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Investments

Overview

Under the direction of FPPA’s Board, our staff manages the assets in the Fire & Police Members' Benefit Investment Fund. The Board’s investment objectives, policies and guidelines are outlined in the Annual Financial Report. Investment staff and an outside consultant assist the Board in implementing its investment policies.

Investment Inquiries

Investment Managers may submit information to investmentsolicitations@fppaco.org

 

Fund Definitions 

Fire & Police Members' Benefit Investment Fund

Includes the assets of the following plans:

  • Statewide Retirement Plan: Defined Benefit Component
  • Statewide Retirement Plan: Hybrid Defined Benefit Component
  • Statewide Retirement Plan: Social Security Component
  • Colorado Springs New Hire Pension Plan
  • Statewide Death & Disability Plan
  • Certain DROP (Deferred Retirement Option Plans) which are not self-directed
  • Plus over 200 affiliated local "Old Hire" plans and Volunteer Fire pension plans

Fire & Police Members' Self-Directed Investment Fund

This fund includes the assets of the following plans:

  • Statewide Retirement Plan: Money Purchase Component
  • Statewide Money Purchase Plan
  • FPPA 457 Deferred Compensation Plan
  • Certain DROP (Deferred Retirement Option Plans) which are self-directed
Objectives 

The overall investment objective of the Fund is to prudently manage and balance the investment needs (risks and return) of all plans participating in the Fund, including the need to eliminate current unfunded liabilities and/or to protect surpluses. In developing long-term investment objectives, investment class allocations, and investment guidelines, we recognize that the Fund includes the assets of several different benefit plans, each with a distinct time horizon, risk tolerance, cash flow and liquidity needs, number of participants and benefit adjustment objectives. In consideration of these factors, effective July 1, 2019, plans are grouped into different investment pools:

Pool NameDescription
Long-Term PoolDesigned primarily for open plans with a longer time horizon, higher risk tolerance, and lower liquidity needs.
Short-Term PoolDesigned primarily for closed plans with a shorter time horizon, lower risk tolerance, and higher liquidity needs.
Glide Path PoolDesigned for plans that need to transition over time from the Long-Term Pool to the Short-Term Pool.

The Short-Term Pool and the Glide-Path Pool will have lower expected investment returns than the Long-Term Pool, which may affect required contributions for plans participating in these two pools. Please contact FPPA with questions regarding specific plan assignments.

Fund Valuation 

As of March 31, 2025, The Fire & Police Members' Benefit Investment Fund totaled $7.380 Billion.

Pool NameFund Value
Long-Term Pool$6.256 billion
Short-Term Pool$32.503 million
Glide Path Pool$1.092 billion
Asset Allocation 

The Board will conduct an asset/liability study as needed, but at a minimum every three years. The purpose of the study is to develop appropriate investment allocation targets and ranges which are generally expected to achieve the performance objectives relative to the liability and liquidity needs of the Pools and the overall risk tolerance of the Board. The Board relies upon analyses and recommendations from the Staff, Investment Consultant, FPPA’s actuary, and any other expert opinion that it determines is advisable. The Total Fund will be maintained as a single investment entity, with participation by the Pools to be achieved through accounting unitization.

Long-Term Pool Asset Allocation as of March 31, 2025

 

Pie chart showing target asset allocation: Global Public Equity 38%, Private Markets 31%, Diversifiers 9%, Fixed Income: Rates 7%, Long/Short Equity 6%, Fixed Income: Credit 5%, Liquidity 4%.
Target Allocation
Pie chart showing actual allocation: Global Public Equity 36.6%, Private Markets 31.8%, Diversifiers 8.2%, Fixed Income (Rates) 7.8%, etc.
Actual Allocation
Asset ClassTarget PercentageActual Percentage
Global Public Equity38.0%36.6%
Long/Short Equity6.0%6.1%
Private Markets31.0%31.8%
Diversifiers9.0%8.2%
Fixed Income: Rates7.0%7.8%
Fixed Income: Credit5.0%5.3%
Liquidity4.0%4.1%

Asset Class Definitions

Class NameDefinition
Global Public EquityGlobal • United States • International • Emerging Markets • Opportunistic
Long/Short EquityMid-Net Long/Short Equity • Activest • Event Driven
Private MarketsPrivate Equity • Private Debt • Real Assets • Real Estate
DiversifiersGlobal Macro • Multi-Strategy • Low Beta Long/Short Equity • Alternative Beta • Opportunistic
Fixed Income: RatesCore Fixed Income
Fixed Income: CreditMulti-Sector • Structured • Opportunistic • Private
Long-Term Pool Annualized Returns: Last 10 Years (Net of Fees) 
Bar chart showing annual investment return percentage changes from 2015 to 2024, with a dip in 2022.
YearAnnualized Return
20151.85%
20165.51%
201714.95%
20180.10%
201914.76%
202013.59%
202115.17%
2022(7.84%)
20239.97%
202410.03%

 Annualized return since inception: 9.15%

Long-Term Pool Asset Class Returns as of March 31, 2025 (Net of Fees) 
 Q1Year to Date1 Year3 Years (Annualized)5 Years (Annualized)
Long-Term Pool0.50%0.50%6.52%5.31%10.01%
Long-Term Pool Benchmark Return(0.20%)(0.20%)5.67%4.24%10.42%
Global Public Equity(0.96%)(0.96%)6.19%5.39%12.99%
Long/Short Equity(1.55%)(1.55%)4.90%6.28%8.04%
Fixed Income: Rates2.83%2.83%5.03%0.63%(0.08%)
Fixed Income: Credit1.90%1.90%5.87%3.51%4.26%
Diversifiers0.73%0.73%6.06%9.14%8.14%
Private Markets1.55%1.55%6.50%3.73%10.78%