The Q1 2024 release of the Global IRR Index monitors a sample of 381 closed end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 331 value added and 50 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 72 Asia Pacific funds, 145 European and 164 funds focused on the USA.
• The IRR of funds in Post 2019 group deteriorates, displaying an equally weighted IRR of -10.67%.
• A majority of funds follow value added and single country strategies.
• 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 Amélie Delaunay, 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 Q1 2024 includes 72 closed-end funds across vintages from pre-2005 to 2018.

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

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 Q1 2024.

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.

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

Key highlights:

• The GREFI All Funds Index delivered a total return of -1.29% in Q1 2024 and was negative for the seventh consecutive quarter.

• Other than Asia Pacific, all regions recorded quarter-on-quarter increase in performance, with Europe outperforming the wider index.

• GREFI Core funds slightly outperformed their riskier non-core peers, with both strategies remaining in negative territory.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.21% in May 2024. The ACOE includes 17 funds with a total GAV of AUD 116.77 billion.

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

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q1 2024 ANREV index included data contributions from 77 funds with a total gross asset value of US$147.9 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of -1.71% in Q1 2024, down from -0.89% posted in Q4 2023.

• Opportunity funds posted the only positive total returns of 0.52%, outperforming both core and value-added funds which reported -1.75% and -2.22% respectively.

• Both multi-sector and single-sector funds reported negative returns, posting -2.41% and -1.15% respectively

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.

ANREV, INREV and NCREIF present the fifth edition of the Global ODCE (Open End Diversified Core Equity) Fund Consultation Index, consisting of 49 funds with a combined total gross asset value of US$ 355.8 billion. 

Key highlights include: 

• The Q1 2024 Global ODCE reported a net total return of -2.35%, marking the seventh consecutive quarter of negative performance. On a 1-year rolling annual basis the total return stands at -9.01%.
• Europe outperformed the other regions with a total return of -0.56%, followed by the US with -2.58%, and -3.90% in Asia Pacific. Other than Asia Pacific, all regions saw a quarter-on-quarter increase in performance.
• On a five-year annualized basis, the Global ODCE Index shows an aggregated total return of 1.94%. Asia Pacific posted the highest annualized total return of 2.73%, followed by the US with 2.56%, and 0.19% in Europe.

 Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu should you have any questions regarding the Index.