Dallas/Fort Worth International Airport sets $20 million for new Tortoise fund

Dallas/Fort Worth International Airport committed $20 million to Tortoise Direct Opportunities Fund, on behalf of its pension funds, said Michael Phemister, vice president of treasury management.

Tortoise Capital Advisors created the fund to take advantage of dislocations in the master limited partnership market, Mr. Phemister said.

The commitment will fall under the pension funds’ real assets portfolio, which has a 10% target.

The airport board oversees two pension funds with a combined $540 million in assets, along with two 401(a) plans and two 457(b) plans with a combined $130 million in assets.