NCREIF/CREFC Open-End Debt Fund Aggregate

CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

For questions or to get involved, contact Lisa Pendergast

NCREIF/CREFC Open-end Debt Fund Aggregate First Quarter 2024 Consultation Edition

 

NCREIF/CREFC Membership Open-end Debt Fund Aggregate First Quarter 2024 Consultation Edition

 


Overview of Debt Fund Index
(presentation slides from CREFC's September 28, 2023 Capital Markets Conference)   

Watch the Video
(video replay from CREFC's September 28, 2023 Capital Markets Conference)   

Latest News

News

NCREIF and CREFC Release First Quarter 2024 Debt Fund Aggregate Report 

July 2, 2024

We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for First Quarter 2024. The full Membership Report is located in the CREFC Resource Center for CREFC Members only. This Snapshot Report is available to the public and also can be found on the CREFC website.

For any questions or suggestions and/or if you wish to become a debt fund contributor to the Aggregate, please contact Lisa Pendergast.


The NCREIF/CREFC Open-End Debt Fund Aggregate

The NCREIF/CREFC Open-End Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to commercial real estate owners. This report will be issued in a draft “consultation” format for at least one year to obtain the appropriate level of industry feedback before it is rolled out as an official NCREIF/CREFC product.


About the
NCREIF/CREFC Open-End Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC and its members, and data contributing managers, investors, and consultants.
  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.
  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined)
  • Will enhance investors’ 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.
  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equally weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value weighted.
  • Furthers NCREIF’s and CREFC’s missions:
    • CREFC is the trade association for the commercial real estate finance industry. It promotes liquidity, transparency, and efficiency in the commercial real estate finance markets. It does this by developing benchmarks such as the NCREIF/CREFC Open End Debt Fund Aggregate, acting 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. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.

Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.
  • Calculate quarterly net asset values and returns on a market-value basis.
  • Agree to submit all requested data and do so within the time frame required.

Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.

Contact 

Lisa Pendergast
Executive Director
646.884.7570
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. © 2024 CRE Finance Council. All rights reserved.
NCREIF and CREFC Release First Quarter 2024 Debt Fund Aggregate Report
July 2, 2024
We are pleased to provide you with the NCREIF/CREFC Open-End Debt Fund Aggregate Report for First Quarter 2024.

News

NCREIF and CREFC Release Third Quarter 2023 Debt Fund Aggregate Report 

January 5, 2024

Happy New Year CREFC Member,

CREFC and NCREIF are pleased to provide you with a Snapshot Report of the Third-Quarter 2023 NCREIF/CREFC Open-End Debt Fund Aggregate. This Snapshot Report is available to the public and can be found on the CREFC website. The full Membership Report is located in the CREFC Resource Center for Members only.

For any questions or suggestions and/or if you wish to be a debt fund contributor to the Aggregate please contact Lisa Pendergast.

The NCREIF/CREFC Open-end Debt Fund Aggregate

The NCREIF/CREFC Open-end Debt Fund Aggregate is a fund-level aggregate comprising open-end funds that provide credit and financing to borrowers who own commercial real estate. This report will be issued in a draft “consultation” format for at least one year to obtain industry feedback before it is rolled out as an official NCREIF/CREFC product.

About the NCREIF/CREFC Open-end Debt Fund Aggregate

  • Is a project by the industry for the industry that has been in the works for several years with input from NCREIF, CREFC leaders and data contributing managers, investors, consultants and CREFC.

  • Is anticipated to be published quarterly. Results will never reveal individual fund performance.

  • Is NOT a BENCHMARK, yet, but is a major step toward the goal of creating a more focused index/benchmark of funds that meets certain investment inclusion criteria (which are to be determined).

  • Will enhance investors’ 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.

  • Contains funds with various strategies and styles ranging from core to value-add, as reported by the managers. The performance metric is a time-weighted return. The returns are equal-weighted across the funds since the aggregate contains a few large funds that would dominate the results if it they were value-weighted.

  • Furthers NCREIF’s and CREFC’s mission:
    • CREFC is the trade association for the commercial real estate finance industry. It 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 for market participants. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, and rating agencies, among others.
    • 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.

Fund Inclusion

Investment Managers must:

  • Offer an open-end debt fund product to institutional investors that includes predominantly private U.S. commercial and multifamily real estate debt. Specifically, 80% of total assets must be invested in private commercial and multifamily debt real estate.

  • Calculate quarterly net asset values and returns on a market-value basis.

  • Agree to submit all requested data and do so within the time frame required.

  • Be a NCREIF data contributing member once this becomes an official product.

Funds included have different:

  • Structures, strategies, liquidity provisions, dividend, accounting, and valuation policies, all of which affect performance and comparability. As a result, this product is not a benchmark.


Contact  

Lisa Pendergast
Executive Director
646.884.7570


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.
NCREIF and CREFC Release Third Quarter 2023 Debt Fund Aggregate Report
January 5, 2024
CREFC and NCREIF are pleased to provide you with a Snapshot Report of the Third-Quarter 2023 NCREIF/CREFC Open-End Debt Fund Aggregate.

News

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.

About NCREIF and CREFC

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), lpendergast@crefc.org, 646-884-7570.


Contact  

Lisa Pendergast
Executive Director
646.884.7570


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.
Alert - 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.”