The Q4 2023 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 69 Asia Pacific funds, 145 European and 167 funds focused on the USA.

• The IRR of funds in Post 2019 group deteriorates, displaying an equally weighted IRR of -8.96%.

• 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.

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.

This year's survey attracted the participation of 83 fund managers from 19 countries across Asia Pacific, Europe and North American with a minimum of US$129 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$19 billion of new capital.

The eighteenth gross return report shows a 3-month total gross return of -1.84% for the period between January and March 2024.
 
The 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 17 ACOE funds.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -1.90% in March 2024. The ACOE includes 17 funds with a total GAV of AUD 117.06 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 Q4 2023 ANREV ODCE Asset Level Performance Consultation Report posted a total return of 0.33%, comprised of -0.68% capital growth and 1.02% income return. Slightly improving from the previous quarter’s returns of 0.34%. The report measures the asset level returns of 240 investments owned by 8 ODCE funds valued at US$19.57 billion as of Q4 2023.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu for any queries.

The INREV Debt and Derivatives Disclosure Notes provide investors with detailed information about an investment vehicle’s financing and hedging arrangements in a standardised disclosure format. Investment managers can present this information alongside the material disclosures required by the respective GAAP of the vehicle.

The new 2024 version of the Notes is divided into two parts:

Background and summary: Describes the main topics, including a mapping to the relevant INREV Reporting Guidelines and a checklist assisting users when reporting the debt and derivatives-related information to investors.

Practical Templates: Contains detailed tables and examples illustrating how debt and derivative information can be effectively presented to investors.

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 Q4 2023 includes 69 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 Q4 2023.

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 -3.22% in Q4 2023 and was negative for the sixth consecutive quarter.
• All three regions recorded negative performances, with Asia Pacific funds outperforming European and US funds.
• GREFI Core funds outperformed their riskier non-core peers.

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