Updated with correction.
Oklahoma Teachers’ Retirement System, Oklahoma City, hired Chickasaw Capital Management, Swank Capital and Fiduciary Asset Management to run 5% of the system’s $9.6 billion in total assets in a master limited partnership, according to a Chickasaw news release.
James Wilbanks, executive director of the system, said the decision to move into master limited partnerships was recommended by the system’s general consultant, gregory.w.group.
He said MLPs primarily focus on energy sector investments in pipelines and other energy-related infrastructure.
“We view it as a good alternative to core fixed income, and it helps us diversify our portfolio,” he said.
In December, Mr. Wilbanks said the other finalists for the mandate were Pinnacle Investment Advisers and Tortoise Capital Advisors.
The allocation, along with new 5% allocations to both private equity and real estate, will be funded with 5 percentage-point reductions each in large-cap/all-cap equities, to 17.5%; domestic core fixed income, to 25%; and high-yield fixed income, to 5%, Mr. Wilbanks said in September.