The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q4 2024 includes 70 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures up to the end of Q4 2024. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q1 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered positive total returns of 0.77% in Q4 2024, up by 39 bps from 0.38% posted in the previous quarter.

• European funds outperformed the other regions with total returns of 1.21%, followed by the US with 1.08%, then Asia Pacific with -1.41%.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI non-core funds outperforming their core peers.

For any queries, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.33% in February 2025. The ACOE includes 17 funds with a total GAV of AUD 113.18 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang or Donald Lam if you have any questions regarding the Index.

The Q4 2024 ANREV index included data contributions from 67 funds with a total gross asset value of US$131.9 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of -1.41% in Q4 2024, down from 0.90% posted in the previous quarter.

• Core funds with a total return of -1.19%, outperformed value-added and opportunistic funds which posted -2.91% and -2.23% respectively.

• Australian funds outperformed the wider index with a total return of 0.37%, marking the first positive performance from the region since Q1 2023.

Further details of the sub-indices which cover different fund styles and various geographies can be found in the full report.

We would like to thank all the funds that contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The Q4 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.80%, comprised of -0.24% capital growth and 1.04% income return. Up 14 bps from 0.66% posted in Q3 2024. The report measures the asset level returns of 242 investments owned by 8 ODCE funds valued at US$19.10 billion as of Q4 2024.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.2 billion in farmland.

ANREV Australia Farmland Index returned -3.81% on a 12-month rolling basis in Q4 2024.

On an annualized rolling return basis, the income return was at 1.93% in Q4 2024.

Capital growth was at -5.65% in Q4 2024 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang or Donald Lam.

ANREV, INREV and NCREIF present the eighth edition of the Global ODCE (Open End Diversified Core Equity) Fund Index, consisting of 49 funds with a combined total gross asset value of US$ 341.7 billion. 

Key highlights include: 

• The Q4 2024 Global ODCE fund index posted a net total return of -2.10%, down from 1.99% posted in the previous quarter.

• The US ODCE funds outperformed the other regions posting total returns of 0.96%, followed by Europe with 0.93%, then Asia Pacific with -8.19%.

• Capital growth slid to -2.89% down by 407 bps from the previous quarter, while the accrual-based income return remained steady at 0.79%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

ANREV has launched a new IRR analysis tool, providing members with deeper insights into the performance of closed end funds. Built on the ANREV IRR Index, which tracks 74 closed-end funds across Asia Pacific with almost US$ 37 billion in paid-in capital, the tool offers enhanced analytics to support better investment decisions.

Key features include:

• Custom indices - allowing members to filter data by fund style, geography, sector, and target gearing for more tailored benchmarking.
• Custom vintage groups - analyse fund performance across different market cycles, such as pre- and post-financial crisis trends.
• Comparison functionality - enables investors to assess and compare market segments such as value-add versus opportunistic funds, or benchmark their funds against peer groups.
• Historical IRR evolution - helps users track the since inception IRR by vintage until a particular point in time, offering valuable insights into market shifts and fund maturity trends.

By bringing greater transparency and flexibility, this new tool strengthens ANREV’s suite of analytics resources, supporting investors in navigating the complexities of closed end fund performance.

Click here to access the new IRR analysis tool.

If you would like to learn more about the tool's features, read the guide below or please contact Daisy Huang or Eileen Chiu.

The Q4 2024 ANREV ODCE (Open End Diversified Core Equity) Fund Index posted a net total return of -8.19%, down from 5.92% posted in Q3 2024.

Key highlights:

• Capital growth slid to -8.93%, while the distributed income return was up by 3 bps posting 0.74%.
• After taking out the currency impact of -8.52%, the index delivered a Local Currency Equivalent Net Return of 0.34%.
• The index features 8 funds, with a total GAV of US$19.7 billion as of the end of 2024.

For any feedback and comments, please contact Daisy Huang or Eileen Chiu.