Funds of funds globally increased their total value of assets under management (AUM) to a record high of at least €43.4 billion ($51.32 billion) at the end of 2020, marking the third consecutive year of growth, according to the ANREV/INREV/NCREIF Fund Manager Survey 2021.
Funds of funds with a global strategy make up the largest share of the INREV/ANREV Funds of Funds Universe, representing 70 percent of the total by number, and 95 percent by the total NAV. Those with a European investment strategy represent 22 percent of the universe by number (4 percent of total NAV), while those targeting Asia Pacific account for 9 percent by number, and only 1 percent of total NAV. The universe does not include a single fund of funds targeting North America.
Funds of funds with a core style make up almost half (48 percent) of the universe by number, but 94 percent of total NAV. Core-style funds of funds tend to be large with an average NAV of €1.8 billion ($2.13 billion). Howev
