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Executive Summary. This paper describes the development of the European universe of non-listed real estate funds. Non-listed funds are typically associated with a lack of transparency, limited size and tradability, and complicated structures. Over the last fifteen years more and more of these funds have been launched across Europe. Using IPD and the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) data, this paper reviews the rise of the market both in values and numbers, discusses the current state and composition of the supply of European vehicles, and presents an overview of the most dominant styles and structures in this market. The paper continues with performance measurement in the non-listed sector and ends with an outlook of the development of this market by discussing the fund terminations that lie ahead and the continuation alternatives that are at hand.
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RSM et al. (2007) studied this question.
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