Fresno (Calif.) City Retirement Systems hired Harvest Fund Advisors and Tortoise Capital Advisors to run a total of $150 million in master limited partnership portfolios, said Robert Theller, retirement administrator.
The retirement systems' joint board of trustees hired Harvest to run $90 million and Tortoise to run $60 million for the Employees Retirement System and Fire and Police Retirement System. How the allocation will be split between the two retirement systems could not be immediately learned. The retirement systems' target allocation to midstream energy is 5%, and Harvest and Tortoise are the only managers listed for the allocation.
The retirement systems have a combined $2.9 billion in assets.