Philadelphia Board of Pensions and Retirement hired Barings to run its First Capitol II separately managed account in a $50 million portfolio.
The $7.3 billion pension fund's investment committee approved hiring of Barings to run the private equity separate account at its Sept. 23 meeting, said Christopher DiFusco, chief investment officer.
As of Aug. 31, the pension fund's actual allocation to private assets was 10.9%; the target is 12%.
