This Global IRR Index release monitors 424 closed end funds across vintages from pre-2001 to 2022. All 424 funds follow a non-core strategy as defined by their managers and include 370 value added and 54 opportunistic funds. This release of the Global IRR Index features 73 Asia Pacific funds, 163 European and 188 funds focused on the USA.
Key highlights:
- The IRR for the post-2019 vintage group slightly improved in Q1, from 2.13% to 2.27%.
- The 2022 vintage year, comprising 17 vehicles, declined by 112 bps to 7.95% in Q1. Although decreasing, their performance is the highest among post-2016 vehicles.
- The two strongest vintage groups are still represented by funds launched before 2002 and between 2011 and 2013. They posted average IRRs of 14.73% and 14.47%, respectively.
- The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 17.85%.
The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of non-core strategy closed end non-listed real estate vehicles since inception on a global scale.
Download the report, Excel, Snapshot and Supplements below.
Global Internal Rate of Return (IRR) Quarterly Index
Published on 30 Jun 2026
The first Global IRR Index provides data on the performance of value added and opportunity strategy closed end non-listed real estate funds in Asia Pacific, Europe and the US.