NCREIF Fund Index – Closed End Value Add (NFI-CEVA)

NFI-CEVA is the NCREIF Fund Index for Closed-end Equity Value-add strategies. The Index consists of multiple vintage years calculated on a since inception internal rate of return basis aggregated by vintage year. A value-add investment strategy /style generally includes a mix of core investments, and noncore investments that will have less reliable income streams. A value-add fund as a whole is likely to have moderate lease exposure and moderate leverage. As a result, such funds should achieve a significant portion of the return from appreciation and are expected to exhibit moderate volatility. Value-add is typically riskier than core, but less risky than opportunistic strategies that have higher leverage and higher development and leasing risk. Please refer to the Index Policy for further details of the characteristics of NFI-CEVA.


Unlike the NFI-ODCE and NFI-OE, the NFI-CEVA is not a Frozen Index. Becasue the Index is new, historic data is added each quarter, as new members join NCREIF. NCREIF has not set a timeline for freezing the Index.

Funds are classified into a strategy/style index based on various qualitative criteria. The starting point is the classification that the manager uses when marketing the fund to prospective investors. NCREIF Staff will assess new fund classifications based on the funds’ overall goals, objectives, and strategies. Because new funds may have broad investment discretion, various layers of portfolio and investment level risks, and limited performance history, classifications are somewhat subjective. Although it is generally not expected, in the cases where Staff believe a classification is deemed not appropriate, the situation will be discussed with the fund's portfolio manager and Staff will make a final decision as to which strategy/style index to include the fund. Classifications for older historical funds are based on how the managers marketed the fund.

The fund markets itself as a closed-end, value-add investment strategy, primarily investing in private equity real estate, generally as follows:

  • Investments - at least 80% of allocated or invested capital is allocated or invested in real estate or real estate related assets with no more than 50% in debt investments.
  • Capital Commitments - include more than 50% U.S. institutional investors.
  • Domain - at least 75% of allocated or invested capital is in US market.
  • Leverage - no more than 75% leverage as defined in the fund documents.