The $52.7 billion Pennsylvania Public School Employees’ Retirement System is lowering its allocation to real estate to 11 percent from its previous 12 percent, according to Evelyn Tatkovski Williams, press secretary for the pension fund. The new allocation became effective Oct. 1, 2017.

PSERS’ long-term real estate target is currently 10 percent, with 8 percent to private real estate, according to the pension fund.

“PSERS has been working to lower the allocation to real estate since the end of the Great Recession,” said the pension fund in a statement. “PSERS was and still is overallocated against its long-term targets. The new allocation change is just a step in that direction.”

PSERS has an actual allocation to real estate of 11.5 percent. Despite the overallocation, the pension fund is still planning to invest additional capital into real estate. “PSERS will be focused on re-ups with existing managers at this time,” said the retirement system.