Municipal-finance and investment advisor PFM Group, Philadelphia, says it's raised expansion capital -- it hasn't said how much -- from investors including ICV Capital Partners LLC of New York and the Michigan Employees' Retirement System Strategic Opportunity Fund LP.
PFM, which employs 400, owns Public Financial Management Inc., which advises state and local pension funds, and $35 billion-asset portfolio manager PFM Asset Management LLC, according to a statement by PFM chief executive F. John White. Services include structured products and arbitrage rebate, along with other specialized fields. Clients include Philadelphia, Pittsburgh, Washington DC, Nassau County NY, and New Orleans, among other communities.
The firm's 54 managing directors will retain equity stakes in the company, accoridng to a statement by ICV Capital managing director Taurus Richardson. Griffin Financial Group LLC, of Reading and King of Prussia, acted as "exclusive financial advisor" in the deal. TriState Capital Bank of Pittsburgh and Susquehanna Bank of Lancaster provided debt financing.
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