Research - OCTOBER 3, 2022

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ANREV: Total global expense ratio for Asia Pacific non-listed real estate funds stands at 1.12%

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The ANREV Management Fees and Terms study 2022 includes 57 non-listed real estate funds that provided information on their general fees and terms, including 42 that submitted their 2021 TGERs. These vehicles are managed by 24 managers and collectively represented a total gross asset value (GAV) nearly $96.8 billion at the end 2021.

Average Total Global Expense Ratio (TGER) based on gross asset value (GAV) was 1.12 percent (as reported at the end of 2021). However, there are notable variations on TGER averages when examining across various vehicle's characteristics (i.e. vehicle style, structure or size).

The latest findings reveal that core funds posted an average TGER based on GAV of 0.86 percent, versus value added funds with 1.57 percent and opportunity funds with 1.31 percent. By structure, open end funds posted an average TGER of 1.11 percent versus closed end funds, which posted an average TGER of 1.13 percent. Larger vehicles (more than $1 billion in GAV) record

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