Management fees are becoming lower and more consistent across core funds, but the picture for vehicle costs is more varied. Drawing on the latest INREV Management Fees and Terms Study, a new IQ blog examines trends across a relatively stable sample of core funds to understand how fees and costs have evolved over the past three years.
The blog highlights:
- Management fees have declined and become more consistent, with average fees for core funds falling from 0.50% in 2023 to 0.46% in 2025
- Vehicle costs have remained broadly stable despite inflationary pressures and negative capital growth in 2023 and 2024
- Vehicle costs remain considerably more dispersed than management fees, with fund size, geographic strategy and other characteristics contributing to variation
- Peer group analysis can provide more meaningful comparisons, helping distinguish wider market trends from costs associated with individual fund structures
The findings demonstrate the value of comparing funds with similar characteristics when assessing both the level and evolution of costs.
Read the full IQ blog to explore the trends shaping management fees and vehicle costs across core funds.