The Q4 2025 release of the Global IRR Index monitors a sample of 421 closed end funds across vintages from pre-2001 to 2022. All of these 421 funds follow a non-core strategy as defined by their managers and include 367 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 71 Asia Pacific funds, 163 European and 187 funds focused on the USA.

• The IRR for the post-2019 vintage group improved the most in Q4, from 0.20% to 2.13%.

• At 9.07%, the IRR for the 2022 vintage year is the highest amongst the post-2015 funds.

• 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.