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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 48 slides",
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  "notes": "The table shows that many top investors hold positions in both structures, suggesting that governance is not the primary driver for avoiding 1099 GP investments.",
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      "text": "Meaningful overlap between top active Midstream 1099 GP Partnership investors and Midstream Delaware Corporation investors, suggesting indifference between 1099 structures. Of the top 50 Midstream Delaware C-Corp investors, 12 do not hold any positions in 1099 GPs. But 7 of those investors hold positions in MLPs, suggesting governance is not the driving factor of their lack of investment.",
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      "text": "Source: Thomson Reuters as of 4Q 2017. Note: Blue shading denotes no overlap between Delaware C-Corp investors and 1099 GPs. ¹ Delaware Corp peers include KMI, OKE, SEMG, and TRGP. ² 1099 GP peers include AMGP, ENLC, and TEGP.",
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      "text": "Midstream Delaware Corporations vs. 1099 GPs",
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      "text": "PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY",
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