Market intelligence on institutional asset managers Search. The guidelines on fund performance are still under development and will be launched late The consensus reached is to maintain the five-year amortisation period for these costs and to continue the debate between fund managers and investors globally in co-operation with industry associations in the US and Asia in the coming years. The INREV Guidelines provide fund managers and institutional investors with an integrated set of principles, guidelines and recommendations including tools and examples for governance and information provision in relation to non-listed real estate vehicles. The databases comprise key characteristics for all real estate vehicles like the strategy, size, allocation and contact details as well as other characteristics. The only requirements for fund managers are to define a liquidity framework in agreement with the investors and to disclose the level of compliance with this framework. 
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The latter are more behavioural, more subjective and are more relevant to modules such as corporate governance and liquidity.
INREV also wished to make the guidelines practical inrfv improve accessibility by making them available online. Search this site Search. In this context, the reporting guidelines have been split into two blocks of requirements:.
They can alternatively be included in the annual and interim guidelinws to investors. The revised guidelines are organ- ised by modules: As a pan-European body it represents a platform for the sharing and dissemination of knowledge on the non-listed real estate fund market.
INREV states its goal is to improve the accessibility of non-listed real estate by promoting greater transparency, accessibility, professionalism and standards of best practice. In addition, it contains specific further guidance on club deals, joint ventures, open and closed-ended funds. This page was last edited on 12 Januaryat gudielines Therefore, the interim report is expected to be in an abridged form, which is consistent with most European GAAP. It provides a more comprehensive and understandable frame- work.
This approach should not fundamentally change the content of the reports to investors. Hopefully, a gudielines consensus will be reached on this matter. The computation of the total expense ratio TER and of the real estate expense ratio has been clarified.
INREV revamps guidelines | Magazine | IPE Reference Hub
The main change is the terminology used. The NAV module has been subject to a lengthy review process, as it is a key performance indicator that investors monitor closely. Key research publications include: Non-profit organisations based in the Netherlands. Retrieved from " https: The databases comprise key characteristics for all real estate vehicles like the strategy, size, allocation and contact details as well as other characteristics.
Ijrev previous version of the guidelines contained limited requirements on the fund documentation, even though a detailed template of a private placement memorandum was proposed.
These have also been developed based on best practices observed in the market.
INREV revamps guidelines
During the review process, the amortisation of set-up costs and acquisition costs over a period of five years have been heavily debated. By using this site, you agree to the Terms of Use and Privacy Policy. The former are technical by nature and are more relevant to modules such as reporting, NAV, and so on.
This module has been significantly enhanced with a detailed list of disclosure requirements to be incorporated in the documentation defined at the launch of a fund.
The new requirements list the terms ihrev be included in the prospectus, and refer to the initial disclosure requirements proposed iinrev other modules. Large Cap Growth Equities. The principal concept is close to the previous guidelines. INREV publishes over a dozen reports annually on topics of interest to investors, fund managersand financial advisors.
Even though the wording is pretty similar to the previous version of the guidelines, the onus is on the fund manager to take more ownership of the outcome of the valuation process and to ensure that this valuation is properly done. This improvement will be appreciated by all users — fund managers, investors and service providers.
INREV - Wikipedia
The consensus reached is to maintain the five-year amortisation period for these costs and to continue the debate between fund managers and investors globally in co-operation with industry associations in the US and Asia in the coming years.
In summary, the revised INREV guidelines propose a set of comprehensive and more understandable set of rules that will encourage fund managers to raise their game. In this context, the association has actively developed guidelines that have been adopted by many non-listed real estate products within Europe. Views Read Edit View history.
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