Colorado Fire & Police Pension Association, Denver, hired Arrowstreet Capital to manage $300 million in active global equities and disclosed commitments totaling $257 million.
The $6.2 billion pension fund disclosed the manager hiring and the commitments in materials for its Feb. 27 board meeting.
Allocated to the pension fund’s global public equity asset class, the hiring of Arrowstreet was funded by a partial redemption totaling $250 million from an MSCI World index fund managed by State Street Global Advisors, leaving it with about $600 million; a $46 million full redemption from a passive emerging markets equity fund also managed by SSGA; and the rest from cash.
CIO Scott Simon said the redemption from the SSGA emerging markets portfolio was due to the pension fund being slightly overweight in emerging markets.
As of Dec. 31, the pension fund’s actual allocation to global public equity was 38.5%; the target is 38%.
The pension fund also disclosed commitments of $175 million to AG Direct Lending Evergreen Fund, managed by TPG Angelo Gordon; $30 million to middle-market infrastructure fund NOVA Infrastructure Fund II; 240 million Swedish kronor ($22 million) to Consolid Equity III, a Swedish small-cap private equity fund that also acquires microcap companies; $20 million to Crestline European Capital Solutions Fund III, an opportunistic credit fund managed by Crestline Investors; and $10 million to early stage venture capital fund Matchstick Ventures Fund IV.
As of Dec. 31, the pension fund’s actual allocations to private markets and fixed income credit were 30.8% and 4.3%, respectively; their respective targets are 31% and 5%.
