ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2025. This is the third edition of the Survey, following the previous reviews published in 2017 and 2021. The Survey attracted participation from 21 fund managers, representing over US$1 trillion in real estate assets under management (AUM) globally.

The Survey collects detailed data on respondents’ set up and operational practices including organisational structure, governance, risk management, administration, valuation, technology and operations, regulatory compliance, and reporting.

Key findings include:

• Headcount: Only 20% of respondents anticipate an increase in headcount in 2026 with any growth focused on front office roles. Portfolio management, IT, compliance, and risk management are continuously identified as the most challenging areas to resource.
• Sustainability and climate risk: 86% have introduced specific sustainability and climate risk KPIs into their products, and 90% provide regular investor reporting on these topics.
• Investor reporting: 52% of respondents use INREV standards in their investor reporting. And 76% issue quarterly NAVs, and among managers of core funds, 65% provide a preliminary NAV within two weeks of period end.