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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本文書は、ANREVおよびINREVによる2012年の投資意向調査に関する所見について比較対照を行ったものです。グローバル金融市場は引き続き相互に連動しているため、これら2つの調査結果に着目 し、欧州およびアジアの非上場不動産ファンド業界において予想される投資傾向の類似点および相違点を考慮することは意義があります。

本文書は、それぞれの調査結果を投資家の視点について掘り下げたものです。全体の調査においては、ファンドオブファンズのマネジャーおよびファンド･マネジャーによる見解もカバーされています。 投資家の好みに焦点を当てることにより、本調査結果はファンド･マネジャーによる商品開発の一助となる可能性があります。