Philadelphia Board of Pensions and Retirement will begin a search for a private equity consultant in mid-to-late July, said Christopher R. DiFusco, chief investment officer, in an email.
The $5.5 billion pension fund will issue an RFP because the contract with current private equity consultant TorreyCove Capital Partners will expire in late October, Mr. DiFusco said. The firm will be invited to rebid.
As of May 31, the actual allocation to private equity was 8%.
The RFP will be posted on the city of Philadelphia's procurement website. A proposal due date will be disclosed on the RFP, Mr. DiFusco said.