GREFI Global Real Estate Fund Index

One of ANREV's key initiatives for 2013 is participation in a tri-partite working group with INREV in Europe and NCREIF in the United States to create a Global non-listed funds index.

Non-listed funds are a global asset class - it is clear that the majority of institutional investors invest globally or have ambitions to do so and that many fund managers have established global platforms. Analysis of risk and returns of funds across the globe on a like-for-like basis is a key component of asset liability management modelling. We believe a global index is an essential tool for comparison with other asset classes in a global multi-asset portfolio.

In 2012 our tri-partite Global Index Working Group began work on the detail of the index construction and composition and related business issues to be tackled in order to create a global index.

Preliminary results for Core funds indicate positive results for non-listed funds. A Global Core Fund Index consultation release is planned for mid-2013 along with a Global index specification.

The GREFI (Global Real Estate Funds Index) measures net asset value performance of non-listed real estate funds on a quarterly basis. Performance is measured net of fees and other costs, and represents the aggregate investor return.

The GREFI is an unfrozen index which means that historical data can change with future updates. The history of GREFI starts at Q1 2010.

Since Q3 2018 publication GREFI no longer includes US closed end value added funds (CEVA index).

The Index results are based on fund level data that is provided to ANREV, INREV and NCREIF directly from managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

ANREV, INREV and NCREIF do not use publicly available information.


The Index was launched in 2014 and is now published 12 weeks after quarter end.


A presentation of the preliminary findings is available to members only.


For further information, please contact Amélie Delaunay at