Consultant Meketa said the REIT allocation overlaps with the public equity portfolio. : Maryland State Retirement and Pension System (SRPS) has become the latest US pension fund to cut its exposure to real estate investment trusts (REITs). Last year, IPE Real Assets reported that the $52.7bn (€47.1bn) pension fund was planning to review its REIT strategy and mandates, which represent $700m of its $4.1bn real estate portfolio. The pension fund said in a board meeting document that it has decided to remove REITs from its real estate target allocation.