Colorado Fire & Police Pension Association, Greenwood Village, hired Prudential Investment Management to run $155 million in unconstrained fixed income, said Scott Simon, chief investment officer, in an e-mail.
No RFP was issued. Funding will come from reducing a State Street Global Advisors’ $320 million passive fixed-income strategy, cutting it to about $165 million.
The pension fund has a 10% target to unconstrained fixed income.
Additionally, the pension fund invested or committed a total of $117 million to five alternatives managers.
- $42 million in Hitchwood Capital Partners, a long/short equity hedge fund managed by Hitchwood Capital Management;
- $30 million to Scout Energy Partners, a private equity energy fund;
- $20 million to OSP Value Fund, a private debt fund managed by O’Brien-Staley Partners;
- $15 million to Roark Capital Partners IV, a buyout fund managed by Roark Capital Group; and
- $10 million to SVB Strategic Investors Fund VIII, a fund of funds that focuses on venture capital and is managed by SVB Capital.
The Scout Energy Partners, Roark, O’ Brien-Staley and SVB allocations will fit into the pension fund’s illiquid alternatives portfolio, which has an 18% target allocation.
Separately, the pension fund is redeeming its $41 million investment in Coatue Qualified Partners, a long/short equity hedge fund managed by Coatue Management, Mr. Simon said. He declined to provide the reason for the redemption. It has not been determined where will assets be transferred.
The $4.2 billion pension fund has a 10% target allocation to long/short equity.
