The City of Phoenix Employees’ Retirement System (COPERS) provides retirement and disability benefits to employees of the City of Phoenix, Arizona. With approximately $3.5 billion in total assets, COPERS is one of the larger municipal pension systems in the Southwest.
Investment Strategy
COPERS maintains a diversified investment portfolio across public equities, fixed income, private equity, real estate, and other alternatives. The Board of Trustees sets investment policy and asset allocation targets with input from external investment consultants.
The alternatives program includes private equity investments primarily in buyout and growth equity strategies. Real estate allocations provide diversification and income. COPERS has been building its alternatives program over the past decade, taking a careful approach that emphasizes manager quality and diversification.
How to Approach
Fund managers should contact the COPERS investment team or engage through their investment consultant. Given the fund’s $3.5 billion scale, commitment sizes are modest but meaningful. COPERS values transparent communication, institutional-quality reporting, and reasonable fee structures. GPs should present a clear strategy overview and documented track record.
Frequently Asked Questions
What is Phoenix COPERS's alternatives allocation?
Phoenix COPERS allocates approximately 15% of its $3.5 billion portfolio to alternatives including private equity and real estate. The fund takes a measured approach to alternatives, focusing on established managers with proven track records.
What types of private equity does Phoenix COPERS invest in?
Phoenix COPERS invests primarily in buyout and growth equity funds through commingled vehicles. The fund also maintains real estate exposure through diversified fund structures. Typical commitment sizes range from $10 million to $30 million.
How can GPs approach Phoenix COPERS?
GPs should contact the Phoenix COPERS investment team or their external consultant. The fund evaluates managers based on performance, team quality, and fee competitiveness. The Board of Trustees approves all new manager relationships.
