This study compares the fees associated with the management of non-listed real estate investment funds globally. The report is based on the regional studies conducted by Pension Real Estate Association (PREA) in the US, European Association for Investors in Non-listed Real Estate Vehicles (INREV) and Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) during spring and summer 2016.

The INREV and ANREV management fee and terms questionnaire was updated in January 2016 to reflect updates to the INREV Fee and Expense guideline module. Updates to the questionnaire are minor and largely reflect alignment in terminology with the INREV guidelines.