The Texas Permanent School Fund is pulling $300m (€268m) out of the UBS Trumbull Property Fund and re-investing it into the Morgan Stanley Prime Property Fund and the Invesco Core Real Estate Fund.
The decision to shuffle its core, open-ended fund holdings was revealed during a board meeting last week.
Advised by Courtland Partners, the pension fund will re-invest $225m in the Morgan Stanley Prime Property Fund and $75m in the Invesco Core Real Estate Fund.
The transfer will take time as the UBS fund has an exit queue and the Morgan Stanley and Invesco funds have entry queues.
In April, IPE Real Estate reported that the New York State Common Retirement Fund had committed $350m to the UBS Trumbull fund.
Texas Permanent also revealed it is committing $100m to a US industrial real estate fund managed by Prologis.