As of Q2 2025, the since inception IRR after fees of most recent grouped and single year vintages in the INREV IRR Index increased with some of them turning positive. This release includes 293 closed end funds across vintages from pre-2003 to post-2019.
Key highlights:
- The since inception pooled IRR of the post-2019 vintage group turned positive, reaching 1.41% in Q2
- Multi country vehicles launched in recent years outperformed their single country peers. Multi sector and single sector funds launched after 2019 displayed similar 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 non-core vehicles outperformed their core peers in Q2
Download the report, Excel, Snapshot and Supplements below.
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.