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The IRR of Post 2019 group deteriorates

This Global IRR Index release monitors 381 closed-end funds across vintages from pre-2001 to 2022. All of these 381 funds follow a non-core strategy as defined by their managers and include 331 value-added and 50 opportunistic funds.

Key highlights:

  • This release of the Global IRR Index features 69 Asia Pacific funds, 145 European and 167 funds focused on the USA.
  • The IRR of funds in the Post 2019 cohort declined by 718 bps to -8.96%, from -1.78% in Q3.
  • The two strongest vintage groups are represented by funds launched before 2001 and between 2011 and 2013. They posted average IRRs of 14.73% and 14.10%, respectively.
  • The best-performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.66%.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed-end non-listed real estate vehicles since inception on a global scale.

Download the report, Excel, Snapshot and Supplements below.