The Q4 2024 since inception IRR of most grouped and single-year vintages in the INREV IRR Index continued to decline. This release includes 285 closed end funds across vintages from pre-2003 to post-2019.
Key highlights:
- Despite remaining negative, the since inception pooled IRR of the post-2019 vintage group saw an improvement to -6.68% in Q4.
- Investment timing continues to be a key driver of performance. The funds launched before the GFC (2005-2007 vintages) and ahead of the 2022 inflation and interest rate surge (2018 onwards) are underperforming the other vintages.
- 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 26 Feb 2025
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.