Philadelphia Board of Pensions and Retirement made an initial allocation of $25 million to Deutsche Global Infrastructure Fund, an open-end publicly traded fund managed by Deutsche Asset Management.
Christopher R. DiFusco, chief investment officer for the $4.3 billion pension fund, said the allocation is expected to grow over time. A funding source for the mandate has yet to be determined.
The pension plan initially issued an RFP looking for a publicly traded active infrastructure investment manager in March.
Separately, Mr. DiFusco said the board has decided not to hire a cash equalization manager; an RFP initially was issued in February.