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Trustees vote to redeem InterContinental private real-estate holding; redeployment tabled
Summary
The Indian River Shores Police & Firefighters Pension Board voted unanimously to request full redemption from its InterContinental private-real-estate fund after months of partial payouts; trustees agreed to table final redeployment decisions until the full board can vote.
The board of trustees voted to request a full redemption from the InterContinental private real-estate fund after months of partial quarterly payouts. Chair (speaker 1) said the discussion had recurred across multiple meetings and moved to act: “I’m gonna stick with my motion... I’m just done with it.” The motion was amended to target InterContinental only and passed unanimously.
Brandon, the board’s investment presenter, explained the operational limits on immediate redemptions and said InterContinental had been paying only portions of requested redemptions (examples cited: a prior $300,000 request producing an $80,000 distribution). The board noted Principal had met prior redemption requests fully while InterContinental’s payout cadence reflected market liquidity and manager discretion. Trustees agreed to request the full balance from InterContinental and to defer decisions about where to invest any proceeds until the absent trustee can participate.
