Philadelphia Board of Pensions and Retirement agreed to allocate $75 million to a co-investment separate account managed by Barings, confirmed Christopher R. DiFusco, chief investment officer for the $4.8 billion pension plan.
Barings focuses on smaller emerging market and diverse companies that have an enterprise value of $300 million or less.
The strategy will be part of the board's private markets portfolio, which has a 9.3% allocation.
No RFP was issued, Mr. DiFusco said.
TorreyCove Capital Partners, the plan's private equity consultant, assisted with the search.