As of Q3 2025, the since inception IRR after fees of most recent grouped and single year vintages in the INREV IRR Index was positive, with several showing an increase from the previous quarter. This release includes 299 closed end funds across vintages from pre-2003 to post-2019.
Key highlights:
- The since inception pooled IRR of vehicles launched post-2020 increased to 1.37% in Q3
- Multi country vehicles launched in recent years outperformed their single country peers. Similarly, multi sector vehicles launched post-2019 outperformed their single sector equivalents
- Investment timing continues to be a key driver of performance. The funds launched before the GFC (2005-2007 vintages) and ahead of the 2022 inflation and interest rate surge (2018 onwards) are underperforming the other vintages
- Recently launched non-core vehicles continued to outperform their core peers in Q3
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INREV Internal Rate of Return (IRR) Quarterly Index
Published on 25 Nov 2025
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.