Arapahoe County , Littleton, Colo., will conduct an invitation-only...

Arapahoe County, Littleton, Colo., will conduct an invitation-only search at the end of August for a hedge fund manager to run up to $6 million, said Adrian B. Ciazza, chairman and treasurer at the $143 million pension fund. Funding likely will come from reducing its large-cap equity allocation, he said. Mr. Ciazza does not expect any manager terminations. Watershed Investment Consultants is advising.