As of Q1 2025, the since inception IRR of most grouped and single year vintages in the INREV IRR Index continued to decline, except for the post-2017 vintages. This release includes 287 closed end funds across vintages from pre-2003 to post-2019.
Key highlights:
- Despite remaining negative, the since inception pooled IRR of the post-2019 vintage group saw an improvement to -3.64% in Q1
- Single sector and single country vehicles launched in recent years displayed positive pooled IRRs
- 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 core vehicles continue to outperform their non-core peers.
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INREV Internal Rate of Return (IRR) Quarterly Index
Published on 25 Feb 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.