Philadelphia Board of Pensions and Retirement is searching for diverse, emerging and local managers to run an undetermined amount of assets in international equity strategies, according to an RFP on the city's procurement website.
More than one manger could be hired. The manager must be a minority-, woman- or disabled-owned firm, manage less than $2 billion in assets and have an established office in Philadelphia, according to the RFP. The minimum AUM requirement is $100 million. The strategy must be a separate account.
The RFP is available on the city's procurement website. Proposals are due at 5 p.m. EST Jan. 13. A hiring date was not specified.
Dominique Cherry, investment officer, referred all questions to Sumit Handa, chief investment officer, who did not return a telephone call by press time.
Separately, the $4.5 billion pension fund invested $50 million in Avenue COPPERS Opportunities Fund, managed by Avenue Capital Partners, according to recently released minutes of the Nov. 7 board meeting.
According to the minutes, Mr. Handa said the fund will fall under the hedge fund allocation, but that it is a hybrid strategy that could fall under hedge funds, private equity or opportunistic fixed income.