Philadelphia Board of Pensions and Retirement is searching for diverse, emerging and local fixed-income managers to run an undetermined amount of assets, confirmed Christopher DiFusco, director of investments.
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 board expects to hire multiple managers. The $4.3 billion pension fund currently has a 15% allocation to investment-grade bonds and 8.8% to opportunistic fixed income.
Mr. DiFusco said he had no comment beyond the information in the RFP.
The RFP is available on Philadelphia's procurement website. Proposals are due at 5 p.m. EST Dec. 2. A hiring date was not specified.