Inrev Management Fees and Terms Study 2009

MANAGEMENT FEES AND TERMS STUDY 2009

R E S E A R C H & M A R K E T I N F O R M AT I O N

DECEMBER 2009

INREV STRAWINSKYLAAN 631 1077 XX AMSTERDAM THE NETHERLANDS T +31 (0)20 799 39 60 INFO@INREV.ORG WWW.INREV.ORG

INREV is the European Association for Investors in Non-Listed Real Estate Vehicles. Our aim is to improve the accessibility of non-listed real estate funds for institutional investors by promoting greater transparency, accessibility, professionalism and standards of best practice. As a pan European body, INREV represents an excellent platform for the sharing and dissemination of knowledge on the non-listed real estate funds market. The association’s primary focus is on institutional investors, although other market participants such as fund managers, investment banks, lawyers and other advisors provide additional support. © 2009 Vereniging INREV No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, mechanical, photocopying, recording or otherwise, without the prior written consent of INREV

MANAGEMENT FEES AND TERMS STUDY 2009

This report was produced by KTI Finland: Kati Paatela Pia Louekoski Hanna Kaleva www.kti.fi

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MANAGEMENT FEES AND TERMS STUDY 2009





CONTENTS
ACKNOWLEDGEMENTS EXECUTIVE SUMMARY 03 04 06 06 07 08 08 09 12 12 13 14 15 16 17 17 18 18 20 20 22 24

1 1.1 1.2 1.3 1.4 2 3 3.1 3.2 3.3 3.4 3.5 4 4.1 4.2 4.3 5 5.1 5.2 5.3

INTRODUCTION – METHOD – SAMPLE – DATA VALIDATION – REPORTING STRUCTURE TOTAL EXPENSE RATIO

ANNUAL FUND MANAGEMENT FEES – ANNUAL FUND MANAGEMENT FEES BY STYLE – ANNUAL FUND MANAGEMENT FEES BY VINTAGE – ANNUAL FUND MANAGEMENT FEES BY TARGET LOCATION – ANNUAL FUND MANAGEMENT FEES BY TARGET SECTOR – OTHER ISSUES RELATED TO ANNUAL FUND MANAGEMENT FEES PERFORMANCE FEES – PERIODIC PERFORMANCE FEES – PERFORMANCE FEES AT TERMINATION – OTHER ISSUES RELATED TO PERFORMANCE FEES THE EFFECTS OF... [continues]

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