Colorado Fire & Police Pension Association, Greenwood Village, hired Cambridge Associates as general investment consultant and alternatives investment consultant, said Scott Simon, chief investment officer of the $4.7 billion pension fund, in an email.
Additionally, AndCo Consulting was rehired as defined contribution consultant, Mr. Simon wrote. In addition to defined benefit assets, the association administers approximately $400 million in DC assets.
Cambridge replaces Pension Consulting Alliance as general investment consultant and Albourne Partners as liquid alternatives consultant. Cambridge will also consult on illiquid alternatives. PCA and Albourne rebid.
Searches for general, specialty and DC consultants were conducted in August for due diligence purposes. There was no illiquid alternatives consultant previously.
Illiquid alternatives covers private equity, real estate, real assets and other illiquid strategies. Liquid alternatives covers global macro, multistrategy, long/short equity, alternative beta and other hedge fund strategies.
Separately, the pension fund committed $25 million to Transom Capital Fund III, "a $300 million fund that will invest in control buyouts of undermanaged or deeply distressed small and lower-middle-market companies" managed by Transom Capital Group, and £20 million ($27 million) to Alchemy Special Opportunities Fund IV, "an £850 million fund that will invest in middle-market distressed restructuring and special situation investments throughout Western Europe" managed by Alchemy Partners, Mr. Simon wrote.
The pension fund previously committed $20 million to Transom Capital Fund II and £10 million to Alchemy Special Opportunities Fund III.
As of Sept. 30, the DB plan had 38.6% invested in public equities, 22.7% in illiquid alternatives, 14.7% in fixed income, 9.4% each in absolute return and long/short equity, 3.5% in managed futures and 1.7% in cash.
