Madison Dearborn to acquire Marygold, parent of USCF Investments
What's the deal? Chicago-based private equity firm Madison Dearborn PartnersDealroom has a profile for this one. Try Dealroom → has agreed to acquire Marygold & CoDealroom has a profile for this one. Try Dealroom →, the parent of USCF InvestmentsDealroom has a profile for this one. Try Dealroom →, under a definitive agreement disclosed on September 25, 2026. Funds managed by Madison Dearborn will buy all of Marygold's outstanding shares; the deal value was not disclosed.
What each side does: Marygold is the parent of USCF Investments, which advises the USCF Midstream Energy Income Fund (UMI) and the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI).
What changes? Once closed, Marygold will become privately held and delist from the NYSE American. USCF said the deal is "not expected to result in any material change in the day-to-day management of either fund."
Why now? The deal still needs sign-off. It is expected to close in the first half of 2027 or earlier, pending approval by Marygold's stockholders, regulatory approvals, and other customary conditions.
What could go wrong? Because the acquisition changes control of the adviser, it will automatically terminate the funds' existing advisory and subadvisory agreements under the 1940 Act. New agreements — expected on substantially similar terms and fees — must be approved by the Trust's board and fund shareholders before the transaction closes.
The signal: A private equity buyer taking an NYSE American-listed fund manager private reflects continued consolidation among asset managers, as firms seek scale away from the scrutiny of public markets.
Read more: mfwire.com
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