Core, older, and large funds, and those with single country and single sector strategies report lower TGERs

In this year’s INREV Management Fees and Terms Study, the average Total Global Expense Ratio (TGER) for 2023 was 0.94% on GAV and 1.72% on NAV, based on a sample of 91 funds. Additionally, an equally weighted average REER of 1.04% on GAV was recorded from a sample of 88 funds.

Key highlights include:

• Management fees were more consistent compared to the vehicle costs. Large core funds had lower vehicle costs
• ODCE funds exhibit lower TGERs for Multi sector – Multi country strategies
• Netherlands-focused funds demonstrate a small spread of TGERs
• There were hardly any performance fees for non-core funds in 2023
• Core funds and large funds reported lower Real Estate Expense Ratios (REERs), however they were relatively consistent across sector strategies

Download the snapshot, report and Excel below for a more detailed analysis.