What ANREV does

ANREV (legal name: Asian Association for Investors in Non-Listed Real Estate Vehicles Limited) is a non-profit membership industry association headquartered in Hong Kong with a regional office in Singapore, founded around 2009 to address the lack of standardized performance measurement, due diligence frameworks, and market transparency for non-listed real estate vehicles in Asia Pacific. The organization serves three primary customer segments: institutional investors (pension funds, sovereign wealth funds, insurance companies such as Future Fund, CPP Investments, and Pictet Asset Management), investment managers running non-listed real estate funds (Tishman Speyer, IFM Investors, Tristan Capital Partners, Mapletree), and multi managers; secondary segments include investment banks, service providers, and academic institutions. Membership tiers (Full Membership with voting rights and Academic Membership without) represent the primary commercial relationship, with additional research package subscriptions extending data access.

ANREV's product portfolio spans research indices (ANREV Quarterly Index covering 80 funds with US$153.7 billion GAV, IRR Index covering 73 closed-end funds across vintages from pre-2005 to 2022, ODCE Fund Index covering 8 funds with US$21.3 billion GAV and 441 assets, ACOE Index covering 18 Australian core open-end funds with AUD 120.06 billion GAV, and Australia Farmland Index covering 63 properties valued at over AUD 2.06 billion), annual surveys (Investment Intentions, Capital Raising, Fund Manager, Multi Manager, Management Fees and Terms, Funds Termination), industry standards (DDQ, SDDS, INREV Guidelines, ESG Library), and data tools (Analysis Tool, Vehicle Universe, Multi Manager Solutions Universe, Investor Data Sharing Tool). Joint production of global indices with INREV (Europe) and NCREIF (North America) extends ANREV's reach to GREFI (455 funds, US$956.32 billion GAV), Global IRR Index (424 closed-end funds), and Global ODCE Fund Index (49 funds, USD 350.9 billion GAV).

Revenue mechanics are not publicly disclosed but derive from three streams per the member bylaws: annual membership fees determined by the Management Board and invoiced per calendar year, event registration fees for conferences, briefings, and training courses, and access fees for member-gated research publications. Marketing and distribution operate through a member-only website portal, email newsletters, an annual conference (300+ attendees), regional briefings, Young Professionals programming, and a WeChat group for Asia Pacific members. Governance is via a Management Board with advisory councils and operational committees (Research, Performance Measurement, Professional Standards, Sustainability, Debt, Technology and Innovation, Regulatory and Tax, Events, Membership, Young Professionals). The current Chief Executive is Charles Haase.

Name

ANREV

Legal name

Asian Association for Investors in Non-Listed Real Estate Vehicles Limited

Website

https://anrev.org

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

ANREV is a Hong Kong-headquartered non-profit membership association that provides performance indices, research surveys, industry standards, and data tools for institutional investors, fund managers, and multi managers active in Asia Pacific non-listed real estate vehicles.

Ownership category

akta.pro rank

Product category

Real Estate Investment Research and Industry Standards

NAICS

Business Associations (813910), Marketing Research and Public Opinion Polling (541910)

akta.pro primary industry

Fund Accounting & NAV Calculation (FSAAAMAB)

Keywords

• Non-listed real estate
• Real estate indices
• Investment benchmarks
• Property fund research
• Industry association

Headquarters

HQ city

Central

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Annual Membership Fees: ANREV generates revenue through annual membership fees paid by organizations active in the non-listed real estate vehicles market. Membership fees are determined by the Management Board and invoiced per calendar year (January to December). New members receive pro rata invoices for the remainder of the calendar year.
2. Event Registration Fees: Revenue generated from ANREV events including Annual Conferences, Briefings, and Training Courses. Eligibility for event participation is tied to membership status.
3. Research Publication Access: Many research publications and reports are available to members only, with some restricted content requiring additional access permissions. Full reports may be member-only while snapshots are publicly available.

Pricing tiers

Distribution channels3 records

Marketing channels8 records

Core offering

ANREV is a non-profit industry association that provides standardized performance indices, annual surveys, industry guidelines, and due diligence tools for investors and fund managers active in non-listed real estate vehicles across Asia Pacific. It also delivers conferences, briefings, and training programs that facilitate networking and knowledge sharing among institutional investors, multi managers, investment banks, investment managers, and service providers. Revenue is generated primarily through annual membership subscriptions, event registration fees, and access to proprietary research.

Product overview

ANREV (Asian Association for Investors in Non-Listed Real Estate Vehicles) is a membership-based industry association, not a software product company. Its offerings consist of research indices, surveys, industry standards, data tools, and professional development services. The core portfolio includes performance indices (Quarterly Index, Annual Index, ODCE Index, IRR Index, Australia Farmland Index) tracking Asia Pacific non-listed real estate fund performance; annual surveys (Investment Intentions, Capital Raising, Fund Manager, Multi Manager) providing market intelligence; industry standards (INREV Guidelines, DDQ, SDDS) promoting transparency; topical research and Red Paper publications on specific market topics; and data tools including the Vehicle Universe database and Analysis Tool. ANREV also organizes conferences, training, and provides a members-only area with access to publications and resources. All products are delivered through the website as research and data services rather than software products.

Differentiator

Problem solved

Functional benefit

Products and services

• ANREV Quarterly Index Quarterly performance index tracking non-listed Asia Pacific real estate fund performance, with All Funds, Core, Value-Added, and Opportunistic sub-indices by geography. Tracks 80 funds with US$153.7 billion in gross asset value (Q1 2026).
• ANREV Annual Index Annual performance index covering full calendar year returns of non-listed real estate funds in Asia Pacific.
• ANREV ODCE Fund Index Open End Diversified Core Equity Fund Index measuring performance of Asia Pacific ODCE funds, tracking capital growth and income returns. Features 8 funds with US$21.3 billion in total GAV covering 441 assets (Q1 2026).
• ANREV IRR Index Internal Rate of Return Index measuring performance of value-added and opportunistic non-listed closed-end funds investing in Asia Pacific. Features 73 closed-end funds across vintages from pre-2005 to 2022 (Q1 2026).
• Global Real Estate Fund Index (GREFI) Jointly produced with INREV and NCREIF, tracks global non-listed real estate fund performance across all regions. Monitors 455 funds with total GAV of USD 956.32 billion (Q1 2026).
• ANREV Australia Core Open End Fund Monthly Index (ACOE) Monthly index tracking performance of 18 Australian core open-end real estate funds with total GAV of AUD 120.06 billion (May 2026), including gross return reports.
• ANREV Australia Farmland Index Index tracking financial performance of 63 Australian farmland properties valued at over AUD 2.06 billion, measuring 12-month rolling returns, income returns, and capital growth.
• Global IRR Index Jointly produced with INREV and NCREIF, tracks IRR performance of 424 closed-end non-listed real estate vehicles globally across vintages from pre-2001 to 2022 (Q1 2026).
• Global ODCE Fund Index Joint index with INREV and NCREIF tracking open-end diversified core equity fund performance globally. Consists of 49 funds with combined total GAV of USD 350.9 billion (Q1 2026).
• Investment Intentions Survey Annual survey (now in its 17th edition) conducted jointly with INREV and PREA tracking institutional investor allocations and expectations for non-listed real estate vehicles. The 2026 edition attracted 78 participants representing over $1 trillion USD of real estate AUM.
• Capital Raising Survey Annual survey providing insights into capital raising activities within the non-listed real estate industry by region, product type, and investment strategy. The 2026 edition attracted 103 fund managers totaling minimum US$138 billion of new equity raised.
• Fund Manager Survey Joint survey with INREV and NCREIF tracking total real estate assets under management globally, fund structures, and market composition. The 2026 edition reported global real estate AUM at USD 4.5 trillion.
• Management Fees and Terms Study Annual study on fee structures and levels of non-listed real estate funds in Asia Pacific, increasing transparency in fund economics.
• Funds Termination Study Study examining preferred termination options and trends among Asia Pacific closed-end non-listed real estate funds.
• Multi Manager Study Overview of the multi manager industry globally, including insights by target region, style, and structure. Formerly known as Funds of Funds Study, renamed in 2021.
• Real Estate Fund Managers' Benchmarking Survey Survey conducted in collaboration with PwC collecting detailed data on fund managers' operational practices including organizational structure, governance, risk management, administration, valuation, technology and operations, regulatory compliance, and reporting. The 2025 edition (third edition) attracted 21 fund managers representing over US$1 trillion in real estate AUM globally.
• INREV Guidelines Comprehensive guidelines on governance and disclosure requirements for non-listed real estate products, shared with European association INREV and adopted across the Asia Pacific region.
• Due Diligence Questionnaire (DDQ) Standardized due diligence questionnaire for investors evaluating non-listed real estate fund managers.
• Standard Data Delivery Sheet (SDDS) Standardized data format for consistent delivery and reporting of fund information.
• ANREV Analysis Tool Online web-based analytical tool for members to analyze market data and index performance.
• ANREV Vehicle Universe Comprehensive database of non-listed real estate vehicles in Asia Pacific for member research.
• ANREV Multi Manager Solutions Universe Database tracking multi manager solutions vehicles, providing NAV and performance data on funds of funds.
• Investor Data Sharing Tool Platform enabling investors to share and compare data within the ANREV community.
• ANREV Membership Annual membership program with Full Membership tier (for investors, multi managers, investment banks, investment managers, and service providers with voting rights) and Academic Membership tier (for non-profit universities and academic faculties). Fees determined by the Management Board and invoiced per calendar year.
• ANREV Annual Conference Major annual event bringing together 300+ ANREV members including institutional investors, fund managers, and advisors, featuring keynotes, market updates, and networking opportunities.
• ANREV Regional Briefings Regional briefing events held throughout Asia Pacific including Australia, China, Korea, and other markets, providing targeted market insights and networking.

Named customers23 records

Segments6 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Seven partnerships are on record, tiered major, core and minor.

• PwCmajorImplementation/ SI/ Consulting Partner · 1 January 2025ANREV and PwC collaborated on the Real Estate Fund Managers' Benchmarking Survey 2025, the third edition of the survey. PwC assists in collecting detailed data on respondents' operational practices including organizational structure, governance, risk management, administration, valuation, technology and operations, regulatory compliance, and reporting.
• INREV (European Association for Investors in Non-Listed Real Estate Vehicles)coreStrategic or Co-development Partner · 1 January 2024As of 2024, INREV's and ANREV's Funds of Funds Study and Funds of Funds Universe have been renamed to Multi Manager Study and Multi Manager Solutions Universe respectively, reflecting the evolution of the multi manager industry globally.
• INREV (European Association for Investors in Non-Listed Real Estate Vehicles)coreStrategic or Co-development PartnerStrategic alliance for joint research initiatives including the Fund Manager Survey, Capital Raising Survey, Investment Intentions Survey, and Multi Manager Study. Jointly produces the Global Real Estate Fund Index (GREFI), Global ODCE Fund Index, and Global IRR Index. Co-development of industry standards and guidelines including INREV Guidelines. The partnership enables ANREV to provide global coverage alongside INREV's European focus.
• NCREIF (National Council of Real Estate Investment Fiduciaries)coreStrategic or Co-development PartnerJoint production of global indices including Global Real Estate Fund Index (GREFI), Global ODCE Fund Index, and Global IRR Index. Collaborative research including the annual Fund Manager Survey. NCREIF contributes North American market data and expertise to complement ANREV's Asia Pacific focus.
• PREA (Pension Real Estate Association)majorStrategic or Co-development PartnerJoint collaboration on Investment Intentions Survey, bringing together ANREV's Asia Pacific perspective with PREA's North American expertise to provide global investment intentions data. Partnership supports standardized research methodology across major real estate markets.
• ULI (Urban Land Institute)minorStrategic or Co-development PartnerStrategic alliance providing cross-promotion of research and industry initiatives. ULI's global real estate network complements ANREV's focus on non-listed real estate vehicles in Asia Pacific.
• IREI (Institutional Real Estate Inc.)minorStrategic or Co-development PartnerStrategic alliance for industry knowledge sharing and cross-promotion of real estate investment research and publications. IREI's media and publishing platform complements ANREV's research initiatives.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• INREV: European Association for Investors in Non-Listed Real Estate Vehicles. Sister organization to ANREV with the same mandate (indices, standards, surveys, DDQ) for the European market; jointly produces GREFI, Global ODCE, and Global IRR with ANREV, making it the most directly comparable peer.
• APREA (Asia Pacific Real Estate Association): Industry association for real estate securities (REITs and listed property) across Asia Pacific. Comparable as an APAC-focused real estate industry body serving institutional investors, though focused on listed rather than non-listed vehicles.
• NCREIF: US-based National Council of Real Estate Investment Fiduciaries. Operates NPI/ODCE performance indices for US non-listed real estate and co-produces global indices with ANREV and INREV, making it a direct functional peer for performance measurement and fund-level data.
• PREA: Pension Real Estate Association. Membership association serving institutional real estate investors, co-produces the Investment Intentions Survey with ANREV. Comparable as a peer association for pension/sovereign capital allocators into non-listed real estate, though focused on North America.

Emerging players

• GRESB: Global ESG benchmark for real estate and infrastructure funds. Comparable to ANREV's ESG Library and Sustainability Standards but with a focused niche on ESG/sustainability scoring. Overlaps with ANREV's sustainability committee work and competes for the same institutional ESG budget.

Others

• Urban Land Institute (ULI): Global real estate research and education organization with a strategic alliance with ANREV. Comparable as a research and best-practice publisher serving institutional real estate participants, but broader in scope and not focused on non-listed vehicles.
• Nareit: US National Association of Real Estate Investment Trusts. Adjacent industry association for real estate investment vehicles, focused on listed REITs rather than non-listed funds; comparable as a real estate vehicle industry body serving institutional investors.
• RICS: Royal Institution of Chartered Surveyors, global professional body setting standards in real estate measurement, valuation, and ethics. Comparable as a standards-setter adjacent to ANREV's DDQ and professional standards work, though oriented to surveying professionals rather than fund investors.
• Institutional Real Estate Inc. (IREI): Media and publishing platform serving institutional real estate investors. Comparable as an information provider and strategic alliance partner of ANREV, though its model is editorial/publishing rather than association-based.

Broad incumbents

• MSCI Real Estate: Global data and index provider with a deep real estate analytics suite (IPD). Comparable as a benchmark and analytics provider for institutional real estate investors; an ANREV member today, but a potential competitor if MSCI expands fund-level APAC coverage.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ANREV-Asian-Association-for-Investors-in-Non-Listed-Real-Estate-Vehicles-1891010534522499
• LinkedInlinkedin.com/company/anrev

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ANREV