Institution: City of Philadelphia Board of Pensions & Retirement
Headquarters: Philadelphia, United States
AUM: $5.77 billion
Allocation to alternatives: 20%
City of Philadelphia Board of Pensions & Retirement has confirmed a $50 million mandate to Earnest Partners following a private equity RFP issued in late 2019. The RFP was issued after the Philadelphia Board of Pensions made the decision to divert capital away from Fisher Investments following questionable comments made by its CEO, Ken Fisher.
During the RFP selection process, applicants were considered based on factors such as their reputation in the market, past investment performance and fee structures. Earnest Partners was awarded the mandate ahead of seven other managers which had been shortlisted following presentations to the Philadelphia investment committee.
The $5.77 billion US public pension has a 10 percent allocation to private equity.
As illustrated below, Philadelphia’s recent private equity fund commitments have tended to target North American buyout vehicles.
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