Publications

- June 1, 2020: Vol. 12, Number 6

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New global IRR performance index for real estate

by Jennifer Molloy

On 29 April, ANREV, INREV and NCREIF announced the launch of the first Global IRR Index, providing data on the since-inception performance of value-added and opportunistic closed-end, nonlisted real estate funds in Asia Pacific, Europe and the United States.

“This is an important evolution of the original INREV IRR Index,” said Henri Vuong, INREV’s director of research and market information. “As a money-weighted measure, it provides global investors and managers with an additional view of fund performance, enabling them to assess whether a fund’s cashflow is sufficient to meet its specific investment goals. Given the current challenging circumstances presented by the COVID-19 pandemic, this perspective will no doubt be particularly relevant.”

The best average internal rate of return (IRR) across all three regions for the Global IRR Index was 18.39 percent, recorded by funds with a first closing in 2013. But this vintage was also marked by regional variance

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