Assets Under Management (AUM) is one of the most important indicators for real estate investment managers and investors alike. It represents the market value of all real estate and non-real estate assets, including cash, debt investments, and undrawn investor commitments, over which a company provides oversight and management services.
Historically, AUM calculations varied across regions and organisations, creating challenges for comparison and transparency. To address this, INREV, ANREV, NCREIF and PREA collaborated to establish a single global definition for calculating AUM, ensuring a consistent and comparable measure across the non-listed real estate industry. Read the IQ blog, A single recipe for AUM anywhere in the world, for more insights.
This globally agreed definition, now used for research by all four associations, clarifies the treatment of fair value, leverage, holdings in external vehicles, and undrawn investor commitments. It is also referenced within the INREV Due Diligence Questionnaire (DDQ), helping investors and managers align their disclosures and reporting practices.
The foundations for this definition were laid in the 2021 paper, A plethora of reporting considerations for the real estate investment management industry, which examined the wide range of AUM calculation methods and called for greater transparency. Read the paper.
AUM continues to play a central role in INREV’s annual Fund Manager Survey, providing detailed insights into global AUM totals, vehicle types and regional composition.
Together, these efforts mark a major step toward achieving a globally consistent understanding of AUM, supporting clearer reporting, better benchmarking, and stronger investor confidence.
Want to align with the industry standard? Use the global AUM definition to ensure your calculations and disclosures meet worldwide expectations.