Colorado Fire & Police Pension Association, Greenwood Village, committed $40 million total to two alternatives funds, said Scott Simon, chief investment officer, in an e-mail.
The $4.1 billion pension fund committed $20 million each to Siguler Guff Secondary Opportunities Fund, which focuses on secondary interests in distressed/special situation private equity funds, and Scout Energy Partners III, an oil- and gas-focused natural resources fund. Siguler Guff is a new relationship. The pension fund previously committed $20 and $30 million to Scout Energy Partners I and Scout Energy Partners II, respectively.
Separately, the pension fund is redeeming its investments with hedge fund managers Trient Asset Management, Luxor Capital Partners and Pershing Square Capital Management. The pension fund had $21.6 million, $29.6 million and $22.5 million invested with Trient, Luxor and Pershing Square, respectively. Austin Cooley, director of liquid strategies, cited the pension fund’s “portfolio construction” as the reason for the redemption.
The Trient investment was part of the pension fund’s absolute-return portfolio, which has a 10% target. Pershing Square and Luxor were part of the pension fund’s long/short equity portfolio, which also has a 10% target.
The pension fund has a 23% target to illiquid alternatives target, with a long-term goal of getting its target to 25%, covering private equity, private debt, real assets, real estate and opportunistic investments.