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

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