Philadelphia Board of Pensions and Retirement is searching for a private markets consultant for the $7.9 billion Philadelphia Public Employees Retirement System.
The board has issued an RFP due to the upcoming expiration of current consultant Marquette Associates' contract, said Christopher DiFusco, chief investment officer.
The firm, which provides non-discretionary services, is eligible to rebid, he said.
The board is accepting proposals from consultants that offer either discretionary or non-discretionary services, according to the RFP posted on the city's procurement website. DiFusco declined to comment whether the board has a preference.
The pension fund's private markets asset class, which has an overall target of 25%, consists of private equity (target of 10% of the overall pension fund's portfolio), private real estate (8%), private infrastructure (5%) and private debt (2%).
As of Sept. 30 the actual allocations were 13% private equity, 7% private real estate, 5% private infrastructure and 1% private debt.
The RFP is available on the city's procurement website. Proposals are due at 5 p.m. EDT on March 18. A selection is expected on June 15.
