{"id":92562,"date":"2026-11-12T06:49:02","date_gmt":"2026-11-12T11:49:02","guid":{"rendered":"https:\/\/hedgeco.net\/news\/11\/2026\/colorados-fire-and-police-pension-committed-240-million-to-millennium-and-novacore-as-new-mexico-pera-weighs-exiting-hedge-funds.html"},"modified":"2026-11-12T06:49:02","modified_gmt":"2026-11-12T11:49:02","slug":"colorados-fire-and-police-pension-committed-240-million-to-millennium-and-novacore-as-new-mexico-pera-weighs-exiting-hedge-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2026\/colorados-fire-and-police-pension-committed-240-million-to-millennium-and-novacore-as-new-mexico-pera-weighs-exiting-hedge-funds.html","title":{"rendered":"Colorado’s Fire and Police Pension Committed $240 Million to Millennium and NovaCore as New Mexico PERA Weighs Exiting Hedge Funds:"},"content":{"rendered":"

\"Colorado's<\/p>\n

HedgeCo.Net \u2014 Two US public pensions are moving in opposite directions on hedge funds. The Fire & Police Pension Association of Colorado has approved $240 million of new hedge fund commitments, while New Mexico’s Public Employees Retirement Association is considering eliminating its hedge fund allocation altogether, according to Alternatives Watch and Pensions & Investments.<\/p>\n

FPPA’s commitments include $200 million to Millennium’s flagship multistrategy fund and $40 million to NovaCore, a European industrials-focused market-neutral strategy founded by former Citadel portfolio manager Nico Dil. As of September 2026, diversifying strategies made up 11.1% of FPPA’s $7.74 billion long-term portfolio, slightly above an 11% target that spans global macro, multistrategy, low-beta long\/short equity, alternative beta and opportunistic strategies.<\/p>\n

The Colorado commitments follow a review earlier this year in which FPPA decided to wind down its dedicated long\/short equity allocation and raise its target weighting to diversifiers, concentrating its hedge fund exposure in fewer, more differentiated strategies.<\/p>\n

New Mexico PERA, by contrast, is reviewing whether hedge funds still earn a place in its portfolio. Its investment policy targets absolute return at 6% of assets, with a 3% to 9% range. The review follows a reported $100 million redemption from Two Sigma Investments in September and a $100 million withdrawal from a Rockwood Capital multifamily real estate fund. PERA has not made a final decision or said how any proceeds would be redeployed.<\/p>\n

The split captures the current allocator debate. Large multistrategy platforms continue to attract capital from investors seeking uncorrelated returns, while smaller plans are questioning whether the fees and complexity of a broad hedge fund program are justified. Managers with clear diversification profiles appear best placed as pensions become more selective.<\/p>\n","protected":false},"excerpt":{"rendered":"

HedgeCo.Net \u2014 Two US public pensions are moving in opposite directions on hedge funds. The Fire & Police Pension Association of Colorado has approved $240 million of new hedge fund\u2026 Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":92561,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16296],"tags":[17383,17380,17083,3986,17381,17382,16355],"class_list":["post-92562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-alternative-investments","tag-absolute-return-2","tag-fppa","tag-hedge-fund-allocations","tag-millennium","tag-new-mexico-pera","tag-novacore","tag-pension-funds-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/92562","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=92562"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/92562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media\/92561"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=92562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=92562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=92562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}