The retirement plans are searching for independent investment consulting services.
The new hire will focus on fixed-income, whole loans, CRA and real estate.
The plan will interview the manager for a potential commitment at its January meeting.
The agency issued an RFP seeking services for its capital funds earlier this year.
The city is looking for a firm to handle up to $450 million in operating and capital funds.
The firm closed its lower middle market private equity fund with $400 million in commitments.
The acquisition will provide PEM with enhanced growth opportunities.
The current head of the platform will retire early next year.
The plan also approved liquidating its sole emerging market debt manager at a meeting today.
The city is looking for a firm to oversee its $69 million in non-pension funds.