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.
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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 -
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 -
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 -
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 -
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 -
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%
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ANREV, INREV and NCREIF have released the first Global IRR index providing data on the performance of value added and opportunity closed end non-listed real estate funds in Asia Pacific, Europe and the US.
The webinar discussed the relationship between ANREV, INREV and NCREIF, and provide an overview of the new index.
Panelists:
Amelie Delaunay - ANREV
Dan Dierking - NCREIF
Henri Vuong - INREV
Joe D'Alessandro - NCREIFThis index is a consultation index and we would like to encourage the industry to provide feedback @Amelie Delaunay.
