Philadelphia Board of Pensions and Retirement hired Cliffwater as general investment consultant, confirmed Francis X. Bielli, executive director of the $4.7 billion fund.
The board issued an RFP in November because of the pending expiration of incumbent FIS Group's contract on March 31. FIS did not rebid, according to Mr. Bielli.
Other finalists were Meketa Investment Group and NEPC.
Cliffwater's three-year contract, renewable afterward on an annual basis, is expected to begin April 1.
