Colorado Public Employees’ Retirement Association, Denver, approved expanding its opportunity fund to allow for the first time global macro and multistrategy relative value hedge funds, spokeswoman Katie Kaufmanis said in an e-mail.
Together those strategies may not make up more than 40% of the total opportunity fund, which currently accounts for 2.5% of the overall portfolio, or about $1.1 billion, the board approved at its meeting last week. The fund, which comprises timber, tactical and credit opportunity strategies, and risk parity, has a 5% target allocation.
This would be the $45 billion pension fund’s first investments in hedge funds.
Accordingly, the pension fund expects to issue an RFP for a specialty hedge fund consultant on its website. Ms. Kaufmanis did not have a time frame for when the RFP would be issued.
Last year, hedge fund consultant Aksia was hired on a project basis to support the investment staff’s hedge fund research, Ms. Kaufmanis said. Aksia is invited to rebid, although the scope of services will be different.
Ms. Kaufmanis did not have further information.
