Management Fees & Terms


The Management Fees and Terms study, first launched in 2010, provides an overview of the fees and terms applied by Asia Pacific non-listed real estate funds. The study aims to increase the transparency of fee structures and fee levels in funds, and to create a framework for regular reporting of fees in funds. 


  • Annual management fees - Fees during and after the commitment period, by style of fund, by vintage, by target location, by target sector and by fund structure
  • Performance fees - Periodic performance fees, fees at termination,  other issues (application of catch-up clauses)
  • Other fees and return reduction metrics - Initial charges, fund expenses, property-specific costs, total expense ratio


Following publication of regional surveys by ANREV in Asia Pacific, INREV in Europe and PREA in the United States, a combined comparison study is published to provide valuable insights into fees on a global basis.

This paper analyses and compares the fee structures and fee levels of non-listed real estate vehicles in Europe, Asia and the US

It aims to improve the transparency and comparability of fee structures and fee levels of non-listed real estate funds.

The results help to increase the understanding of the challenges and limitations that the non-listed property fund industry faces in analysing and comparing fee structures and levels.


The full reports and presentation are available to members only.


For further information, please contact Amélie Delaunay at