The CRE Finance Council (CREFC) and the National Council of Real Estate Investment Fiduciaries (NCREIF) have launched NCREIF/CREFC Fund Index Open-End Moderate-Yield Debt, the first institutional fund-level benchmark for private real estate debt funds. As of June 30, 2025, the index comprises 12 open-end debt funds representing more than $30 billion in assets and more than 500 underlying loans with posted returns since the fourth-quarter 2017, providing a robust, representative measure of performance for the sector.
Developed jointly by NCREIF and CREFC, the Moderate-Yield Debt Index fills a long-standing market need for a standardized, transparent benchmark that reflects the risk-return characteristics of actively managed open-end commercial real estate debt strategies.
The Moderate-Yield Debt Index will be issued in a consul
