INREV is focused on developing a consistent, industry-wide performance measurement standard for non-listed real estate funds. We believe that this is critical to achieving our objective of creating greater transparency in the industry.

The INREV Index, which measures annual performance based on net asset value (NAV), is fast becoming that standard. It is adding significantly to the ability of investors and fund managers to better evaluate their portfolio or fund performance.

The latest iteration of the annual INREV Index was released in April 2011. It revealed a broadly encouraging picture. For the first time since 2007, the European non-listed real estate funds sector delivered positive annual performance. The 2010 return reached 7.4 percent in local currency — up from –7.7 percent in 2009.

These strong figures were driven largely by the r