Colorado Fire & Police Pension Association, Greenwood Village, invested $30 million in an activist hedge fund managed by Pershing Square Capital Management, confirmed Dan Slack, CEO of the $3.3 billion fund.
Albourne Partners assisted.
The hire is part of the pension fund's continuing program to allocate 20%, or about $300 million, of the global equity portfolio to three hedge fund strategies — long/short, event-driven and activist. Funding is coming from reducing assets in a passive MSCI World portfolio managed by State Street Global Advisors.
The pension fund already has invested about $160 million this year, among five managers. Mr. Slack said there is still funding for long/short strategies, but the retirement system has likely filled its event-driven hedge fund mandate.
“It's possible we could look for another activist hedge fund,” he said in a telephone interview.