What are the examples of MLPs?

Financial Giants That Operate as MLPs

Master Limited Partnerships (MLPs) are often associated with energy and infrastructure sectors, but they’ve also made a notable mark in finance and real estate. While less common in this space, several high-profile investment and asset management firms have adopted the MLP structure to leverage its unique tax advantages and capital distribution model.

Names like Apollo Global Management, The Blackstone Group, and The Carlyle Group stand out as prominent examples. These firms manage billions in assets and specialize in private equity, credit investments, and real estate ventures. By structuring as MLPs, they can pass income directly to investors, avoiding corporate income tax at the entity level—a feature that appeals to yield-seeking investors.

Another key player is AllianceBernstein, a global investment firm offering research-driven strategies across equities, fixed income, and alternatives. Though it transitioned from an MLP to a traditional corporation in recent years, its past structure highlights how financial firms have experimented with the MLP model to enhance shareholder returns.

Similarly, Brookfield Property Partners operates as an MLP and focuses on large-scale real estate assets, including office towers, shopping centers, and industrial properties worldwide. Its partnership structure allows investors to benefit from steady distributions generated by long-term leases and property appreciation.

Other names like Icahn Enterprises and Och-Ziff Capital Management (now known as Sculptor Capital) have also utilized the MLP format at various points, particularly to align with activist investing and alternative asset strategies.

While the financial MLP space has evolved—and some firms have restructured due to regulatory or market pressures—the model remains a compelling option for asset managers seeking tax efficiency and investor transparency. These examples show that MLPs aren’t just for pipelines and energy trusts; they can also power some of the most influential names in finance and real estate.