Philadelphia Board of Pensions and Retirement is searching for illiquid alternative investment consultants for the $4.5 billion pension fund.
The board might select up to two firms — a primary and secondary consultant. Although the board is seeking consultants with a broad scope of experience across illiquid alternative investments, the primary consultant bidder must have a track record of investment in a non-discretionary advisory role for private equity and private debt.
Brad Woolworth, deputy chief investment officer for the pension fund, said Franklin Park is the incumbent consultant. In January, the board approved a discretionary separately managed co-investment account with Franklin Park, so the firm will not rebid.
As of Jan. 31, the pension fund's allocation to illiquid investments was about $515 million, or about 11.5% of the portfolio's value.
The RFP is available on Philadelphia's procurement website. Proposals are due at 5 p.m. EDT April 13. A hiring date was not specified.