Colorado Fire, Police Pension Wants Fund of Hedge Funds

Jan 15 2008 | 1:00am ET

The $3.5 billion Fire and Police Pension Association of Colorado has begun a search for a fund of hedge funds manager to add to its existing alternative investment portfolio. The new mandate is benchmarked against the 90-day Treasury bill or LIBOR.

FPPA does not permit its fund of hedge funds managers to use leverage at the fund level and aggregate leverage of underlying funds should not exceed 2.5 times. The minimum initial funding for the mandate will be roughly $50 million.

The fund of funds shop responding to the request for proposal should have at least 36 months of “live” returns in the fund of hedge funds product. The firm should manage at least $1 billion in total assets under management and at least $300 million in assets in the specific fund of funds, which should have outperformed the 90-day T-bill or LIBOR over the trailing three-year period ending Dec. 31, 2007.

The deadline for the RFP, which can be accessed at FPPA’s Web site, is Feb. 1 at 5 p.m. Pacific time.


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