Colorado Fire & Police Pension Association has appointed K2 Advisors to run $100 million in a commodities-focused hedge fund of funds, Pensions & Investments reports. The new commodities investment will be the third and final component of the systems absolute-return or hedge fund program.

The pensions fund’s board of trustees raised the system’s overall hedge fund allocation to 11% last year. The system previously allocated $100 million each to hedge fund-of-funds managers, GAM and Aetos, to run in global macro and long/short equity strategies.

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