The $3 billion Colorado Fire & Police Pension Association has hired two fund of funds groups to round out its hedge fund programme and is adding a third firm while boosting the absolute return target allocation to 11% from 10%.
All three funds of funds are via a separate account format rather in a traditional commingled vehicle and will manage a total of $330 million.
GAM was selected to manage global macro exposure within the absolute return allocation. The $100 million mandate was awarded in January. Trustees were told how macro funds are