The ANREV Management Fees and Terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on the Total Global Expense ratios (TGERs) and real estate expense ratios (REERs). The 2026 study draws on 2025 data from 31 vehicles representing USD 67.5 billion in Gross Asset Value (GAV).

Key findings:

• TGER Benchmarks: The equal-weighted Total Global Expense Ratio (TGER) averaged 1.01% based on GAV and 1.53% based on NAV. Weighted averages were lower at 0.67% and 1.08%, reflecting the lower fee loads of larger funds.
• Cost Composition: While vehicle fees remain the largest TGER component, vehicle costs (particularly professional services) are the primary driver of expense ratio divergence across investment styles.
• REER Insights: The average Real Estate Expense Ratio (REER) stood at 1.07% of GAV, with a weighted average of 0.91%.  

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