Investors in core real estate funds have long been able to compare performance against the NCREIF Open-end Diversified Core Equity index. Now NCREIF has created a new index for value-added funds: the NCREIF Fund Index – Closed-end Value-add, or NFI-CEVA. With third quarter 2015, the index expanded to include funds and historical data for both active and closed funds.

“NFI-CEVA begins to meet the needs of plan sponsors and other industry participants for value-add fund performance benchmarks and standardization,” Peter Steil, CEO of NCREIF, said in a statement. “The index will improve transparency and help our members make more-informed investment decisions. NCREIF will continue to build this index so that it is increasingly robust in the breadth and depth of the closed-end value-added fund universe.”

NFI-CEVA’s third quarter total returns, gross of fees, were 3.55 percent, consisting of a 1.61 percent income return and 1.93 percent appreciation return. This