Fire & Police Pension Association of Colorado, Greenwood Village, voted to renew its contract with primary investment consultant Pension Consulting Alliance, subject to contract negotiations, said CIO Bill Morris. The current contract expires at the end of the year. The other finalists were New England Pension Consultants, Ennis Knupp and Summit Advisors.
Separately, the board gave staff discretion to commit additional capital to the $2.8 billion plan's three existing core real estate managers, Mr. Morris said. About 4.5% of total assets were targeted to real estate as of June 30, and the system plans to increase the target by a half percentage point each year until reaching 6% of assets in June 2008. The pension fund had $38 million in the RREEF America REIT II Fund, $33 million invested in the JPMorgan Strategic Property Fund and $7.5 million in the Prudential PRISA Fund as of June 30. It has not yet determined how much it will allocate to each manager to reach the target, Mr. Morris said.