Fort Worth (Texas) Employees' Retirement Fund named four semifinalists in its search for a master limited partnership manager, said Joelle Mevi, executive director and chief investment officer.
The semifinalists are Harvest Fund Advisors, Kayne Anderson Capital Advisors, Swank Capital and Tortoise Capital Advisors. Due diligence interviews will be conducted with the four semifinalists in July or August. A hiring decision is anticipated in September.
The size of the allocation has not been determined. The search is a result of the $2.1 billion pension fund's first 15% target allocation to MLPs within the pension fund's real-return portfolio. The pension fund's target allocation to real return is 10%; the current allocation is 9%.
Funding will come from energy equity, Treasury inflation-protected securities and commodities strategies within the pension fund's real-return portfolio. No managers will be terminated, Ms. Mevi said.