The IRR performance of all grouped and most single year vintages in the INREV IRR Index declined further in Q3 as market conditions remained weak across Europe.
Key highlights:
- Quarter-on-quarter reductions in IRR performance are marginal for funds launched before 2016 but more pronounced for those launched after 2015.
- The cohort of 29 funds, which launched into favourable market conditions in 2014 and 2015, now represent the strongest performing group in the index.
- Funds that were launched immediately before the GFC, at the top of the market, between 2005 and 2007 are still recording a negative IRR.
- The 14 funds launched after 2019 have a pooled IRR in Q3 of -4.05%. Part of this cohort are ten funds launched after 2020 which currently have a pooled IRR of -12.59%.
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INREV Internal Rate of Return (IRR) Quarterly Index
Last updated on 11 Dec 2024
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.