ANREV has launched the second release of the IRR by vintage index. The ANREV IRR/Investment Multiple Index (the IRR Index) measures performance of value added an opportunistic non-listed closed end funds focused in Asia Pacific.

As this index is still relatively new, we would welcome any comments - please email [email protected]

ANREV is pleased to present the results of its fifth 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 eleventh edition of the regional survey which attracted 177 respondents in Asia Pacific compared to 199 in 2017: 84 investors (47.5%), 6 fund of fund managers (3.4%) and 87 fund managers (49.2%).

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 2017  Investment Intentions reports.

Chapters 3 through 6 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, fund managers, and fund of fund managers who are already invested in the Asia Pacific market or intend to do so in the next two years.

In the final chapter, for the fourth time, we have invited Real Capital Analytics (RCA) to present its analysis of the relationship between the predictions within ANREV Investment Intentions Survey 2017 and the investment activities that transpired during the past year using its database of global transactions in that particular year.

The ANREV Australia Monthly Index saw a total return of 2.64% in December 2017, the one year rolling return at 12.70% illustrating the strong performance of the Australian market. The ANREV Australia Core Open End Fund Monthly Index currently includes 17 funds with a total GAV of AUD 90.65 billion.

Please contact Amélie Delaunay at [email protected] or Ricky Cheng at [email protected] if you have any questions regarding the Index.

It is an index showing the performance of non-listed real estate funds on a global scale and is created by ANREV, INREV and NCREIF. This publication includes the performance figures up to Q3 2017.

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

The GREFI Q3 2017 update release includes the performance of 521 funds compared to 524 funds as of Q2 2017.  The GREFI includes funds in Asia Pacific (96), Europe (321), US (90) as well as funds with a global strategy (14).  GREFI funds represent US$691.0 billion of total gross asset value with 45% in US funds, 34% in Europe, 18% in Asia Pacific and the remainder in global funds.

Please send your queries on this release to [email protected].

Steady returns in Q3

• The ANREV All Funds index returned 2.70%
• Value added and opportunity funds returned 3.03% and 2.56% respectively

Data contributions were received from 96 funds with a total gross asset value of US$121.8 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 in November.

Please contact Amélie Delaunay at [email protected] to take part in this industry-led initiative or if you have any questions about the ANREV Index.

This is the second fund termination study conducted by ANREV. The survey aims to examine the options fund managers consider as the termination date of their fund approaches. The survey covers funds that are due to terminate in the coming two years as well as those that were liquidated in the past two years. We received participation from 21 funds managers managing 29 non-listed funds in Asia Pacific with a combined gross asset value (GAV) of US$6.43 billion.

The ANREV Australia Monthly Index saw a total return of 0.66% in November 2017, the one year rolling return at 12.29% illustrating the strong performance of the Australian market.  The ANREV Australia Core Open End Fund Monthly Index currently includes 17 funds with a total GAV of AUD 87.42 billion.

Please contact Amélie Delaunay at [email protected] or Daisy Huang at [email protected] if you have any questions about the Index.

• Funds of funds delivered positive returns of 7.7% in 2016

• Open end vehicles outperformed their closed end peers in 2016

• Core vehicles returned 7.9% while non-core generated 7.1%

Four consecutive years of positive growth saw funds of funds achieve a positive return of 7.7% in 2016, making 2016 the fifth best year since 2005.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 58 funds of funds that are managed by 24 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $12.9 billion.  Nine fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 49 funds of funds.  Performance data was based on 16 vehicles. 

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.

For further information please contact [email protected]

In November’s issue, we have included: 

Australia

              -       New Australian corporate collective investment vehicle – an attractive option for offshore investors in

             Australian property?

China

-       Guidelines on outbound investment

-       Interim Regulations on the Administration of Privately Placed Investment Funds

Hong Kong

-       SFC publishes conclusions on proposals to enhance asset management regulations and point of sale transparency

-       SFC issues circular on common instances of non-compliance in managing funds and discretionary accounts

-       SFC identifies irregularities in private funds and discretionary accounts

-       FSDC releases report on promoting Hong Kong’s private equity fund businesses

Singapore

-        MAS responds to feedback on review of competency requirements for representatives conducting regulated activities under the SFA and FAA

-        MAS consults on changes to notification requirements in relation to representatives of financial institutions serving only non-retail customers

Korea

-        The Ministry of Strategy and Finance announced Korea’s 2017 Tax Revision Proposal

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