Through a combination of investor and regulatory pressure, one of the most enduring implications of the global financial crisis has been the drive for greater transparency of the real estate investment process.  This has particularly been the case for commingled funds that had traditionally been shrouded in opaqueness justified by their ‘private’ nature.  The real estate industry has responded to this pressure with greater attention being placed to the building of robust benchmarks of that provide for increasingly granular analysis of the drivers of real estate performance and risk. 

It is in this context, that the paper explores a series of dimensions related to the benchmarking and risk analysis of commingled funds, with specific focus on the 174 funds contained within the SFIX (IPD/BVI SFIX vierteljährlicher) and the 90 funds in the IPD GPFI (the MSCI Global Property Fund Index).  The paper explores the considerations associated with building meaningful benchmarks for private commingled funds, the increasing regulatory and investor pressure for such benchmarks, and the insights being provided by more granular analysis, including the reconciliation of asset and fund level performance.