New NCREIF/CREFC Open-End Debt Fund Aggregate Offers Transparency to Open-End Debt Fund Performance

August 7, 2023 

New measure tracking performance of open-end debt funds financing commercial real estate to support CRE debt market liquidity

NEW YORK — Aug. 7, 2023 — The CRE Finance Council (CREFC) announced today that it is working with the National Council of Real Estate Investment Fiduciaries (NCREIF) to introduce a measure tracking the performance of open-end debt funds financing commercial and multifamily real estate. The NCREIF/CREFC Open-End Debt Fund Aggregate will be offered in a draft “consultation” format for one year to allow for industry feedback before it is formally introduced.

This measure being developed by NCREIF and CREFC is expected to support liquidity in commercial real estate as it will enhance investor understanding and build interest in private real estate open-end debt funds.

The Debt Aggregate currently includes 15 funds from 13 managers that operate open-end debt funds with manager self-reported styles including core, core-plus, and value-add. As a result, the Debt Aggregate is not an index or a benchmark and serves more as a research resource to build transparency and understanding of CRE debt as an investment.

For investment managers to be included in the NCREIF/CREFC Open-End Debt Fund Aggregate, they must:

  • Offer an open-end fund product to institutional investors that provides debt for predominantly private U.S. commercial real estate,
  • Calculate quarterly net asset values and time-weighted returns on a market-value basis,
  • Agree to submit all requested data within a required time frame,
  • Be a NCREIF data contributing member once the debt aggregate is formally introduced to the market.

The second phase in the development of this measure will include style benchmarks that establish parameters for core, core-plus, and value-add investment strategies. As part of this effort, CREFC will work closely with NCREIF/PREA (Pension Real Estate Association) reporting metrics that brought standardization and transparency to the institutional private equity industry, which now will include debt funds.


The CRE Finance Council (CREFC) is the trade association for the $5.6 trillion commercial real estate finance industry with member firms including balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others. CREFC promotes liquidity, transparency, and efficiency in the commercial real estate finance debt markets, and acts as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants.


The National Council of Real Estate Investment Fiduciaries (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.

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

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

Dan Dierking, President, National Council of Real Estate Investment Fiduciaries (NCREIF),, 312-819-5881.

For media inquiries, please contact:

Aleksandrs Rozens at, 646-884-7567.


Lisa Pendergast
Executive Director

Dan Dierking
National Council of Real Estate Investment Fiduciaries (NCREIF)

Aleksandrs Rozens
Senior Director, Communications
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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