The Q1 2025 release of the Global IRR Index monitors a sample of 402 closed end funds across vintages from pre-2001 to 2022. All of these 402 funds follow a non-core strategy as defined by their managers and include 350 value added and 52 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 152 European and 176 funds focused on the USA.

• The IRR for the 2019 vintage year improved the most, from -7.71% to -6.64%, in Q1 2025.

• A majority of funds have value added and single country strategies.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

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 Daisy Huang or Eileen Chiu.