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 INREV 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.
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The fifteenth consultation release of the Global IRR Index includes 372 closed-end funds with non-core strategies, comprising of 322 value added and 50 opportunistic funds.
Key highlights:
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This release of the Global IRR Index features 72 Asia Pacific, 142 European and 158 US funds.
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The IRR of funds with a first closing post 2019 has decreased and became negative in Q2 2023.
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A clear majority of funds follow a single country and value-added strategy.
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At 18.7%, the performance of the USA’s 2008-2010 fund vintage is the strongest by far.
For any queries, please contact Amélie Delaunay, Daisy Huang, or Eileen Chiu.
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The fourteenth consultation release of the Global IRR Index includes 346 funds with non-core strategies, comprising of 305 value added and 41 opportunity funds.
Key highlights:
> This Global IRR Index release features 71 Asia Pacific, 122 European and 153 US funds
> The IRR of funds with a first closing in 2020 has decreased by more than six percentage points
> A clear majority of funds follow a single country strategy
> At 18.7%, the performance of the USA’s 2008-2010 fund vintage is the strongest by far -
The thirteenth consultation release of the Global IRR Index includes 341 funds with non-core strategies, comprising of 301 value added and 40 opportunity funds.
Key highlights:
> This Global IRR Index release features 68 Asia Pacific, 123 European and 150 US funds
> Funds with a first closing in 2020 recorded an average equally weighted IRR of 9.73% in Q4 2022
> Single country strategies exhibit greater variability in performance
> The USA’s 2008-2010 fund vintage continues to out-perform -
The twelfth consultation release of the Global IRR Index includes 343 funds with non-core strategies, comprising of 301 value added and 42 opportunity funds.
Key highlights:
> This Global IRR Index release features 73 Asia Pacific, 118 European and 152 US funds
>Funds with a first closing in 2020 recorded an average equally weighted IRR of 16.8% in Q3 2022
>Multi country funds show an average interquartile range of 9.6%, versus the single country equivalent of 11.7%
>The best performing vintage group for US funds is 2008-2010 with an average IRR of 18.7%. For both Asian Pacific and European funds it is 2011-2013, with average IRRs of 16.2% and 11.8%, respectively -
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% -
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 -
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% -
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% -
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 -
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
