This Global Internal Rate of Return (IRR) Index release monitors 421 closed end funds across vintages from pre-2001 to 2022. All 421 funds follow a non-core strategy as defined by their managers and include 367 value added and 54 opportunistic funds. This release of the Global IRR Index features 71 Asia Pacific funds, 163 European and 187 funds focused on the USA.
Key highlights:
- The IRR for post 2019 vintages continued to improve to 2.13% in Q4, an increase of 193 bps from the previous quarter.
- The 2022 vintage year, comprising 16 vehicles, improved by 178 bps to 9.07% in Q4. This is the highest performance among post-2015 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 14.39%, 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 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 28 Apr 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.