• Three consecutive years of solid growth for funds of funds

• Fund of funds delivered double-digit returns in 2015

• Vehicles that are large, core in style or have a global mandate outperformed the rest

Three consecutive years of positive growth saw funds of funds achieve a solid double digit return of 18.7% in 2015.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 65 funds of funds that are managed by 30 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $10.5 billion.  Eleven fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 54 funds of funds.  Performance data was provided for 25 funds of funds managed by 11 fund of funds managers. 

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]

This is the fourth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Henry Lam ([email protected]) if you have any enquiries regarding to the fees and terms survey.

• Real estate assets under management grew to US$2.19 trillion
• The big managers keep getting bigger
• North American and global strategies are much larger than other strategies

Total real estate assets under management (AUM) reached US$2.19 trillion in 2015. Overall, the 10 largest fund managers represent 41.0% of the total AUM, up from 36.5% last year.

With US$149.8 billion of total real estate assets under management, Brookfield Asset Management tops the list in the 2016 survey. The Blackstone Group ranks second overall with US$147.6 billion of total real estate AUM, while TH Real Estate & TIAA occupies the third position with US$120.8 billion of global real estate AUM.

The ANREV / INREV / NCREIF Capital Raising Survey 2016 explores capital raising activities into the non-listed real estate industry in 2015. The particular focus of the report is on Asia Pacific vehicles. The survey provides insights by region, product type, investment strategy, and where possible presents a historical comparison based on previous studies.

The 2016 survey attracted a record number of participants with 153 fund managers globally completing the questionnaire, a 7.8% increase compared to 2015 when 142 fund managers responded to the survey. In total, the majority (85 or 55.6%) of fund managers were from Europe, followed by those domiciled in Asia Pacific (46 or 30.1%) and North America (22 or 14.4%). 

Highlights:

• US$134.8 billion of new equity raised for non-listed real estate in 2015
•  Non-listed real estate vehicles continue to attract investors of all types
• Pension funds are the biggest source of capital globally 
• Europe was the most popular target market
• US$18.4 billion raised for Asia Pacific

ANREV, INREV and NCREIF would like to thank fund managers for their participation in the Survey.

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]

ANREV is pleased to present the results of its third 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 ninth edition of the regional survey which attracted 221 respondents in Asia Pacific compared to 205 in 2015: 96 investors (44%), 14 fund of fund managers (6%) and 111 fund managers (50%).

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 joint chapter that can also be found in the INREV and PREA 2015 Investment Intentions reports.

Chapters 3 through 6 focus on the Asia Pacific real estate market, including insights on preferred structures, markets, sectors, and styles. 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 second time we have invited Real Capital Analytics (RCA) to present its analysis of the relationship between the predictions within ANREV Investment Intentions Survey 2015 and the investment activities that followed in the past year, using its database of global transactions in that particular year.

This is the first fund termination study done by ANREV. The survey intend 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 together with funds that have been liquidated previously. We received participation from 35 funds managers about 52 non listed funds in Asia Pacific with a combined gross asset value (GAV) of US$17.2 billion.

In 2015, for the first time, ANREV, in conjunction with INREV in Europe jointly published the inaugural Fund of Funds Study.

The study provides an overview of the fund of funds industry globally, including insights by target region, by style and structure as well as other characteristics of funds of funds.

As at end Q2 2015, there are 64 funds of funds that are managed by 25 fund of funds managers in the ANREV and INREV Fund of Funds Universes (‘Universe’), collectively representing net asset value (NAV) of USD10.5 billion.

The full report also provides a detailed analysis into the performance of funds of funds.

Performance data has been provided for 26 funds of funds managed by 13 fund of funds managers. This sample represents 58.9% of the total NAV of the funds of funds in the Universe. 

Performance figures are quoted as at 31 December 2014 while figures in the Universe are quoted as at the end of Q2 2015 unless stated otherwise.

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]