Philadelphia Board of Pensions and Retirement approved a $40 million investment with Blue Harbour Strategic Value Partners Offshore, a hedge fund managed by Blue Harbour Group, according to the investment committee meeting minutes for the $4.5 billion pension fund.
Blue Harbour is an activist fund that looks to become the lead shareholder of companies with a market capitalization between $1 billion and $5 billion.
This is the pension fund’s first investment with Blue Harbour, confirmed Brad Woolworth, the pension fund’s deputy chief investment officer.
