ANREV is pleased to present the results of the Investment Intentions Survey 2024 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the sixteenth edition of the regional survey which attracted 90 respondents: 85 investors (94%), and 5 funds of funds managers (6%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2024 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs).

This includes 34 vehicles managed by 20 managers that submitted their 2022 TGERs representing a combined total GAV of US$100.7 billion. Of the 34 vehicles which provided data for their TGERs, 20 vehicles provided data on their 2022 REERs.

This ANREV Vehicles Universe document provides data on 407 vehicles with a total gross asset value (GAV) of US$ 337.9 billion as of Q2 2023. Data on 268 vehicles (total GAV US$193.5 billion) was extracted from the ANREV Vehicles Database. Data on the remaining 139 vehicles came from secondary sources.

If you have any questions, please contact Cheng Wee Tan or Donald Lam.

• Funds of funds’ global AUM rose to over US$ 85.8 billion at the end of 2022
• They invested US$ 5.5 billion into the global real estate market in 2022 and delivered a positive performance of 2.93%
• Value add allocations increased to a record 10% but focus on core remains
• Acceleration of granular diversification strategy through the choice of vehicle, sector and geography

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

• Blackstone is the biggest fund manager with more than US$500 billion of real estate AUMBlackstone is the biggest fund manager with more than US$500 billion of real estate AUM

• Continued concentration of global AUM in the largest managers, with top four managers accounting for almost 27% of the total real estate capital.

• ESR has become the manager with the largest Asia Pacific real estate AUM

• Pan-Asian industrial and logistics players are emerging among top fund managers.

At the end of 2022, the total global real estate assets under management (AUM) reached a record of US$4.1 trillion. The total AUM of the top 10 managers exceeded US$1.9 trillion. With US$508.2 billion of real estate AUM, Blackstone tops the overall list, followed by Brookfield and Prologis.
 
ESR is making is replacing GLP in the top 10 and takes the first spot in APAC.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2022 survey attracted the participation of 116 fund managers from 21 countries across Asia Pacific, Europe and North America.

Capital was sought for 747 vehicles which equate to a minimum of US$264 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$34 billion of new capital.

ANREV is pleased to present the results of the Investment Intentions Survey 2023 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the fifteenth edition of the regional survey which attracted 82 respondents: 75 investors (91%), and 7 funds of funds managers (9%).

Chapter 1 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2023 Investment Intentions reports.

Chapter 2 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. This chapter is based only on those investors and fund of fund managers who are already investing in the Asia Pacific market or intend to do so in the next two years.

• Funds of funds AUM rose to at least US$59.7 billion globally end of 2021
• As a group, funds of funds delivered a record-high total return of 12.4% in 2021
• Large, open end core vehicles with a global strategy dominate the funds of funds market segment

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.