Philadelphia Board of Pensions and Retirement is searching for a general investment consultant for the $7.9 billion Philadelphia Public Employees Retirement System.
The board issued an RFP because putting the services up for bid is required by city ordinance, said Christopher DiFusco, chief investment officer.
Current consultant Marquette Associates is invited to rebid, he said.
As of Jan. 31, the pension fund's actual allocation was 29.3% domestic equities, 23.5% international equities, 13.7% private assets, 11.3% investment-grade fixed income, 5% open-end real estate, 4.9% infrastructure, 3.9% cash, 3.7% opportunistic fixed income, 2.9% emerging markets equities, 0.8% public real estate, 0.6% private real estate and 0.4% absolute return.
The target allocation is 24% domestic equities, 21% investment-grade fixed income, 20% international equities, 12% private assets, 7% open-end real estate, 5% infrastructure, 4% cash, 3% opportunistic fixed income, 2% emerging markets equities, and 1% each private real estate and public real estate.
The RFP is available on the city's procurement website. Registration is required. Proposals are due by 5 p.m. EDT on March 26. A selection is scheduled for June 15.
