Colorado Public Employees' Retirement Association, Denver, hired Credit Suisse Asset Management to serve as adviser for the new Colorado Mile High Fund, which will provide capital to businesses that have a connection to Colorado, according to a news release from the $40 billion pension fund.
The focus of the fund will be private equity and venture capital opportunities structured as co-investments, according to the news release. It might also consider “uniquely structured capital formation opportunities to private equity and venture capital firms targeting Colorado-based opportunities.”
An RFP was issued in March for a private equity manager to run $25 million to $50 million in a Colorado-linked fund. Colorado PERA's commitment could not be determined by press time. Credit Suisse's customized fund investment group will serve as adviser. Investments are expected to start this year.
“Over time, the amount of money available for such emerging entrepreneurs and management teams has diminished in Colorado, and PERA saw the mutual benefit (of) providing much-needed capital for Colorado's business community,” said Tim Moore, director of alternative investments at the pension fund, in the release.
Hewitt EnnisKnupp assisted.
Katie Kaufmanis, Colorado PERA spokeswoman, did not return telephone calls or e-mails for additional information and Kathy Green, spokeswoman for the Colorado Office of Economic Development and International Trade, referred questions to Ms. Kaufmanis.