Colorado Fire & Police Pension Association, Denver, hired Adrian Lee & Partners as currency overlay manager and disclosed two new venture capital fund commitments totaling $20 million.
The $6.4 billion pension fund's investment staff disclosed the actions in materials for the fund's June 14-16 board meeting.
Adrian Lee was hired to complement existing currency overlay manager Wellington Management, which was hired to replace BNP Paribas Asset Management to oversee the pension fund's $400 million currency hedging program.
Adrian Lee & Partners will oversee about 40% of the program, while Wellington will oversee about 60%, said R. Scott Simon, chief investment officer. He earlier declined to comment on the reason for terminating BNP Paribas Asset Management.
Separately, staff approved commitments of $10 million each to Alta Partners NextGen Fund IV, a venture capital fund targeting early-stage investments in life sciences and digital health technology and technology-enabled health-care services, and venture capital fund Foundation Capital XI.
The pension fund previously committed $10 million to Alta Partners NextGen Fund III and $5 million to Foundation Capital X, both in 2021.
As of Feb. 28, the pension fund's actual allocation to private markets was 31.6%; the target is 31%.
