Sacramento County Employees’ Retirement System (SCERS) has revealed it has filed $49m (€44.7m) worth of redemption requests from the Jamestown Premier Property Fund and the Clarion Lion Properties Fund as it rebalances its real estate portfolio.

SCERS said it is redeeming the full $18.4m interest it has in the Jamestown fund and will take $31m out of the $155.5m it has invested in the Clarion Partners fund.

In June this year, IPE Real Assets reported that the pension fund was planning to redeem its investment from two of its core open-ended real estate funds, having become over-allocated to real estate. At the time, real estate accounted for 9.5% of the pension fund’s $9.24bn of assets, above its target allocation of 7%.

Steve Davis, the pension fund’s CIO, said the two funds were selected in order to adjust the pension fund’s aggregate geographic and property-type exposures.

“The office exposure and concentrated exposure in New York City was lowered mostly through the Jamestown reduction,” he said.

“The primary reason for the Clarion reduction was because it was an outsized allocation relative to other core funds in the portfolio.”

As at June this year, the pension fund had invested 9.5% of its total investment portfolio in real estate. This compares to a 7% target allocation for the asset class and an acceptable range of 5% to 9%.