The Fire and Police Pension Association of Colorado (FPPA) provides retirement and disability benefits to firefighters and police officers across Colorado. Established in 1980, FPPA serves members from over 200 fire and police departments throughout the state, managing approximately $7 billion in total assets.
Investment Strategy
FPPA invests across a diversified portfolio that includes public equities, fixed income, private equity, real estate, and other alternatives. The Board of Directors sets the strategic asset allocation based on long-term actuarial requirements and capital market expectations. The fund’s investment philosophy emphasizes diversification, risk management, and long-term value creation.
Private equity represents the largest component of FPPA’s alternatives portfolio, with investments spanning buyout and growth equity strategies. The real estate program includes both U.S. and international exposures across core and value-add risk profiles. FPPA has built its alternatives program carefully over time, focusing on manager quality and vintage year diversification.
The fund’s relatively concentrated asset base means that FPPA is selective in its manager relationships, preferring to build deeper partnerships with a smaller number of high-conviction managers rather than spreading capital thinly across many funds.
How to Approach
Fund managers should reach out to FPPA’s investment staff in Denver or engage through the fund’s investment consultants. FPPA values clear communication, strong risk management, and alignment of interests. GPs should provide a concise fund overview, performance track record, and explanation of how their strategy fits within FPPA’s portfolio construction goals.
Frequently Asked Questions
What is FPPA's alternatives allocation?
FPPA allocates approximately 20% of its portfolio to alternative investments, primarily private equity and real estate. This represents roughly $1.4 billion in alternatives exposure. The fund has been building its alternatives program steadily to enhance risk-adjusted returns.
What fund sizes does FPPA typically commit to?
Given its $7 billion asset base, FPPA typically makes commitments in the range of $25 million to $75 million per fund. The system invests across buyout and growth equity strategies and also maintains a real estate allocation through commingled funds.
How can fund managers engage with FPPA?
GPs should contact FPPA's investment team in Denver. The fund works with external investment consultants and evaluates managers based on track record, strategy differentiation, team quality, and fee structure. FPPA is open to both established and emerging managers who can demonstrate a compelling and repeatable investment process.
