The Q2 2025 release of the Global IRR Index monitors a sample of 411 closed end funds across vintages from pre-2001 to 2022. All of these 411 funds follow a non-core strategy as defined by their managers and include 357 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 157 European and 180 funds focused on the USA.
• The IRR for the 2022 vintage year improved the most, from 2.10% to 6.84%, in Q2 2025.
• 2017-2019 vintage funds turned positive again in Q2 with a 0.03% IRR.
• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q2 2025 includes 74 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

ANREV Sustainability Committee and JLL invited investment managers to a series of round table discussions, the second of which was hosted in Melbourne, Australia on 20th of August. The event provided opportunities for managers to discuss with their peers their views on the role of ESG and sustainability for driving asset value in Asia Pacific.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q2 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fourth consecutive quarter in Q2 2025, delivering total returns of 1.01%, up 7 bps from 0.94% posted in Q1.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds outperformed their non-core peers for the second consecutive quarter, both delivering positive total returns of 1.09% and 0.69% respectively

For any queries, please contact Daisy Huang or Eileen Chiu.

2024 ANREV Annual Report

The Q2 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.18%, comprised of 0.12% capital growth and 1.06% income return. Up 64 bps from 0.54% posted in Q1 2025. The report measures the asset level returns of 243 investments owned by 8 ODCE funds valued at US$19.21 billion as of Q2 2025.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in August 2025. The ACOE includes 17 funds with a total GAV of AUD 114.35 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Karen Yeung, or Christy Lau if you have any questions regarding the Index.

The Q2 2025 ANREV index included data contributions from 79 funds with a total gross asset value of US$142.8 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.91% in Q2 2025, up from 0.88% posted in the previous quarter.

• Core funds with a total return of 2.34%, outperformed value-added and opportunistic funds which posted 0.41% and -1.32% respectively.

• Multi country strategy funds outperformed other single country strategy funds, posting total returns of 2.62%, Australian funds maintained their third consecutive quarter of positive performance with 1.51%.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.