Florida State Board of Administration is seeking to redeem $124m (β¬116m) of capital from an open-ended fund managed by .
The pension fund has filed a redemption request to withdraw 96.5% of its $128m holding in the Prudential Real Estate Separate Account II (PRISA II) fund.
Florida SBA said the change was due to routine rebalancing of its portfolio.
βRedemptions were not made/used for any particular investment, and were placed in cash reserves for new investments,β the pension fund said.
Florida SBA still has a $4.4m investment in the value-added fund.
The real estate manager declined to comment.
Florida SBA also made two real estate fund investments: it committed $50m to Capital Managementβs Senior Housing Investors III and $75m to Starwood Global Opportunity Fund XI.
Florida SBA was one of the last investors to invest in the senior housing fund, for which . also attracted a further $100m of co-investment capital.
Chris Kazantis, portfolio manager for AEW Senior Housing Investors Fund, said: βThe growing demand for high-quality senior-living properties continues to present opportunities for our investors.
βThrough this new fund, we will continue to focus on assets that offer strong income returns and value appreciation potential.β
Starwood is targeting a $6bn capital raise for its Fund IX, with anticipated returns of 14% to 16%.
It will be making a mixture of debt and equity investments in the US and Europe.
