Aurora (Colo.) General Employees' Retirement Plan is conducting a shortlist search for a master limited partnership manager, according to recently released minutes of the Sept. 19 board meeting.
The search is the result of an asset/liability study conducted by investment consultant Callan Associates. Callan is conducting the search, but additional information could not be learned by press time.
The study was presented at the board meeting, and a new asset allocation was adopted. A 5% allocation to MLPs will replace a 5% allocation to TIPS. U.S. fixed income was reduced to 25% from 28%, while domestic equity was increased to 29% from 28%; and private equity and real estate were each increased to 10% from 9%.
International equity remained at 16% and timber, 5%.
Separately, the $360 million pension fund approved reducing the assumed rate of return to 7.75% from 8%.
Thomas Connell, pension plan administrator, did not return a telephone call by press time for additional information.