The Q3 2025 release of the Global IRR Index monitors a sample of 415 closed end funds across vintages from pre-2001 to 2022. All of these 415 funds follow a non-core strategy as defined by their managers and include 361 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 75 Asia Pacific funds, 160 European and 180 funds focused on the USA.

• The IRR for the 2022 vintage year continued to improve in Q3, from 6.84% to 7.29%.

• The post 2019 vintage funds turned positive in Q3, posting a 0.20% IRR.

• 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.