This Global IRR Index release monitors 411 closed end funds across vintages from pre-2001 to 2022. All of these 411 funds follow a non-core strategy as defined by their managers and include 357 value added and 54 opportunistic funds. This release of the Global IRR Index features 74 Asia Pacific funds, 157 European and 180 funds focused on the USA.
Key highlights:
- The 2022 vintage year, comprising 12 vehicles, recorded the largest improvement among all vintages, increasing by 474 basis points to 6.84% in Q2.
- After two consecutive quarters of negative performance, the IRR of the 2017-2019 vintage group turned positive again to 0.03% in Q2.
- The two strongest vintage groups are still represented by funds launched before 2002 and between 2011 and 2013. They posted average IRRs of 14.73% and 14.19%, respectively.
- The best performing vintage group continues to be the USA’s 2008-2010 cohort, which has delivered an equally weighted IRR of 18.19%.
The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of non-core strategy closed end non-listed real estate vehicles since inception on a global scale.
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Global Internal Rate of Return (IRR) Quarterly Index
Published on 01 Jul 2025
The first Global IRR Index provides data on the performance of value added and opportunity strategy closed end non-listed real estate funds in Asia Pacific, Europe and the US.