Colorado Fire & Police Pension Association (FPPA)

Chief Investment Officer Scott Simon leads the investment team and reports to the nine-member Board of Directors, whose trustees are appointed by the Governor of Colorado. The Board's Chair, Jason Mantas, presides over investment committee meetings. Executive Director Kevin Lindahl oversees administrative functions but the CIO has primary discretion on manager selection and asset allocation, subject to board-approved policies.

FPPA sources private equity investments primarily through established general partner relationships and consultant recommendations. The fund favors concentrated relationships with a small number of large-cap buyout managers. It also participates in co-investment opportunities offered by existing GPs, which reduces fee drag and accelerates deployment pacing.

FPPA actively pursues co-investments as a way to build exposure to specific assets without paying full management fees on committed capital. The co-investment program is tactical, deployed alongside core fund relationships. It does not maintain a dedicated direct-investment team separate from the fund commitment staff, so deal flow is almost entirely GP-originated.

FPPA operates a hybrid defined benefit and defined contribution system. Members receive a guaranteed lifetime benefit from the DB component plus an account balance from the DC component that acts as a supplemental savings vehicle. This shifts a portion of longevity and market risk to the individual member, which in turn influences how the investment team calibrates its liability-hedging portfolio.

Yes. In addition to private equity buyouts, FPPA allocates to real estate and real assets. The fund's real estate program includes both core and non-core strategies accessed through fund commitments and separate accounts. Fixed income and public equity round out the portfolio, with the fixed income book serving as the primary liquidity and liability-matching sleeve.

Executive Director Kevin Lindahl announced his intention to retire in 2026. In 2024, the board identified General Counsel Adam Franklin as a finalist for a newly created Deputy Executive Director role, positioning him as the likely successor. The investment team under CIO Scott Simon is not part of that administrative succession line and is expected to remain stable through the transition.

FPPA publishes quarterly investment performance reports with asset-class-level detail on the public portion of its website. It has earned the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting for multiple consecutive years. Detailed manager-level private equity performance is typically disclosed only in board-meeting materials, which are available under Colorado open-records law upon request.