With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2018 survey attracted a record number of participants with 175 fund managers globally completing the questionnaire, a 8% increase compared to 2017 when 162 fund managers responded to the survey. 76.6% of those surveyed raised a combined US$160.2 billion for non-listed real estate throughout 2017.  The Asia Pacific region attracted US$26.2 billion of equity, a significant increase to the previous years’ figure of US$22.9 billion.

ANREV is pleased to present the results of its fifth global Investment Intentions Survey with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the eleventh edition of the regional survey which attracted 177 respondents in Asia Pacific compared to 199 in 2017: 84 investors (47.5%), 6 fund of fund managers (3.4%) and 87 fund managers (49.2%).

Chapter 2 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2017  Investment Intentions reports.

Chapters 3 through 6 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are based only on those investors, fund managers, and fund of fund managers who are already invested in the Asia Pacific market or intend to do so in the next two years.

In the final chapter, for the fourth time, we have invited Real Capital Analytics (RCA) to present its analysis of the relationship between the predictions within ANREV Investment Intentions Survey 2017 and the investment activities that transpired during the past year using its database of global transactions in that particular year.

This is the second fund termination study conducted by ANREV. The survey aims to examine the options fund managers consider as the termination date of their fund approaches. The survey covers funds that are due to terminate in the coming two years as well as those that were liquidated in the past two years. We received participation from 21 funds managers managing 29 non-listed funds in Asia Pacific with a combined gross asset value (GAV) of US$6.43 billion.

• Funds of funds delivered positive returns of 7.7% in 2016

• Open end vehicles outperformed their closed end peers in 2016

• Core vehicles returned 7.9% while non-core generated 7.1%

Four consecutive years of positive growth saw funds of funds achieve a positive return of 7.7% in 2016, making 2016 the fifth best year since 2005.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 58 funds of funds that are managed by 24 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $12.9 billion.  Nine fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 49 funds of funds.  Performance data was based on 16 vehicles. 

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.

For further information please contact [email protected]

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 Henry Lam at [email protected]

Fund managers reached a new record of US$2.5 trillion of real estate assets under management

• Top 10 largest fund managers represent 38.8% of total AUM
• JVs and club deals make up a material part of the value in Asia Pacific (28.0%)
• Pension funds continue to be the dominant investor type for non-listed direct real estate

As of 31 December 2016, the total real estateassets under management (AUM) was US$2.5 trillion compared to US$2.19 trillion at the end of 2015. The top 3 fund managers’ assets under management comprises over US$420 billion and the top 50 fund managers increase their assets under management by more than US$4 billion each.

The Blackstone Group tops the list with US$150.9 billion of gross asset value (GAV) of non-listed real estate assets under management. Following closely, Brookfield Asset Management ranks second with US$148.0 billion of total real estate AUM. PGIM occupies the third position with US$121.7 billion of global real estate AUM.

With the popularity of the Asia Pacific non-listed real estate market continuing to increase, it is timely to assess how much capital is entering the market and what this figure represents on a global basis.

The Capital Raising Survey was first launched in 2014. This survey gives an insight into capital raising activities within the non-listed real estate industry by region, product type and investment strategy. The non-listed real estate products include separate accounts, joint ventures, club deals, funds of funds and non-listed real estate debt products. The report offers detailed insights into global and regional capital raising figures.

The 2017 survey attracted a record number of participants with 162 fund managers globally completing the questionnaire, a 6% increase compared to 2016 when 153 fund managers responded to the survey. 80.2% of those surveyed raised a combined US$128.4 billion for non-listed real estate throughout 2016.  The Asia Pacific region attracted US$22.9 billion of equity, the only region to see an increase of capital raised in comparison to 2015. 

ANREV is pleased to present the results of its fourth global Investment Intentions Survey with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the tenth edition of the regional survey which attracted 199 respondents in Asia Pacific compared to 221 in 2016: 93 investors (47%), 10 fund of fund managers (5%) and 96 fund managers (48%).

Chapter 2 explores global real estate allocations, providing insight into investment trends globally and is based on the full sample of respondents. This is a common section that can also be found in the INREV and PREA 2016 Investment Intentions reports.

Chapters 3 through 6 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, styles and trends. These chapters are based only on those investors, fund managers, and fund of fund managers who are already invested in the Asia Pacific market or intend to do so in the next two years.

In the final chapter, for the third time, we have invited Real Capital Analytics (RCA) to present its analysis of the relationship between the predictions within ANREV Investment Intentions Survey 2016 and the investment activities that transpired during the past year using its database of global transactions in that particular year.

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 Henry Lam at [email protected]