Florida State Board of Administration is seeking to redeem $124m (鈧�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.
鈥淩edemptions were not made/used for any particular investment, and were placed in cash reserves for new investments,鈥� 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 Management鈥檚 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: 鈥淭he growing demand for high-quality senior-living properties continues to present opportunities for our investors.
鈥淭hrough this new fund, we will continue to focus on assets that offer strong income returns and value appreciation potential.鈥�
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.
