The $1.1 billion pension fund's board at its Aug. 20 approved placing the manager on watch for organizational changes within the J.P. Morgan Strategic Property Fund. The board originally committed $50 million to the fund in July 2018.
As of June 30, the actual allocation to real estate was 10.5%; the target is 10%.
Investment consultant Marquette Associates assisted.
Michael Walsh, executive director and chief investment officer, did not return a phone call seeking further information.