ANREV, INREV and NCREIF are pleased to release the third publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for all the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 349 billion as of the end of 2025.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2025 decreased slightly year-on year by 1 bps to 0.81% based on GAV, while the TGER based on NAV decreased by 2 bps to 1.19%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services remain the highest vehicle costs across all three regions

For further details contact [email protected]