Cushing Senior Staff Buy Out Founder Swank, Taking 62% Stake
Management Succession
Company Background
NXG NextGen Infrastructure Income Fund is a closed-end fund listed on the NYSE under ticker NXG, with a market capitalization of approximately $357 million. Its investment adviser is Cushing Asset Management, LP, which operates under the brand NXG Investment Management and handles the fund's day-to-day portfolio management, securities transactions, proxy voting, and related operations.
The fund has been an active issuer of new equity over the past year. A transferable rights offering was launched in July 2025, allowing holders to subscribe for up to 1,414,904 new shares. A second rights offering followed in April 2026, covering up to 1,930,837 shares. Between those two transactions, the fund established an at-the-market program in December 2025 authorizing the sale of up to 1,600,000 additional shares through Foreside Fund Services and sub-placement agent UBS Securities.
What Was Disclosed
On July 10, 2026, a group of Cushing Asset Management's senior employees — acting through NXG Cushing, LLC, a Texas limited liability company they own — acquired from Jerry V. Swank, the Adviser's founder, a stake in the Adviser that brought NXG Cushing's aggregate ownership to 62%. Concurrent with that acquisition, NXG Cushing replaced Swank Capital, LLC — an entity wholly owned by Swank — as the general partner of the Adviser, pursuant to an Eighth Amended and Restated Limited Partnership Agreement of Cushing Asset Management.