Hedge Funds Institutional Investors

Philly sets 10% goal, seeks hedge fund chief

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Chief investment officer Chris McDonough said he wants to have the new hire in place by July.

Having recently approved hiking its target allocation to hedge funds to 10% from 6%, the $4 billion Philadelphia Public Employees Retirement System plans to hire an investment officer to focus on hedge funds and assist with the effort.

The plan’s investment committee approved the increase at a May 27 meeting. Chief investment officer Chris McDonough said he wants to have the hire in place by July. He is seeking candidates with experience investing in and working with hedge funds from roles at fund of funds, consulting firms or plan sponsors.

McDonough is the only investment professional on staff working