The document is a distillation of information provided to ANREV by non-listed property vehicles, as well as publicly available information of other non-listed property vehicles, in order to give a view on the size and composition of the Asia Pacific non-listed property funds market over a particular period of time.

If you have any questions, please contact Daisy Huang at [email protected] or Kip kong at  [email protected]

The ANREV Management fees and terms study explores fees and costs structures of Asia Pacific non-listed real estate funds with a focus on total expense ratios (TERs) and real estate expense ratios (REERs).

For the first time in 2020 the study will also cover the first data on the Total Global Expense Ratio (TGER) which is the new global standards adopted by ANREV, INREV and NCREIF PREA reporting standards to facilitate comparison of fees and costs between real estate investment vehicles that operate across the different regions.

In light of the COVID-19 pandemic, ANREV has conducted two additional surveys investigating market sentiment and funds’ valuations under COVID-19.
 
The market sentiment survey targeted senior investors and investment managers and asked their views on the impacts of the pandemic on Asia Pacific markets. 

The ‘Impact of COVID-19 on valuations’ survey was distributed to fund managers during the data collection of ANREV Quarterly Index Q2 2020. The manager were asked to fill in this extra questionnaire to look into the impact of the “Material Uncertainty clause” on assets’ valuations, suspension of trading and status of rent collection.

The snapshot summarising the findings of the 'market sentiment' and ‘Impact of COVID-19 on valuations’  surveys can be downloaded here.

In light of the COVID-19 pandemic, ANREV has surveyed the fund mangers who are currently included in the ANREV Quarterly Index and asked about the impact of COVID-19 on valuation, suspension, and rent collection.

The survey covered 78% or US$97.5 billion GAV of the ANREV Quarterly Index Q1 2020. A snapshot summaring the results can be downloaded below.

• Funds of funds assets under management rose to a minimum of US$ 37.7 billion globally
• As a group funds of funds delivered positive net average returns of 5.6% in 2019
• Funds of funds with a global strategy further enhanced their market dominance

On average, funds of funds have delivered seven consecutive years of positive returns, with an average of 5.6% in 2019.

ANREV and INREV Funds of Funds Universes (‘Universe’) contains 51 vehicles representing a total Net Asset Value (NAV) of US$20.2 billion. Ten funds of funds have indicated their preference to remain anonymous and therefore the online Funds of Funds Universe displays 41 of the 51 funds of funds.

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.