Colorado Fire & Police Pension Association

Investment Strategy

The Colorado Fire & Police Pension Association manages approximately $6 billion in retirement assets on behalf of firefighters and police officers across Colorado. FPPA administers defined benefit and defined contribution plans for members of fire and police departments statewide, serving as the primary retirement system for Colorado’s first responder community.

FPPA’s investment strategy is guided by a long-term asset allocation framework designed to generate returns sufficient to fund retirement benefit obligations while managing portfolio risk. The strategic allocation includes significant positions in global public equities and fixed income, supplemented by meaningful allocations to alternatives including private equity, real estate, and other real assets. The board targets a long-term return assumption that supports the system’s funded status and benefit security for current and future retirees.

The fund’s investment philosophy emphasizes diversification across asset classes, geographies, and strategies, with particular attention to managing downside risk given the perpetual nature of the fund’s obligations. FPPA publishes comprehensive annual financial reports and quarterly performance updates that detail investment results across all asset classes.

Private Markets Approach

FPPA’s private equity program has grown steadily as the fund has increased its allocation to alternatives over the past decade. The program invests across buyout, growth equity, and diversified private equity strategies through commingled fund commitments. Commitment sizes typically range from $25 million to $75 million, reflecting the fund’s overall size and its approach to building a diversified portfolio of GP relationships.

The fund maintains relationships with a range of private equity managers, from established large-cap firms to mid-market specialists with differentiated strategies. FPPA evaluates prospective managers based on track record consistency, team stability, strategy clarity, and alignment of interests with limited partners. The investment team and external consultants conduct thorough due diligence on all potential commitments before presenting recommendations to the board.

Real estate allocations provide diversified exposure to U.S. property markets through commingled funds and separate accounts, targeting a mix of income-generating core properties and higher-return value-add and opportunistic strategies. Real asset investments may also include infrastructure and natural resources exposures that offer inflation hedging characteristics.

FPPA’s investment decisions are subject to board approval and are made in consultation with external investment consultants. Prospective fund managers should review FPPA’s publicly available investment policy and recent board materials to understand current allocation targets and priorities. The fund’s moderate size means it is well-suited for mid-market fund offerings where a $25-75 million commitment represents a meaningful relationship.