Colorado Fire & Police Pension Association, Greenwood Village, committed £15 million ($20 million) to FPE Fund III.
The $6.8 billion pension fund's investment staff completed the commitment to the U.K.- based small- to lower-middle-market buyout fund managed by FPE Capital in December, according to an investment activity report included with materials for the upcoming board meeting Thursday.
It is the pension fund's first commitment to a fund managed by FPE Capital, according to the report.
As of Dec. 31, the pension fund's actual allocation to private markets was 27.8%; the target is 26%.
Also, the staff redeemed the pension fund's $108 million investment in an active global equity portfolio managed by D.E. Shaw Group, according to the report. A reason for the redemption was not provided. Scott Simon, chief investment officer, declined to comment.
As of Dec. 31, the pension fund's actual allocation to global public equity was 41.3%; the target is 39%.