The Q3 2024 release of the Global IRR Index monitors a sample of 390 closed end funds across vintages from pre-2001 to 2022. All of these 390 funds follow a non-core strategy as defined by their managers and include 339 value added and 51 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 74 Asia Pacific funds, 146 European and 170 funds focused on the USA.

• The IRR of the Post-2019 group improved by 428 bps to -2.64%, from -6.93% in Q2.

• A majority of funds have value added and single country strategies.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries please contact Daisy Huang or Eileen Chiu

The gross return report shows a 3-month total gross return of 0.77% for the period between October and December 2024.

The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 17 ACOE funds.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of -0.03% in December 2024. The ACOE includes 17 funds with a total GAV of AUD 113.41 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 Q3 2024 ANREV ODCE Asset Level Performance Report posted a total return of 0.66%, comprised of -0.39% capital growth and 1.04% income return. Up 92 bps from -0.27% posted in Q2 2024. The report measures the asset level returns of 239 investments owned by 8 ODCE funds valued at US$19.33 billion as of Q3 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 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 Q3 2024 includes 74 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 Q3 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 turned positive in Q3 2024 delivering a total return of 0.38%, marking the first positive performance from the index since Q2 2022.

• All regions recorded positive performance this quarter, with Asia Pacific outperforming the wider index, followed by Europe and then the US.

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

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

The Q3 2024 ANREV index included data contributions from 77 funds with a total gross asset value of US$141.6 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 0.90% in Q3 2024, up 372 bps from -2.82% posted in the previous quarter.
• Opportunistic funds, with a total return of 2.17%, outperformed core and value-added funds which posted 0.89% and 0.53% respectively.
• Multi country funds outperformed other single country strategy funds with a 3.59% total return over the quarter.

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 ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.24% in November 2024. The ACOE includes 17 funds with a total GAV of AUD 112.89 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.

ANREV, INREV and NCREIF present the seventh 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$ 350.3 billion. 

Key highlights include: 

• The Q3 2024 Global ODCE Index reported a net total return of 1.99%, marking the first positive performance since Q2 2022. On a 1-year rolling annual basis the total return stands at -3.17%.

• All three regions recorded positive performance for the first time since Q1 2022.

• At 0.82%, the Q3 2024 accrual-based income return reached its highest level in four years.

 Please contact Amélie Delaunay, Daisy Huang or Eileen Chiu should you have any questions regarding the Index.

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 -1.25% on a 12-month rolling basis in Q3 2024.

On an annualized rolling return basis, the income return was at 2.41% in Q3 2024.

Capital growth was at -3.59% in Q3 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.