The Global Internal Rate of Return (IRR) Index jointly produced by ANREV, INREV and NCREIF and measures the since inception internal rate of return performance of closed end non-listed real estate vehicles on a global scale.

The Global IRR is updated on a quarterly basis and published 13 weeks after the quarter end.

This is the second index produced jointly with ANREV and NCREIF to provide a suite of global indices to further transparency, accessibility and professionalism to the global non-listed real estate investment industry. As an industry, it is vital that we work towards being able to make robust global and intra-regional comparisons.

  • The eleventh consultation release of the Global IRR Index includes 341 funds with non-core strategies, comprising of 299 value added and 42 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 72 Asia Pacific, 118 European and 151 US funds
    >Funds launched in 2018 reported the highest single vintage performance of 18.3% average IRR
    >Funds launched in 2020 showed a biggest quarterly decrease of -2.26% in IRR among all vintage 
    >By region, the USA’s 2008-2010 vintage group continued to be the best performing group compared to other vintage groups with an average IRR of 18.7%

    Global IRR Q2 2022PDF
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    Global IRR Q2 2022XLSX
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    Global IRR Q2 2022 SnapshotPDF
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  • The tenth consultation release of the Global IRR Index includes 344 funds with non-core strategies, comprising of 299 value added and 45 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 77 Asia Pacific, 115 European and 152 US funds
    > Funds with a first closing in 2020 recorded an average IRR of 16.5% in Q1 2022
    > Amongst the single year vintages, only funds with a first closing in 2010, 2013 and 2018 outperformed the 2020 group
    > With an average IRR of 18.7%, US funds launched between 2008-2010 posted the strongest performance in the Q1 2022 Index

    Global IRR Q1 2022PDF
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    Global IRR Q1 2022XLSX
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    Global IRR Q1 2022 SnapshotPDF
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  • The ninth consultation release of the Global IRR Index includes 331 funds with non-core strategies, comprising of 291 value added and 40 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 70 Asia Pacific, 113 European and 148 US funds
    > The average IRR of funds launched in 2019 increase by 529 bps to 6.8%

    Global IRR Q4 2021PDF
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    Global IRR Q4 2021XLSX
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    Global IRR Q4 2021 SnapshotPDF
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  • The eighth consultation release of the Global IRR Index includes 336 funds with non-core strategies, comprising of 288 value added and 48 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 80 Asia Pacific, 108 European and 148 US funds
    > The average IRR of funds launched in 2019 increase by 533 bps to 1.5%

    Global IRR Q3 2021PDF
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    Global IRR Q3 2021XLSX
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    Global IRR Q3 2021 SnapshotPDF
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  • The seventh consultation release of the Global IRR Index includes 337 funds with non-core strategies, comprising of 289 value added and 48 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 80 Asia Pacific, 109 European and 148 US funds
    > Funds launched in 2019 reported the weakest performances of all vintages, delivering negative results

    Global IRR Q2 2021PDF
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    Global IRR Q2 2021XLSX
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    Global IRR Q2 2021- SnapshotPDF
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    Global IRR Q2 2021- SnapshotXLSX
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  • The sixth consultation release of the Global IRR Index includes 338 funds with non-core strategies, comprising of 290 value added and 48 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 80 Asia Pacific, 109 European and 149 US funds
    > Funds launched in 2019 delivered an average IRR of -7.4%, the weakest performances of all vintages in the Global IRR Quarterly Index

    Global IRR Q1 2021PDF
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    Global IRR Q1 2021XLSX
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    Global IRR Q1 2021- SnapshotPDF
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    Global IRR Q1 2021- SnapshotXLSX
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  • The fifth consultation release of the Global IRR Index includes 319 funds with non-core strategies, comprising of 276 value added and 43 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 77 Asia Pacific, 105 European and 137 US funds
    > Funds launched in 2017 and 2018 delivered average IRRs of 7.0%, the weakest performances of all funds launched post 2009

    Global IRR Q4 2020PDF
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    Global IRR Q4 2020XLSX
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    Global IRR Q4 2020- SnapshotPDF
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  • The fourth consultation release of the Global IRR Index includes 318 funds with non-core strategies, comprising of 272 value added and 46 opportunity funds.

    Key highlights:
    > This Global IRR Index release features 79 Asia Pacific, 103 European and 136 US funds
    > Funds launched in 2005 and 2006 delivered the lowest performance with an equally weighted IRR of 0.8% and -1.0%, respectively

    Global IRR Q3 2020PDF
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    Global IRR Q3 2020XLSX
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    Global IRR Q3 2020- SnapshotPDF
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    Global IRR Q3 2020- SnapshotXLSX
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  • The third Global IRR Index consultation release includes 316 closed end funds across vintages from pre-2002 to 2018 with a non-core manager defined strategy.

    Key highlights include:

    > The third consultation release of the Global IRR Index includes 316 funds with non-core strategies, comprising of 270 value added and 46 opportunity funds
    > This Global IRR Index release features 79 Asia Pacific, 102 European and 135 US funds
    > Funds launched in 2013 and 2010 delivered the highest performance with an equally weighted IRR of 18.5% and 17.8%, respectively

    Global IRR Q2 2020PDF
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    Global IRR Q2 2020XLSX
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    Global IRR Q2 2020 SnapshotPDF
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    Global IRR Q2 2020 SnapshotXLSX
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  • The second Global IRR Index consultation release includes 313 closed end funds across vintages from pre-2002 to 2018 with a non-core manager defined strategy.

    Key highlights include:

    • The second release of the Global IRR Index is comprised of 267 value added and 46 opportunity funds
    • The Q1 2020 Global IRR Index includes 79 Asia Pacific funds, 100 European and 134 US focused non-core closed end funds
    • Older vintage funds (pre-2002) display the highest performance with an equally weighted IRR of 15.7%
    Global IRR Index Q1 2020PDF
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    Global IRR Index Q1 2020XLSX
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    Global IRR Index Q1 2020 SnapshotPDF
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    Global IRR Index Q1 2020 SnapshotXLSX
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