Kayne Anderson Midstream

Institutional Fund, L.P.

Fund Investment Objectives

Kayne Anderson Midstream Institutional Fund, L.P. (KAMIF or the Fund) seeks to generate attractive risk-adjusted absolute returns through energy infrastructure investments, particularly in master limited partnerships (MLPs). MLPs operate vital businesses that are of strategic importance to the U.S. economy. The Fund's investments in the midstream energy sector are in publicly-traded MLPs, as well as owners and other affiliates of MLPs and companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distribution, mining or marketing of natural gas, natural gas liquids (including propane), crude oil, refined petroleum products or coal. KAMIF follows an opportunistic approach to investing with an emphasis on large-cap companies and higher-grade investments and is designed for institutional investors. Over the past decade, Kayne Anderson has assembled what we believe to be the largest and most experienced team of energy investment professionals to identify and exploit opportunities in energy infrastructure.