Fire and Police Pension Association of Colorado

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Fire and Police Pension Association of Colorado
Basic facts
Location:	Denver, Colorado
Top official:	Kevin Kindahl, executive director
Year founded:	1980
Active members:	13,757
Website:	Official website
Total assets under management
2022:	$6,444,450,320

See also: Public pensions in Colorado

The Fire and Police Pension Association of Colorado is a Colorado state pension fund that “administers retirement and disability benefits for police officers and firefighters throughout the State of Colorado.” The Fire and Police Pension Association of Colorado had $6,444,450,320 ($6.4 billion) in total assets under management as of December 31, 2022.

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

• Background: Information about the structure and functions of the Fire and Police Pension Association of Colorado.
• Pension performance overview: Overview of the funding level and assets managed by the Fire and Police Pension Association of Colorado.
• Assets and asset management: Information about the asset management companies (AMCs) that contract with Fire and Police Pension Association of Colorado, including a list of contracting AMCs that are participants in the Net Zero Asset Managers Initiative and the Climate Action 100+ initiative.
• Governance and accountability: Details about the Fire and Police Pension Association of Colorado's oversight board, including members and selection.

Background

See also: Public pensions

The Fire and Police Pension Association of Colorado (FPPA), founded in 1980, invests the assets of and provides funding for the Colorado Statewide Defined Benefit Plan (SWDB), the Colorado Statewide Hybrid Plan (SWH), the Colorado Statewide Death and Disability Plan (SWD&D), the Colorado Statewide Money Purchase Plan (SWMP), and the Colorado Springs New Hire Pension Plan (CSNHPP). The FPPA operates as a defined benefit plan based on a formula established by Colorado state law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's firefighters and police officers, as well as their families.

The Fire and Police Pension Association of Colorado served 13,757 active members as of December 31, 2022.

Pension performance overview

The following table features information about the funding level and assets managed by the Fire and Police Pension Association of Colorado as of December 31, 2022:

Fire and Police Pension Association of Colorado performance (December 31, 2022)
Fiscal year	Percent funded	Unfunded liabilities	Total assets
2022	44%	$3,639,328,528	$6,444,450,320

Assets and asset management

Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.

More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.

List of AMCs contracting with the Fire and Police Pension Association of Colorado

The Fire and Police Pension Association of Colorado contracted with 139 asset management companies (AMCs) or specific funds as of December 2021. Of those companies or funds, 10 were investor participants in Climate Action 100+, and eight were members of NZAM, as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Fire and Police Pension Association of Colorado as of 2023:

• AKO Capital (Climate Action 100+)
• Alchemy Special Opportunities
• Alpha Petroleum (NZAM)
• Alphadyne Asset Management
• Alpine Investors
• Alta Partners
• American Securities
• ArcLight Energy Partners
• Arroyo Energy Investment Partners
• Ascribe Capital
• Autonomy Capital
• Baillie Gifford (NZAM, Climate Action 100+)
• Baker Brothers
• Banner Ridge Partners
• Barings (Climate Action 100+)
• Blackstone Capital Partners
• BLS Capital
• Blue Torch Capital
• BNP Paribas (NZAM, Climate Action 100+)
• Bowmark Capital Partners
• Brandywine Global Investment Management (NZAM, Climate Action 100+)
• BroadRiver Asset Management
• Catterton Partners
• Center Lane Partners
• Citadel Advisors
• Commonfund Capital
• Coral Tree Partners
• CORE Industrial Partners
• Crestline Investors
• Crosspoint Capital Partners
• CVC European Equity Partners
• DE Shaw Investment Management
• Dorsal Capital Management
• Driehaus Asset Management
• Dyal Capital
• Eagle Health Investments
• EIG Management Company
• Endeavour Capital
• Energy & Minerals Group
• Energy Capital Partners
• Energy Innovation Capital
• Farallon Capital Management
• Foundation Capital Management
• Garcia Hamilton Associates
• Gilde Buyout Partners
• GL Fund
• Goldman Sachs & Co (Climate Action 100+)
• Goodwater Capital
• Gradiente SGR
• Grand Alliance Asset Management
• Greenspring Associates
• H.I.G. Capital
• H2 Real Estate
• Heartwood Partners
• High Road Capital Partners
• Hudson Bay Capital Associates
• Incus Capital
• Insight Venture Partners (Climate Action 100+)
• J.H. Whitney
• Jackson Square Partners
• Janchor Partners
• JMI Equity
• JP Morgan Asset Management (NZAM)
• Kabouter Management
• Kayne Anderson Capital Advisors
• KCL Capital
• Kelso Investment Associates
• KPS Capital Partners
• Laurion Capital Management
• Littlejohn & Co.
• Locus Point Capital
• Loomis Sayles & Company
• Luxor Capital Partners
• Manulife Asset Management (Climate Action 100+)
• Mayfair Equity Partners
• Mellon Capital Management (Climate Action 100+)
• Mercato Partners
• Morgan Stanley Real Estate
• MVM Life Science Partners
• Natahala Capital Management
• Nautic Partners
• Neumeier Poma Investment Counsel
• New Enterprise Associates
• NGP Energy Capital Management
• Nordic Capital
• North Sky Capital
• Numeric Investors
• NVM Private Equity
• O'Brien-Staley Partners
• Orchard Global Assets Management
• Pacific Growth Investors
• Palestra Capital Partners
• Palladium Capital Management
• Palmer Square Capital Management
• Peak Rock Capital
• Periscope Equity
• Pharo Global Advisors Limited
• Prime Group Holdings
• Prudential Capital Group
• Prudential Real Estate Investors
• Quadria Capital
• Questa Capital Management
• Raven Capital Management
• RiverRock European Capital Partners (NZAM)
• Rivulet Capital Partners
• Roark Capital Partners
• Rosemawr Management
• Rosemont Investment Partners
• RREEF Alternative Investments
• Rubicon Technology Partners
• Russell Investments (NZAM, Climate Action 100+)
• Sachem Head Capital Management
• Scout Energy Partners
• Select Equity Group
• Shorelight Partners
• Southpoint Capital Advisors
• Spire Capital Partners
• State Street Global Advisors (NZAM)
• Stride Consumer Partners
• TA Associates
• Technology Crossover Ventures
• Texas Pacific Group
• The DWS Group
• The Raine Group
• Thomas McNerney & Partners
• Three Hill Capital Partners
• Transom Capital Group
• TVM Capital
• Ufenau Capital Partners
• Valar Ventures
• Velocis
• Venture Investment Managers
• Veritas Capital
• Voloridge Investment Management
• Walter Scott Partners
• Warren Equity Partners
• Wavecrest Growth Partners
• WorldQuant Qauntitative Strategies
• Yiheng Capital Partners

Governance and accountability

This section features information about the nine-member board of trustees that oversees the Fire and Police Pension Association of Colorado. The board is specific to oversight of the Fire and Police Pension Association of Colorado and does not exercise oversight duties for other state funds.

Board selection method

The board of trustees that oversees the Fire and Police Pension Association of Colorado is made up of nine members who are appointed by the governor and confirmed by the state Senate:

“Two members representing Colorado municipal employers; One member representing full-time paid firefighters; One member representing full-time paid police officers; One member who is either a member of the board of directors of a special district, or is the full-time paid professional manager of a special district to represent special districts having volunteer firefighters; One member from the state’s financial or business community with experience in investments; One member from the state’s financial or business community with experience in insurance disability claims; and One member of the state’s financial or business community experienced in personnel or corporate administration in corporations of over 200 employees. All of the eight board of directors mentioned above serve four-year staggered terms. One member who is a retired police officer and who, upon completion of his term, is replaced by a retired firefighter. Thereafter, the appointment of retired officers alternates between a retired police officer and a retired firefighter for each successive six-year term.”

Board of trustees membership

A nine-member board of trustees oversees the operation and administration of Fire and Police Pension Association of Colorado. The following individuals served on the board as of March 2024:

• Guy Torres, chair
• Jason Mantas, vice chair
• Joan Brown
• Mike Feeley
• Karen Frame
• Marisa Pacheco
• John Hoehler
• Tammy Hitchens
• Patrick Phelan

See also

• Public pensions in Colorado
• Environmental, social, and corporate governance (ESG)
• Areas of inquiry and disagreement related to environmental, social, and corporate governance (ESG)
• Opposition to environmental, social, and corporate governance (ESG) investing
• Reform proposals related to environmental, social, and corporate governance (ESG)
• State legislative approaches opposing ESG investing
• State legislative approaches supporting ESG investing

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