This Global IRR Index release monitors 415 closed end funds across vintages from pre-2001 to 2022. All 415 funds follow a non-core strategy as defined by their managers and include 361 value added and 54 opportunistic funds. This release of the Global IRR Index features 75 Asia Pacific funds, 160 European and 180 funds focused on the USA.
Key highlights:
- The 2022 vintage year, comprising 13 vehicles, improved by 45 bps to 7.29% in Q3.
- For the first time since Q1 2023, the IRR for post 2019 vintages turned positive to 0.20% in Q3, an increase of 46 bps from the previous quarter.
- 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 14.16%, respectively.
- The best performing vintage group continues to be the USA’s 2008-2010 cohort which has delivered an equally weighted IRR of 18.19%.
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.
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Global Internal Rate of Return (IRR) Quarterly Index
Published on 13 Jan 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.