The Q2 2026 Global IRR Index release monitors 439 closed end funds across vintages from pre-2001 to 2024. All 439 funds follow a non-core strategy as defined by their managers and include 385 value added and 54 opportunistic funds. This release of the Global IRR Index features 73 Asia Pacific funds, 170 European and 196 funds focused on the USA.
Key highlights:
- The eight funds launched in 2024 are currently outperforming other post-2013 vehicles, with an average IRR of 11.04% as of Q2 2026.
- Funds launched in 2021 recorded the largest quarterly increase, up by 208 bps to -1.65%, in Q2.
- The strongest vintage group post 2001 is represented by funds launched between 2011 and 2013 with an average IRR of 14.46%.
- The Global IRR Index now includes insights on the 2020-2022 and post 2022 vintage groups.
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.
Download the report, Excel, Snapshot and Supplements below.