{
  "docId": "019de06f-9f80-73cc-aaa5-84bf6226fe2c",
  "docSlug": "eccdbe8980b7c5c42e32825f95c09158",
  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 10 slides",
  "authorId": "goldman-sachs",
  "authorName": "Goldman Sachs",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "investment_bank",
  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-05-01 00:00:00",
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  "pageNumber": 5,
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  "density": "dense",
  "nDataPoints": 100,
  "notes": "Source: Thomson Reuters as of 4Q 2017. Note: Blue shading denotes no overlap between Delaware C-Corp investors and 1099 GPs.",
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  "slideHref": "/slides/019de06f-9f80-73cc-aaa5-84bf6226fe2c/5",
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      "kind": "disclaimer",
      "text": "PRELIMINARY CONFIDENTIAL DRAFT – FOR DISCUSSION PURPOSES ONLY",
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      "kind": "list",
      "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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      "kind": "source-note",
      "text": "Source: Thomson Reuters as of 4Q 2017. Note: Blue shading denotes no overlap between Delaware C-Corp investors and 1099 GPs. 'Delaware Corp peers include KMI, OKE, SEMG, and TRGP. 1099 GP peers include AMGP, ENLC, and TEGP.",
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      "kind": "table",
      "text": "Top 25 Midstream Delaware Corporation Active Investors table with columns: Investor, Equity AUM ($mm), Delaware Corps Pos. ($mm), 1099 GPs Pos. ($mm), AMZ Pos. ($mm)",
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      "kind": "title",
      "text": "Midstream Delaware Corporations vs. 1099 GPs",
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      "evidence": "Slide 5 provides data on midstream Delaware corporations vs. 1099 GPs.",
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