Colorado Fire & Police transitions to direct investments

Tue Jun 5, 2012



The $3.3 billion pension fund takes a thoughtful approach to allocating $600m to FoHFs and hedge funds


By Ann C Logue

Ben Bronson
Austin Cooley
Scott Simon
The Colorado Fire & Police Pension Association (FPPA) was founded in 1980 to take over the pension investments and operations for police officers, firefighters, and departmental staff employed by municipalities in the state of Colorado. The goals were twofold: to reduce costs and to make it easier for small, rural communities to offer competitive benefits. Based in the Denver suburb of Greenwood Village, the FPPA's dry description belies a complicated membership structure and an evolving approach to absolute return.

FPPA has a lot of moving parts within its walls. It invests for a large number of funds with different benefits and different funding statuses. It has $3.3 billion to invest to pay benefits now and for decades into the future. Scott Simon, chief investment officer has been willing to change the fund's investment policy as experience and market conditions warrant, and...

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