ension plans tend to be cautious about alternative investments. It took the $3.3 billion Fire & Police Pension Association of Colorado (FPPA) half a decade of education before its board of trustees was comfortable investing in hedge funds. Now, two and a half years after implementing a trial portable alpha allocation that includes two small funds of hedge funds, William Morris, FPPA’s CEO and CIO, is pushing to enhance the fund’s commitment to the strategy.
