The tenth consultation release of the Global IRR Index includes 344 funds with non-core strategies, comprising of 299 value added and 45 opportunity funds.

Key highlights:

• This Global IRR Index release features 77 Asia Pacific, 115 European and 152 US funds
• Funds with a first closing in 2020 recorded an average IRR of 16.5% in Q1 2022
• Amongst the single year vintages, only funds with a first closing in 2010, 2013 and 2018 outperformed the 2020 group
• With an average IRR of 18.7%, US funds launched between 2008-2010 posted the strongest performance in the Q1 2022 Index

ANREV has launched the Q1 2022 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q1 2022 sample of the ANREV IRR index includes 77 funds.

We welcome any questions or comments - please email Daisy Huang or Justin Wong.

Welcome to the June 2022 update of the Global Real Estate Fund Index (GREFI). It is an index showing the performance of non-listed real estate funds on a global basis and is created by ANREV, INREV and NCREIF. This publication includes performance figures up to end of Q1 2022.

The GREFI All Funds Index was updated for the first time on a quarterly basis following the second quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. All numbers are also available in an Excel file.

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

The GREFI All Funds Index delivered a total return of 4.94% in Q1 2022. The latest result is the second strongest on record for the Index, and the strongest Q1 result since its inception in Q1 2005.

Key highlights:

• The GREFI All Funds Index recorded its second strongest result since its inception, with a Q1 2022 total return of 4.94%.
• Funds targeting the US outperformed other regional strategies, posting a total return of 7.51%.
• Non-core funds outperformed their core peers, posting quarterly total returns of 6.77% and 4.58%, respectively.

Please send any queries to Daisy Huang, Justin Wong or Amélie Delaunay.

• ANREV’s All Funds Index returned 1.91% in Q1 2022, down from 5.09% in Q4 2021.

• Value added funds outperformed core and opportunity funds with returns of 2.52% versus 1.96% and -0.48% respectively.

Data contributions were received from 83 funds with a total gross asset value of US$155.3 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection.

If you have any questions about the ANREV Index or want to take part in this industry-led initiative, please contact Daisy Huang or Justin Wong.

In June's issue, we have included:

Australia

• ASIC consults on financial services licensing requirements for corporate collective investment vehicles

Cayman Islands

• Inspections by the Cayman Islands Monetary Authority on Registered Persons under the Securities Investment Business Act
• Enforcement Guidelines in respect of the Common Reporting Standard and Economic Substance frameworks

China

• HKEX signs MOU with CEEX to explore Greater Bay Area, international carbon opportunities

Hong Kong

• Circular to REIT managers and applicants: Consequential amendments to the REIT Code in relation to conduct requirements for bookbuilding and placing activities
• Proposed Family Office Tax Exemption Regime in Hong Kong
• Circular to licensed corporations' importance of business continuity planning amidst latest COVID-19 situation

Japan

• Japan to regulate use and purchase of strategic real estate

Singapore

• Updated conditions of Sections 13O and 13U applications for family offices
• MAS revises FAQs on licensing and registration of fund management companies

Lastly, we would like to thank our committee who helped putting together the newsletter. Details about this committee can be found here.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.49% in May 2022. The ACOE includes 19 funds with a total GAV of AUD 126.61 billion.

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

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