Callan has published its first 2024 Real Assets Open-End Funds Fees and Terms Study, analyzing 144 real assets partnerships that represent fund offerings across real estate, infrastructure, farmland and timberland.
"What stands out in the study is how many institutional open-end options exist today and how seemingly minor differences in fees and terms can impact investors," said author Aaron Quach, vice president in Callan's Real Assets Consulting group. "With each year, Callan's fee study datasets broaden, which will give us greater ability to see trends in fees over time."
The study is intended to help institutional investors better evaluate open-end real assets funds, serving as an industry benchmark when comparing a partnership's terms to its peers.
Key findings:
The median management fee for core real estate equity funds is 96 basis points (based on $25 million net asset value).
55 of 144 open-end real assets funds charge a per
