The Q3 2024 since inception IRR of most grouped and single-year vintages in the INREV IRR Index decreased. The Q3 2024 release includes 281 closed-end funds across vintages from pre-2003 to post-2019.
Key highlights:
- The IRR of the post-2019 vintage group remained negative, displaying a pooled since-inception IRR of -8.32%.
- Investment timing continues to be a key driver of performance. The 87 funds launched post-GFC and before 2016 outperformed the other vintage groups while the 2005-2006 cohort, launched immediately before the global financial crisis at the top of the market, still records a negative pooled IRR of -0.96%.
- The composition of the IRR Index continues to reflect a decline in the launch of core funds in recent years.
- Single-sector and single-country vehicles launched in recent years are still outperforming their peers.
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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.