Philadelphia Board of Pensions and Retirement hired an investment manager, committed to a private equity fund and rehired its investment consultant, confirmed Christopher R. DiFusco, chief investment officer for the $5.8 billion pension fund, in an email.
In October, the board hired EARNEST Partners to run $50 million in a domestic small-cap equities strategy and committed $25 million to Estancia Capital Partners Fund II, a middle-market buyout fund managed by Estancia Capital Management.
The board launched the small-cap manager search in November 2019 following termination of its previous manager, Fisher Investments, after the firm’s founder, executive chairman and co-CIO, Kenneth L. Fisher, made lewd comments at a conference the month prior.
Also in September, the board rehired Marquette Associates as the pension fund’s general investment consultant.
The consultant search was launched in January to comply with city ordinance, which requires that contracts be put out to bid every four years. AndCo Consulting was the other finalist.