Colorado Fire & Police Deploys $491M Across Credit, PE, and HFs
The Fire & Police Pension Association of Colorado disclosed nearly $491 million in new commitments and co-investments as the retirement system expanded its alternative-investment roster and reorganized portions of its hedge fund portfolio.
The Denver-based pension investor allocated $336 million to six new manager relationships, committed another $139 million to four existing firms and completed three co-investments totaling $15.8 million.
The association’s Fire & Police Members’ Benefit Investment Fund held $8.77 billion as of June 30. Its $7.63 billion long-term pool allocated 30.1% to private markets, 6.1% to long-short equity and 7.2% to diversifiers, according to FPPA data.
New hedge fund relationships included $50 million for Avantyr Capital Partners’ low-beta generalist equity strategy and $40 million for Defilade Capital Partners’ market-neutral biotechnology strategy. Both managers launched in 2025.
FPPA also committed $150 million to Aldine Capital Fund V, which provides subordinated debt and equity to lower-middle-market companies, frequently alongside independent sponsors.
Other new relationships included $50 million for Machine Real Estate Fund II, $20 million for venture capital fund-of-funds manager Eden Road Capital and €22.5 million, or about $26 million, for Dutch small-cap buyout manager Foreman Capital.
Follow-on commitments included $50 million to Heartwood Partners V, with $20 million reserved for co-investments; $30 million each to Cynosure Partners IV and Transom Capital V; and €25 million, or about $29 million, to NORD DMH III.
FPPA separately completed two $5 million co-investments alongside Swedish manager Consolid Equity III and invested $5.8 million alongside Pollen Street Capital V.
The system also reshuffled its hedge fund exposures. Sachem Head moved to global public equity, while Estuary, Viking Global and a Luxor side-pocket investment shifted to diversifiers. AKO Partners was terminated, and FPPA redeemed $20 million from health care-focused long-short manager Eagle Health.