Philadelphia Board of Pensions and Retirement is looking to allocate 10% of its $5.8 billion portfolio to a low-volatility global equities mandate, and is also seeking a private equity investment consultant, said Christopher R. DiFusco, chief investment officer for the pension fund, in an email.
"There is likely to be both an actively managed portion and a passively managed piece," Mr. DiFusco said about the low-volatility search. The strategies must be benchmarked against the MSCI ACWI Minimum Volatility index and S&P Global Low Volatility index.
The low-volatility search is part of the board's long-term asset allocation plan. It is a new allocation for the pension fund.
Meanwhile, the consultant search is being conducted to comply with a city ordinance that requires contracts to be put out to bid every four years. TorreyCove Capital Partners is the pension fund's current private equity investment consultant and is invited to rebid.
The RFPs are available on Philadelphia's procurement website. Registration is required. Proposals for the private equity consultant search are due at 5 p.m. EDT March 9. A contract is expected to be signed on May 1.
Proposals for the low-volatility global equities search are due at 5 p.m. EDT March 10. A selection date was not disclosed.