Ohio Public Employees Retirement System (PERS) expects to invest $500m (€424m) in closed-ended real estate funds after withdrawing $150m from open-ended vehicles.
The pension fund anticipates making the new investments before the end of the year, according to a board meeting document.
It did not reveal which funds it was targeting or in which core open-ended real estate funds it had withdrawn capital.
Ohio PERS has invested in a range of core, value-added and opportunistic closed-ended funds in the past.
It has invested $2bn in core open-ended funds: $640m in the JP Morgan Strategic Property Fund, $635m in the BlackRock US Core Property Fund, $278m in the UBS Trumbull Property Fund, and $234m in PRISA.
As of March, its $7.8bn real estate portfolio was weighted 92% to the US, 2% to Europe and 4% to Asia and other global markets.