The $8 billion Employees’ Retirement System of Rhode Island (ERSRI) has redeemed a $111 million investment in the $41.8 billion open-end JP Morgan Strategic Property Fund as part of a rebalancing, a spokesperson for the pension fund has confirmed.
The shift was not performance-related and was made in order to reach its strategic target allocation size of 3.6 percent, as the pension fund was overweight to core real estate.
The decision was reached on Nov. 20.
