In this year’s INREV Management Fees and Terms Study, the average recorded total global expense ratio (TGER) for 2022 was 1.01% on GAV and 1.75% on NAV, based on a sample of 83 funds. When accounting for vehicles’ size, the value-weighted average TGER was 0.75% on GAV and 0.97% on NAV.
Key highlights include:
- Core funds and older vintage groups show the lowest range of TGERs
- ODCE funds exhibit lower TGERs compared to all other funds with a multi country – multi sector strategy
- Netherlands-focused funds demonstrate a small spread of TGERs
- Core funds exhibit lower management fees, performance fees and vehicle costs compared to non-core funds.
- The real estate expense ratio (REER) has the strongest linkage with the single-country strategy
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