The Q1 2026 Global IRR Index release monitors 424 closed end funds across vintages from pre-2001 to 2022. All of these 424 funds follow a non-core strategy as defined by their managers and include 370 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 73 Asia Pacific funds, 163 European and 188 funds focused on the USA.
• The IRR for the post-2019 vintage group slightly improved in Q1, from 2.13% to 2.27%.
• At 7.95%, the IRR for the 2022 vintage year is the highest amongst the post-2016 funds.
• USA’s 2008-2010 fund vintage performance 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.