Colorado Fire & Police Pension Association, Greenwood Village, invested $36 million in a long/short equity hedge fund strategy managed by Southpoint Capital Advisors, confirmed Dan Slack, the pension plan's CEO.
Mr. Slack said Southpoint Capital has a moderately long bias in its portfolio and that the $3.3 billion pension fund likes the “value-oriented stock picking to their strategy.”
“We've been trying to look at firms that we think and believe are staying away from crowded trades,” Mr. Slack said in a telephone interview.
Separately, the retirement system terminated Aetos Capital, which managed $130 million in a hedge fund of funds in the pension fund's absolute-return portfolio. The money will remain in the underlying hedge funds as the retirement system builds up its internal capabilities of analyzing hedge funds, Mr. Slack said.
Albourne Partners, which was hired last year, will perform operational due diligence while in-house staff does analysis and selects funds as part of the retirement system's new hedge fund program within its $1.5 billion global equity portfolio.
