The Colorado Fire & Police Pension Association is boosting its portable alpha allocation by 20%, and may add more next month.

At its May 23 meeting, the $3.4 billion fund’s board approved an additional $30 million allocation to the program—which was $145 million before the board’s decision to increase it last week—and awarded it to Gottex Fund Management, which already runs a $60 million portable alpha mandate for the pension.

CEO and Chief Investment Officer Bill Morris added that the fund’s board tabled further discussion and will consider boosting the allocation even further in July. At the time, should the board add to the portable alpha portfolio, it may consider adding a third fund of funds manager—in addition to Gottex and Fairfield Greenwich Group, which manages some $56 million for the fund—to its stable.

Morris said that the new portable alpha money will come from a Russell 1000 Index fund investment, and that the pension would make the investment when the Gottex fund reopens at the beginning of July.