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IRR Index continues to show negative trend in Q4

The Q4 2023 performance of most grouped and single year vintages in the INREV IRR Index decreased as market conditions remained unfavorable across Europe.

Key highlights:

  • Quarter-on-quarter differences in the since inception IRR performance are marginal for funds launched before 2017 but more pronounced for those launched in 2017 and after.
  • The latest results highlight the importance of investment timing. The 14 funds launched after 2019 show a slight uptick in performance, albeit still negative with a pooled IRR of -3.87%.
  • The composition of the IRR Index continues to reflect a decline in the launch of core funds in recent years.
  • Single sector and single country vehicles launched in recent years are still outperforming the multi sector and multi country equivalents.

Download the snapshot, report, and Excel below.

INREV Internal Rate of Return (IRR) Quarterly Index  

Last updated on 13 Mar 2024

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.