Data submission is now open for the third edition of the Global ODCE Management Fees and Terms Study, a unique resource comparing European open end diversified core equity (ODCE) funds with US and Asia Pacific funds. The 2026 study will explore the management fees, performance fees and vehicle costs for 2025, including the Total Global Expense Ratio (TGER), offering one of the clearest cross‑regional views of cost structures in the non‑listed real estate market.
The 2025 study revealed several findings from expenses in 2024:
- TGERs showed minimal dispersion across ODCE funds at a regional level.
- TGER and vehicle costs were lower for US funds, which are generally larger and invest in a single country.
- Professional services were the highest vehicle costs across all three regions, and only five out of 47 funds in the sample reported a performance fee.
Alongside the global analysis, the wider INREV Management Fees and Terms Study for European funds provides TGERs and REERs for several fund characteristics, including investment style, structure, country and sector strategies. Together, these studies increase transparency and understanding of the fee and cost structure within the industry.
Whether you contribute data regularly or have not submitted before, your participation makes a difference to this research. Data can now be provided for each vehicle via the INREV Data Platform. Simply navigate to the Status column and select ‘MF&T Reporting Year 2025’ to begin.
If you have any questions, please contact bert.teuben@inrev.org.
Interested in more data-related resources? Check out our new Data theme page.