Arizona Public Safety Personnel Retirement System, Phoenix, made a $60 million direct investment in GSA Trend Risk Premia Fund, a hedge fund managed by GSA Capital Partners, said Mark Steed, lead portfolio manager and chief of staff, in an e-mail, according to Pensions & Investments.

The pension fund also committed up to $40 million directly and $20 million in co-investments to buyout fund Cortec Group Fund VI.