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Funds launched during the pandemic record modest performance in the Q1 2022 INREV IRR Quarterly Index

Funds that had the first closing in 2020 recorded a since inception IRR of 5.0% on a pooled basis and 2.9% on an equally weighted basis

Key highlights:

  • Funds launched in 2019, right before the pandemic took effect, recovered well over the past quarters and actually show the strongest IRR performance amongst all vintages
  • The difference between the lowest and highest IRR for the 2020 vintage group stood at a moderate 14.4%, while for the 2019 vintage group the dispersion of returns was  much higher at 36.5%
  • Non-core funds launched between 2017-2019 outperformed their core equivalents in Q1 2022, with pooled IRRs of 15.3% and 9.3%, respectively


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INREV Internal Rate of Return (IRR) Quarterly Index  

Published on 14 Jun 2022

The IRR Index measures the since inception internal rate of return performance of European closed end non-listed real estate vehicles. Performance is measured net of fees and costs, and is computed on both a pooled return basis and an equally weighted basis.