Investors with private capital allocations assign considerable resources to forecast future capital calls which is an act of necessity rather than choice. The challenge for LPs is to estimate the amount required and schedule of calls to meet their commitments. Committed capital today is unlikely to be called in immediately. GPs may postpone drawdowns with anticipation that asset price will adjust or be in a search for acquisitions that match vehicle strategy.

In this paper, Arvydas Jadevicius PHD, assesses the typical capital calls velocity for closed end APAC non-listed real estate funds. The study contributes to a better understanding of capital calls velocity. It can also enrich LPs’ non-listed APAC real estate funds investment programme.

ANREV has launched the ninth release of the ANREV Pan Asia Open-End Diversified Core Fund Index (ODCE).

2 funds have joined the ODCE fund level report resulting a total of 6 funds.

For this report, funds will be included when they have at least 3 assets. 

Please provide feedback and comments to Kip Kong at [email protected] or Amélie Delaunay at [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.33% in January 2020. The ACOE includes 19 funds with a total GAV of AUD 113.79 billion.

The ACOE index also reports data on geographic allocation by sectors.

Please contact Daisy Huang at [email protected] or Draco Mok at [email protected] if you have any questions regarding the Index.

In February's issue, we have included:                   

British Virgin Islands (BVI)

• Private Investment Funds law
• Economic Substance requirements for legal entities

Cayman Islands

• CIG publishes a draft Private Funds Bill, 2020

Hong Kong

• SFC proposes changes to the open-ended fund companies’ regime
• New guidance on Hong Kong licenced corporations’ use of cloud services and other external electronic data storage 

Japan

• TCFD Consortium announces the release of the ‘Green Investment Guidance’

Singapore

• Variable Capital Companies Act 2018 comes into operation
• New US$ 2 billion investment programme to support growth of Green Finance in Singapore
• MAS issues updated guidelines on licensing, registration and conduct of business for fund management companies and related FAQs

Taiwan

• Executive Yuan proposes to repeal Stamp Duty Act

United States

• Treasury Department issues final rules implementing CFIUS regulations under FIRRMA

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

In collaboration with NCREIF, PREA and INREV, ANREV is delighted to present the Total Global Expense Ratio (TGER).   

This new standard sets out to harmonise the approach for measuring the total fees and costs of real estate investment vehicles.  

Investors and managers will now be able to compare vehicles across different regions with ease, using just one approach, adding a further layer of transparency and consistency. 

The TGER builds on the INREV Total Expense Ratio (TER) and the Reporting Standards Real Estate Fees and Expense Ratio (REFER).

TGER has been incorporated into the NCREIF PREA Reporting Standards.  In the coming month, we will incorporate TGER into the fee and expense metrics module of the INREV Guidelines and update all fee related references.  

After a transition period, which will run until January 2021- TGER will become a required element of the INREV Guidelines. 

For more information, please contact [email protected]
 
Download the full paper for more information 

ANREV has launched the eighth release of the ANREV Pan Asia Open-End Diversified Core Fund Index (ODCE).

Updated 23 January 2020 - 3 year rolloing return has been added to the report.

Please provide feedback and comments to Kip Kong at [email protected] or Amélie Delaunay at [email protected]

The second net / gross return report shows a three months' total gross return of 1.77% for the period between October and December 2019.

The net / gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 19 ACOE funds.

Please contact Daisy Huang at [email protected] or Draco Mok at [email protected] if you have any questions regarding the Index.

ANREV is pleased to present the results of its seventh global Investment Intentions Survey 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 thirteenth edition of the regional survey which attracted 140 respondents: 125 investors (89.3%), and 15 funds of funds managers (10.7%).

Chapter 2 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 2020 Investment Intentions reports.

Chapters 3 through 7 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are 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.

ANREV has launched the Q3 2019 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q3 2019 sample of the ANREV IRR index includes 72 funds.

We welcome any questions or comments - please email Daisy Huang or Kip Kong.