Shelby County Retirement System, Memphis, Tenn., hired Tortoise Capital Advisors to run $30 million and Salient Partners to run $12.5 million in master limited partnership portfolios, said David Pontius, manager of pension investments.
It is the first investment in MLPs for the $1.1 billion pension fund.
The pension fund also hired BlackRock to run $42.5 million in a passive low-volatility global equity portfolio.
The hirings were the result of invitation-only searches and will be funded from the pension fund’s total equity portfolio; no managers will be terminated, Mr. Pontius said. He would not name other finalists.
Investment consultant Wilshire Associates assisted.