Ohio Police & Fire Pension Fund, Columbus, hired master limited partnership managers Harvest Fund Advisors, Salient Partners and Tortoise Capital Advisors to run a total of about $640 million, confirmed spokesman David Graham.
The $12.9 billion pension fund conducted an invitation-only search in November as a result of an asset-liability study that created a new target allocation to MLP of 5%.
Harvest Fund Advisors and Tortoise Capital Advisors will run about $256 million each; Salient Partners will run about $128 million.
Funding will come from equities. As a result of the asset-liability study, targets to domestic and international equity had been decreased to 18.5% each, from 21.7% each. No managers will be terminated; specifics regarding any reductions in equities have yet to be determined.
Other finalists were Miller/Howard Investments and Neuberger Berman.
Investment consultant Wilshire Associates assisted.