The San Luis Obispo County Pension Trust is increasing its investment in the JP Morgan Strategic Property Fund by an additional $50m (€44.5m), according to a board-meeting document.

The pension fund had an existing investment in the fund valued at $87m.

It made the new commitment based on the recommendation of its investment consultant Versus.

The new commitment will be called by JP Morgan in a relatively short time frame, possibly within 3-6 months.

Two years ago, the waiting period for new commitments could have been from 4-6 quarters, according to industry sources.

Existing investors in the Strategic Property Fund filed for redemption requests for this fund in excess of $1.7bn, as of the second quarter of this year.

The fund has also been able to close large transactions, including the $270.1m acquisition of the Sunnyvale Town Center office property in Sunnyvale, California.

JP Morgan had attracted $700m of new commitments by the end of June.

The new commitment into the Strategic Property Fund was the result of San Luis Obispo deciding in August to increase its targeted allocation to core real estate from 5% to 10%.