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.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.98% in December 2019. The ACOE includes 19 funds with a total GAV of AUD 113.78 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.

Welcome to the January 2020 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q3 2019.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering almost 15 years of performance across all regions. 

The GREFI All Funds Index return showed a slight increase over Q3 2019 with a total return of 1.39% compared with 1.31% recorded over Q2, according to the latest release of the Global Real Estate Fund Index (GREFI).

Key highlights:

• Global strategy funds take the lead, outperforming European, US and Asia Pacific funds
• Non-core funds outperformed core funds with returns of 1.74% and 1.33% respectively

From Q3 2018 edition onward, the GREFI Index will no longer include US closed end value added funds (NPI - CEVA Index)

Please send any queries to Daisy Huang , Kip Kong or Amélie Delaunay.

•The ANREV’s All Funds index returned 1.13% in Q3 2019, down from 2.11% in Q2.

•Value added funds underperformed with a reported return of -3.01% vs 1.57% for core and 2.41% for opportunity funds.

Data contributions were received from 100 funds with a total gross asset value of US$133.3 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang at [email protected] or Kip Kong at [email protected].

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.27% in November 2019. The ACOE includes 19 funds with a total GAV of AUD 113.70 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.

The industry looks for common metrics to report and compare performance of real estate investment vehicles that operate across different regions of the globe.

However, in practice we use different NAV calculations in different regions. To better understand the differences between IFRS, INREV NAV and US GAAP Fair Value NAV a comparison and first gap analysis was developed by INREV, ANREV, the NCREIF and PREA Reporting Standards.

The resulting short paper explains the main differences when calculating NAVs across regions and the potential impact of these differences.

This is an initiative from the Global Standards Steering Committee. 

- March 2020 updated

When investors perform due diligence over prospective and current investments, related party transactions and fees are often key focus areas, particularly over “hidden fees” or debatable fees which may not be apparent pre-investment.

From a documentation perspective, governing documents are often vague or silent on how non-standard costs should be treated. As such, it is often left to the manager’s discretion to decide whether certain costs could or should be borne by the manager or by one or a combination of funds, managed accounts or other vehicles. This in turns may lead to conflicts of interest over fee allocation amongst different relevant mandates, especially if some are in promote/carry positions and some are under-water.

On 15th and 16th August 2019, ANREV hosted two round tables in Singapore and Hong Kong respectively, where a number of managers, fund administrators and advisors sat together and shared their experiences to identify current industry practices and learn from their peers in how they are meet investor demand for fairer and more transparent expense policies.

This document is for members only. Please login if you do not see the downloads below

ANREV Professional Standards Committee would like to thank the participants who have engaged in the discussion as well as Paul Walters from PwC who kindly helped to facilitate the discussion and wrote this paper.

To learn more about the committee please click here. For further information please contact [email protected]

The ANREV / INREV Management Fees and Terms Comparison Study compares the fees and cost structures of non listed real estate investment funds in Asia Pacific and Europe with a focus on total expense ratios (TERs) and real estate expense ratios (REERs). The report is based on the regional studies conducted by ANREV and INREV during 2018.

Some of the key findings identified in the report are as follow:

• TERs before and after performance fees are higher in Asia Pacific than in Europe
• Core funds in Asia Pacific have lower TERs than in Europe
• REERs are on average lower in Asia Pacific than in Europe

Please contact Draco Mok at [email protected] if you have any questions regarding the comparison study.