UBS Trumbull Property Fund’s $3.1bn (€2.8bn) exit queue has nearly doubled since June, according to people familiar with the matter.

IPE Real Assets reported in July that the San Diego City Employees Retirement System (SDCERS) was planning to redeem its $34m from UBS Asset Management’s $22.7bn open-ended core vehicle due in part to underperformance and to rebalance its portfolio.

The Vermont Pension Investment Committee, an investor in the fund, said in a meeting document that the Trumbull Fund had a $5.4bn exit queue at the end of the third quarter of the year and UBS is offering fee discounts to investors in the fund.

Vermont said it has agreed to take a fee discount in relation to its $217.1m investment in the fund.

According to Vermont, UBS expects to take up to 10 quarters to fully work through the exit queue.

Earlier this year, Ohio Bureau of Workers Compensation (BWC) filed a $75m redemption for its $322m investment in the Trumbull Fund.

Ohio BWC told IPE Real Assets that it has so far received $24.5m of the capital back.

Joe Azelby, head of real estate and private markets business for UBS Asset Management declined to comment on the size of the exit queue, but said, “we will take every measure and expend every resource to improve investment performance and deliver results to our clients.”

IPE Real Assets reported in March that UBS had earmarked $2bn of assets to be offloaded as it looks to meet redemptions.