El Paso Firemen & Policemen's Pension Fund

Tyler Grossman serves as Executive Director and Chief Investment Officer, leading the fund's investment office. The Board of Trustees, which includes Vice Chair Paul Thompson as a representative of IAFF Local 51, sets allocation policy and oversees fiduciary governance. Investment decisions are executed by staff under Grossman's direction, with board approval for major commitments.

The fund covers City of El Paso firefighters and police officers who are excluded from Social Security participation and therefore rely entirely on the pension for retirement security. Benefits include defined-benefit retirement payments, disability coverage, and death benefits for surviving beneficiaries. The mandate is prescribed by Texas statute governing local public-safety pension systems.

Yes. The fund's strategy explicitly spans venture capital from seed and start-up stages through expansion and late-stage, alongside buyouts, growth equity, and special situations. The venture allocation reflects a willingness to accept early-stage illiquidity in pursuit of higher potential returns, balanced across a fund-of-funds structure and direct co-investments.

The fund uses a hybrid approach, committing capital to private equity and venture funds-of-funds while also pursuing direct co-investments alongside general partners. This structure aims to capture GP-led sourcing advantages while reducing fee drag through selective co-investment opportunities, a practice common among larger public pensions but notable for a plan of this size.

Yes. The fund has acted as lead plaintiff in securities class-action litigation, including a case against InnovAge Holding Corp. alleging misrepresentations to investors. The willingness to serve as a lead plaintiff signals active monitoring of portfolio exposure and a readiness to pursue legal remedies when fiduciary concerns are raised about named holdings.

The City of El Paso is the sponsoring employer, meaning it contributes to the fund on behalf of active firefighters and police officers under parameters established by Texas law and collective bargaining agreements. The fund itself operates with an independent board and investment authority, distinct from the city's general budget and its other employee retirement programs.

Its closed participant base — limited to city firefighters and police officers excluded from Social Security — creates a distinct liability profile. The fund also pursues a wider private-markets mandate than many similarly sized municipal plans, spanning venture, distressed debt, and special-situations strategies typically found at larger state-level systems, while maintaining active participation in litigation recovery efforts.