Colorado Fire & Police Pension Association, Greenwood Village, committed or invested about $57 million with two alternatives managers, said Scott Simon, chief investment officer, in an e-mail.
In hedge funds, the $4.1 billion pension fund invested $40 million in Rivulet Capital Partners, a “fundamentally driven and concentrated long/short equity strategy that primarily targets midcap companies across developed markets,” Mr. Simon wrote.
In private equity, the pension fund committed €15 million ($16.9 million) to Ufenau V German Asset Light, a buyout fund that seeks “attractive opportunities to undertake majority investments in asset-light companies with buy-and-build potential,” and is managed by Ufenau Capital Partners, Mr. Simon wrote.
Separately, to restructure risk in the long/short equity and fixed-income portfolios, the pension fund terminated unconstrained fixed-income manager Goldman Sachs Asset Management and long/short equity hedge fund managers Conatus Capital Management and Emerging Sovereign Group.
The pension fund had $36.6 million invested in Conatus Capital Partners fund, $38.6 million in Emerging Sovereign Group’s ESG Domestic Opportunity Fund and $116 million with GSAM.
Redeemed Goldman Sachs assets will be transferred to existing passive fixed-income manager State Street Global Advisors, bringing its new total to about $313 million. Redeemed hedge fund assets will go to cash.
The pension fund has a 10% target to long/short equity hedge funds, a 15% fixed-income target and 23% target to illiquid alternatives, which includes private equity.