The MLP structure has experienced rapid expansion in usage and market capitalization since its modern-day inception with the Tax Reform Acts of 1986 and 1987. Since 2000, MLPs have grown in market capitalization from $14 billion to $438 billion today, representing a compounded annual growth rate (CAGR) of $ 438,520. Similarly, the number of MLPs has increased from 27 to 109 over the same timeframe, a net increase of 23.1% MLPs per year. In 2014, 18 new MLPs held their initial public offering. In 2015, there were 9 new MLPs. Meanwhile, 2016 has seen one new MLP initial public offering year-to-date.