Los Angeles Fire & Police Pensions (LAFPP) has overshot its real estate allocation and is pulling capital out of open-ended funds.

The pension fund has filed $100m (€88.6m) worth of redemption requests with PGIM Real Estate and AEW Capital Management.

Tom Lopez, CIO at LAFPP, said: “We made these decisions because we are over allocated to real estate.”

At the end of May, the pension fund had 10.5% of assets in real estate, overshooting its 10% allocation target.

It is seeking to redeem $27m from PRISA III, a value-added fund managed by PGIM, and $73m from the AEW Core Property Trust.

LAFPP made a $25m commitment to the former in 2013 and a $50m commitment to the latter in 2009.

Last year, LAFPP said it would review its holdings in open-ended funds with a view to rebalancing where necessary.

The pension fund should be able to redeem its capital relatively quickly from AEW. At the end of 2015, the fund had no redemption queue and an entry queue of $111m.