes: Clean Energy (wind, solar, other renewables), Clean Infrastructure (transmission, smart grid, enabling technologies), Clean Transportation (electric vehicles, autonomous, battery technologies), and Clean Water (treatment, management, infrastructure). Available to institutional investors.
• NXG NextGen Infrastructure Income Fund (NXG) A closed-end fund traded on NYSE under ticker NXG, seeking high total return with emphasis on current income by investing in equity and debt securities of infrastructure companies including energy, industrial, sustainable, and technology/communication infrastructure. Fund AUM of $469M as of 7/23/2026 with 5.7 million shares outstanding. Management fee is 1.00% (after voluntary waiver of 25 bps).
• NXG Cushing Midstream Energy Fund (SRV) A non-diversified closed-end fund traded on NYSE under ticker SRV, seeking high after-tax total return through capital appreciation and current income by investing at least 80% of assets in midstream energy investments. Fund AUM of $313M as of 7/23/2026 with 6.2 million shares outstanding. Suitable for IRAs and tax-exempt accounts.
• NYLI Cushing MLP Premier Fund A sub-advised mutual fund managed in partnership with New York Life Investments, providing exposure to MLP and midstream energy investments. NXG serves as sub-advisor to this fund, distributing its midstream energy investment expertise through New York Life Investments' mutual fund platform.
• Separately Managed Accounts (SMA) Separately managed accounts offering customized investment exposure to NXG strategies for institutional and high-net-worth investors seeking dedicated infrastructure exposure.
• Model Portfolio Platforms Model portfolio platforms enabling wealth advisors, RIAs, and wealth management firms to access NXG investment strategies through third-party platforms for client portfolios.

Quantifiable outcome

• Self-funding capability: companies generate enough cash to cover dividends and capital spending with substantial excess for shareholder returns
• +1 more outcomes

Named customers8 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• New York Life InvestmentscoreChannel Partner/ Reseller/ DistributorNXG serves as sub-advisor to the NYLI Cushing MLP Premier Fund, distributing their midstream energy investment expertise through New York Life Investments' mutual fund platform.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Federated Hermes: Federated Hermes manages infrastructure and ESG equity strategies with institutional and intermediary distribution. Comparable to NXG in ESG-integrated equity and closed-end fund presence, with significantly larger scale.
• First Trust Advisors: First Trust offers infrastructure and energy income ETFs and closed-end funds. Comparable to NXG on retail-accessible infrastructure product structures, but more passive/index-leaning and broader in mandate.

Direct peers

• Westwood Holdings Group: Westwood is a boutique, employee-influenced active asset manager with institutional and SMA offerings. Comparable to NXG as a small, specialist public-markets investment manager with institutional focus.
• Kayne Anderson Capital Advisors: Kayne Anderson operates a leading midstream energy and infrastructure investment platform with multiple closed-end funds and SMAs. Highly comparable to NXG on focus, product structure, and institutional client base.
• Cohen & Steers: Cohen & Steers is a specialist asset manager with a flagship focus on infrastructure and real assets including energy midstream. Comparable to NXG in infrastructure specialist positioning and closed-end fund product set, with greater scale.
• Tortoise Capital Advisors: Tortoise is a closely-held investment manager specializing in midstream energy and infrastructure strategies, with multiple closed-end funds. Directly comparable to NXG in mandate focus (midstream/MLP), product structure (CEFs), and institutional distribution model.

Broad incumbents

• abrdn (formerly Aberdeen Standard Investments): abrdn is a global asset manager with infrastructure and energy transition strategies. Comparable to NXG in infrastructure mandate focus and ESG integration, but materially larger and broader across asset classes.
• ClearBridge Investments: ClearBridge is a Franklin Templeton-affiliated active equity manager with established infrastructure and ESG-tilted strategies. Comparable to NXG in active equity approach with ESG integration, but a broader multi-asset platform.
• Brookfield Asset Management: Brookfield is the largest pure-play infrastructure asset manager globally, with both public and private infrastructure strategies. Broader in scope and scale, but overlaps with NXG's core thesis of infrastructure as a dedicated asset class.

Others

• ALPS Advisors: ALPS is a closed-end fund sponsor and sub-advisory platform that supports boutique managers in bringing strategies to market. Comparable as a distribution and operational partner model for some of NXG's go-to-market activities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nxgim

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NXG Investment Management