ANREV, INREV and NCREIF are pleased to release the second publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for 47 funds out of the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 336 billion (98% of the Global ODCE Index’s GAV) as of the end of 2024.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2024 remained unchanged year-on-year at 0.82% based on GAV, while the TGER based on NAV increased by 3 bps to 1.21%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services are the highest vehicle costs across all three regions