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Younger vintages record the strongest performances in the Q4 2021 INREV IRR Quarterly Index

Funds that had the first closing between 2017 and 2019 recorded a since inception IRR of 11.0% on a pooled basis, up from 8.9% in Q3 2021.

Key highlights

  • Funds launched between 2014-2016 and 2011-2013 displayed similarly strong results in Q4 2021, posting pooled IRRs of 9.2% and 9.3%, respectively
  • The difference between the lowest and highest IRR for the 2017-2019 group stood at 33.7%, while for the 2014-2016 and 2011-2013 vintage groups the dispersion of returns was roughly equal at 41.8%
  • Recently launched non-core funds power ahead of their core peers this quarter, with pooled IRRs of 12.6% and 8.3%, respectively

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INREV Internal Rate of Return (IRR) Quarterly Index  

Published on 15 Mar 2022

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.