Illinois Municipal Retirement Fund (IMRF) has decided to drop $308.4m (€264m) of unfunded commitments to two real estate funds and one infrastructure fund.

The largest is a $150m commitment to Heitman American Real Estate Trust, which was approved in November 2017.

It is also no longer committing €50m to the CBRE Pan-European Core Fund and $100m to Oaktree Transportation and Energy Infrastructure Fund, which were approved in August 2016 and May 2017, respectively.

The $41.3bn pension fund said the decision was taken during its August board meeting.

Asked whether it was a cautionary move ahead of a potential market correction in the near future, IMRF said the decision was down to reasons specific to each fund.

IMRF’s chief investment officer Dhvani Shah cited legal and due-diligence reasons for the decision not to invest in the Heitman and CBRE Global Investors funds.

He said the pension fund would no longer be investing in the Oaktree Capital Management fund due to “significant changes to the team in terms of senior level turnover and to the strategy”.

Last year, Oaktree split the fund into two vehicles, focused on transporation and energy, respectively.