Prudential Investments has launched the Prudential Jennison MLP Fund, which seeks total return through a combination of income and long-term capital appreciation, offering investment opportunities in master limited partnerships.

Prudential Investments, the mutual fund business of Prudential Financial, has launched the Prudential Jennison MLP Fund, which seeks total return through a combination of income and long-term capital appreciation, offering investment opportunities in master limited partnerships.

This is the firm’s second mutual fund launch in 2013. The funds are designed to give investors opportunities to invest in the growing infrastructure sector, this time with a focus on businesses that support increased US energy production. The new fund, which invests in MLPs, follows the recent launch of the Prudential Jennison Global Infrastructure Fund.

The fund is sub-advised by New York-headquartered Jennison Associates’ income and infrastructure team, and is led by portfolio managers Bobby Edemeka and Shaun Hong.

“Historically, MLPs have demonstrated low correlation to broader markets and low volatility compared to other sectors. A focus on MLPs provides an opportunity for dividend yields that are higher than other asset classes and could provide consistent income, given the long life span of many infrastructure investments,” said Hong.

The fund management team will focus on firms that are engaged in the transportation, storage, processing, refining, marketing, exploration and production of oil and gas or the mining of minerals or other natural resources, the statement said. The fund will contain between 30 and 50 holdings, will focus on North America, and will use the Alerian MLP Index as a benchmark.

Prudential Financial had more than $1 trillion in assets under management as of September 30, 2013, with operations in the US, Asia, Europe and Latin America.