Updated with correction.
Ohio Police & Fire Pension Fund, Columbus, selected five finalists in its invitation-only search for one or more master limited partnership managers to run $645 million, confirmed spokesman David Graham.
The $12.9 billion pension fund conducted the search following an asset-liability study that created a new target allocation to MLP of 5%.
The finalists are Harvest Fund Advisors, Miller/Howard Investments, Neuberger Berman, Salient Partners and Tortoise Capital Advisors. Finalist presentations will take place at the pension fund's Feb. 21 board meeting.
General investment consultant Wilshire Associates is assisting.
Separately, the pension fund plans to commit an additional $330 million to its private markets asset class in 2013. Wilshire and staff made the recommendation to the board at its Wednesday meeting, which will help the pension fund reach its target allocation of 8%. The pension fund currently has an allocation to private markets of $533 million, or 4%.
The pension fund reported an estimated one-year return of 14.6% as of Dec. 31.