第6回「2013年アジア太平洋投資意向調査」によると、非上場ファンドへの資産配分は2013年も引き続き増加が見込まれますが、過去2年間に比べてそのペースは鈍るでしょう。 この地域の成熟が進み、商品の種類が増えることから、非上場ファンドを利用しない不動産投資も盛んになる見込みです。

This is the second study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. It is carried out for ANREV by KTI Finland. 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.

The results of this study will also be used to compare management fees of Asia Pacific, European and US funds in a separate study to be published in Q3 2012.

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This paper analyses and compares the fee structures and fee levels of nonlisted property funds in Europe, Asia and the US. It is based on individual Management Fees and Terms Studies by ANREV, INREV and PREA.

Nearly all of the funds in the three studies charge an annual fund management fee, with the most common bases for fund management fees varying across regions. In Europe, gross asset value (GAV) is the most favoured basis, whereas in Asia commitment, drawn commitment and GAV are used equally as much. In the US, invested equity was the most common basis for management fees.

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