The Houston Police Officers Pension has investments in hedge funds, private equity funds, and real estate funds. The firm will not be making any changes to its hedge fund portfolio in 2009, but they do have a $75 million target allocation for private equity funds this year as well as a $30 million target for real estate funds. For private equity the firm tends to stay away from venture capital and secondaries funds. In terms of real estate funds the firm is invested in core, value-add, and opportunistic funds.The firm works with Hammond Associates who performs manager searches and provides due diligence. Hammond then recommends a few managers to the Investment Committee who will make the final decision.