The Fire and Police Pension Association (FPPA) of Colorado has added a new investment to its portfolio.
Last month the board approved a recommendation to commit $15 million to the MountainView Mortgage Opportunities Fund II, a strategy run by Denver, Colo.-based MountainView Capital Holdings. The fund is seeking to generate attractive risk-adjusted returns based on investments in performing and non-performing first lien residential mortgage whole loans.
The guns and hoses system will commit an additional $5 million at a later date if the fund successfully raises additional third-party capital, minutes from a Nov. 13 meeting state. The investment will be funded from the FPPA’s opportunistic fixed-income allocation.
In October, the plan approved a new investment scheme, which included a 10% allocation to absolute return strategies and a 5% target to opportunistic investments.
Pension Consulting Alliance is the roughly $2.5 billion system’s consultant. J. Scott Simon, CIO at the FPPA, could not be reached for further details.