As of Q4 2025, the since inception IRR after fees of most recent grouped and single year vintages in the INREV IRR Index was positive, with several vintages showing an increase from the previous quarter. This release includes 305 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 3.72% in Q4
- Multi-country vehicles launched in recent years outperformed their single-country peers. Similarly, multi-sector vehicles launched post-2019 outperformed their single-sector equivalent
- The large dispersion in returns across the most recent vintages highlights the importance of fund selection within a given vintage group, although investment timing continues to be a key driver of performance
- Recently launched non-core vehicles continued to outperform their core peers in Q4
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INREV Internal Rate of Return (IRR) Quarterly Index
Published on 03 Mar 2026
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.