The invention is directed to a fat composition having a mesophase matrix with characteristics of a shortening. The fat composition may be produced from a blend of an oil phase and an emulsifier mixture. The oil phase preferably is at least one oil, and the emulsifier mixture is a plurality of emulsifiers. In another embodiment, the invention is directed to a food product comprising the fat composition. In this form, the fat composition may replace a traditional shortening used in the food product. The fat composition having the mesophase matrix generally contains low levels of trans-unsaturated fatty acids and low levels of saturated fatty acids.