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

The NCREIF Fund Index – Closed End Value Add (CEVA) is a recently developed quarterly index with data going back to Third Quarter1997.

It is a capitalization-weighted index, though additional information, such as the equally-weighted NFI-CEVA, is also presented to show what the results would be if all funds were treated equally, regardless of size. 

NCREIF is in the process of expanding the NFI-CEVA participation of funds and enhancing the report.


The NFI-CEVA is a capitalization-weighted, gross of fees, time‐weighted return index with and inception date of September 30, 1997. Published reports also contain equal‐weighted and net of fees information. Value-add funds risk profile generally fall somewhere between core and opportunistic funds. For inclusion in NFI-CEVA, a fund must be closed-end with a value-add strategy that is operated for U.S. institutional investors, comply with the NCREIF PREA Reporting Standards, and submit information in accordance with the NCREIF Fund Data Collection and Reporting Manual.

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 style index based on various qualitative criteria. The starting point is the style classification that the manager uses when marketing the fund to prospective investors. NCREIF personnel (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. 

The report presents both time-weighted returns and vintage-year IRR statistics which are most appropriate for closed-ended vehicles that exhibit performance patterns dependent on their lifecycle.