The Q1 2025 release of the Global IRR Index monitors a sample of 402 closed end funds across vintages from pre-2001 to 2022. All of these 402 funds follow a non-core strategy as defined by their managers and include 350 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 152 European and 176 funds focused on the USA.

• The IRR for the 2019 vintage year improved the most, from -7.71% to -6.64%, in Q1 2025.

• A majority of funds have 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 Daisy Huang or Eileen Chiu.

The Q4 2024 release of the Global IRR Index monitors a sample of 398 closed end funds across vintages from pre-2001 to 2022. All of these 398 funds follow a non-core strategy as defined by their managers and include 346 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 150 European and 178 funds focused on the USA.
• The IRR for the 2021 vintage year improved the most, from -8.86% in Q3 to -5.74% in Q4.
• A majority of funds have 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 Daisy Huang or Eileen Chiu

The Q3 2024 release of the Global IRR Index monitors a sample of 390 closed end funds across vintages from pre-2001 to 2022. All of these 390 funds follow a non-core strategy as defined by their managers and include 339 value added and 51 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 146 European and 170 funds focused on the USA.

• The IRR of the Post-2019 group improved by 428 bps to -2.64%, from -6.93% in Q2.

• A majority of funds have 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 Daisy Huang or Eileen Chiu

The Q2 2024 release of the Global IRR Index monitors a sample of 388 closed end funds across vintages from pre-2001 to 2022. All of these 388 funds follow a non-core strategy as defined by their managers and include 337 value added and 51 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 73 Asia Pacific funds, 145 European and 170 funds focused on the USA.

• The IRR of funds launched Post 2019 improved by 375 bps to -6.93%, from -10.67% in Q1.

• The two strongest vintage groups are represented by funds launched before 2001 and between 2011 and 2013. They posted average IRRs of 14.73% and 14.12%, respectively.

• The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.18%.

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 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 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.

This Global IRR Index consultation release monitors 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 333 value added and 48 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 70 Asia Pacific funds, 145 European and 166 funds focused on the USA.
• The two strongest vintage groups are still represented by funds launched before 2001 and between 2011-2013. They posted average IRRs of 14.7% and 14.2%, respectively.
• The post 2019 vintage group with funds launched in the years before the current downturn delivered the lowest performance with an equally weighted IRR of -1.8%.
• The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.7%.

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 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:

• This release of the Global IRR Index features 72 Asia Pacific, 142 European and 158 US funds.

• The IRR of funds with a first closing post 2019 has decreased and became negative in Q2 2023.

• A clear majority of funds follow a single country and value-added strategy.

• 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.

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