The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs). This study includes 36 vehicles managed by 18 managers that submitted their 2023 TGERs representing a combined total GAV of US$75.6 billion. Of the 36 vehicles which provided data for their TGERs, 27 vehicles provided data on their 2023 REERs. Outliers were removed from the dataset.

The publication also includes the first release of global comparison of the Total Global Expense Ratio (TGER) featuring 46 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 359 billion (98% of the Global ODCE Index’s GAV) as of the end of 2023.

Key highlights include:

• The average TGER of all vehicles was 0.71% based on GAV and 1.30% based on NAV.
• Core and larger funds (average GAV larger than US$1 billion) registered lower TGERs.
• Single country strategy funds and lower geared funds reported lower TGERs.