The ninth consultation release of the Global IRR Index includes 331 funds with non-core strategies, comprising of 291 value added and 40 opportunity funds.

Key highlights:

• This Global IRR Index release features 70 Asia Pacific, 113 European and 148 US funds
• The average IRR of funds launched in 2019 increase by 529 bps to 6.8%

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 2021 survey attracted the participation of 130 fund managers from 24 countries across Asia Pacific, Europe and North America.

Capital was sought for 743 vehicles which equate to a minimum of US$288 billion of new equity raised for investments into non-listed real estate.

The Asia Pacific region attracted US$39 billion of new capital.

Fund managers remain focused on financial performance amidst growing interest in sustainability Sustainability has been gaining traction as a concept in recent times. Nonetheless, fund managers appear to be primarily still interested in the bottom line.
Correspondingly, this study was conducted by Jeslyn NG, to uncover the possible influence of ESG factors on the performance of private equity real estate funds in Asia Pacific.

ANREV has launched the ninth release of the ANREV ODCE Asset Level Performance Consultation Report.

The ANREV Asset Level Performance Report is not an index as the coverage is limited to assets held by 8 funds with a pan Asia core open end strategy.

The ANREV Asset Level Performance Report results are based on asset level data that is provided to ANREV directly from managers. Data collection starts immediately after a quarter has ended for a period of up to 6 weeks after quarter end.

Please provide feedback and comments to Justin Wong or Amélie Delaunay.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.24% in March 2022. The ACOE includes 19 funds with a total GAV of AUD 126.19 billion.

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

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

The eleventh gross return report shows a 3-month total gross return of 2.05% for the period between January and March 2022.
 
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 19 ACOE funds.

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

ANREV has launched the Q4 2021 IRR Index by vintage. The IRR Index measures performance of value added and opportunistic non-listed closed end funds investing in Asia Pacific.

The Q4 2021 sample of the ANREV IRR index includes 70 funds.

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

In March's issue, we have included:

Australia

• ASIC welcomes new International Sustainability Standards Board and updated climate related disclosure guidance
• Australian Government consults on regulatory relief for foreign financial services providers

Cayman Islands

• Cayman Islands and the EU AML high risk third countries list

Hong Kong

• Circular to licensed corporations Updates to the reminder of business continuity planning in view of COVID 19 Vaccination Programme : Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
• Temporary Protection Measures for Business Tenants (COVID 19 Pandemic) Bill gazetted
• Circular to Licensed Corporations and Associated Entities Anti Money Laundering / Counter Financing of Terrorism Updated AML/CFT Self Assessment Checklist
• HKEX Publishes Net Zero Guide & Announces New ESG Data Display

Japan

• FSA consults on facilitating entry of foreign securities brokers, investment advisors and investment managers into Japanese market
• JPX Publishes “Survey of TCFD Disclosure in Japan”

Korea

• Potential Comprehensive Real Estate Tax Bomb on Land for AMCs

Singapore

• Variable Capital Companies (Consequential Amendments to Other Acts) Order 2022 gazetted
• MAS revises guidelines on licensing, registration and conduct of business for fund management companies

United States

• SEC Proposes Sweeping New Interventions in the Private Funds Market

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