NCREIF and CREFC Release Second Quarter 2023 Debt Fund Aggregate Report 

October 11, 2023


The National Council of Real Estate Investment Fiduciaries (NCREIF) and the CRE Finance Council (CREFC) released their second quarter “NCREIF/CREFC Open-End Debt Fund Aggregate: Consultation Edition.”

The NCREIF/CREFC Open-End Debt Fund Aggregate is a powerful tool that informs potential fund investors on the rewards and risks of private real estate debt funds. The report will be issued in a draft ‘consultation’ format for at least one year with the goal of obtaining industry feedback to be incorporated before it is introduced as an official industry product.

About the NCREIF/CREFC Open-End Debt Fund Aggregate

NCREIF and CREFC believe that the Open-End Debt Fund Aggregate will serve to enhance investor interest and understanding of the rewards and risks of private real estate debt funds, which may lead to increased allocations to debt, benefiting managers, investors, and commercial real estate finance industry professionals.

The NCREIF/CREFC Open-End Debt Fund Aggregate tracks funds with various strategies and styles, from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns from each fund are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if value weighted. Importantly, the ‘Aggregate’ is not yet a benchmark. It does, however, represent a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria, which will be determined going forward. The aggregate will be published quarterly. Results will never reveal individual fund performance.

NCREIF and CREFC view their multi-year collaboration as a project by the industry and for the industry that has been in the works since 2018 with input from the data contributing managers, investors, and consultants.


The introduction of the NCREIF/CREFC Open-End Debt Fund Aggregate represents a collaboration between NCREIF and CREFC. It furthers both NCREIF’s and CREFC’s missions:

“NCREIF is a member-driven, not-for-profit association that improves private real estate investment industry knowledge by providing transparent and consistent data, performance measurement, analytics, standards, and education.

“CREFC is the trade association for the commercial real estate finance industry. CREFC promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by acting as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education and tools for market participants. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.”

If you have any questions or need additional information, please contact:

Lisa Pendergast, Executive Director, Commercial Real Estate Finance Council (CREFC),, 646-884-7570.


Lisa Pendergast
Executive Director

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.

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