In Germany, openended funds represent the prevailing form of indirect real estate investment for retail and institutional investors. As of 2007, more than 140 funds would exist, amounting to over 100 bn Euros in assets. The performance of such funds has been subject to critical questioning as it used to show a remarkably stable pattern over time. The aim of this paper is to analyze the performance and asset allocation of open-ended real estate funds to shed light on performance patterns of these major investment vehicles. Thereby, the crucial question will be addressed as to whether significant performance differences occur between retail funds and institutional funds, the latter with either single investors or multiple investors, or old and new funds after accounting for differences in the respective asset allocation. For this purpose, the property performance of more than 140 funds investing in Germany and abroad, based on data from the fund association BVI and individual statements of accounts, are each measured against tailored IPD performance benchmarks of direct property investments. Such benchmarks shall mimic the asset allocation of any particular fund. The results will give new insight into the performance of open-ended real estate funds. The analysis shall help explain performance patterns across open-ended real estate funds and add to an improved understanding of the German indirect real estate investment market.