# INREV DDQ for Non-Listed Real Estate Investment Vehicles The Due Diligence Questionnaire (DDQ) for Non-Listed Real Estate Investment Vehicles, assists an investor or consultant in determining, in principle, whether a proposal fits the investor’s investment objectives. **Status**: active | **URL**: https://open.gamstandards.com/collections/25264069-50d9-4b18-bdf7-62e434d6a6ca ## Templates ### INREV DDQ 2023 The Due Diligence Questionnaire (DDQ) for Non-Listed Real Estate Investment Vehicles, originally launched in April 2007, assists an investor or consultant in determining, in principle, whether a proposal fits the investor’s investment objectives. - **Version**: 1.0.0 - **Format**: Word (.docx) - **File**: INREV DDQ_2023 (2).docx - **Download**: https://open.gamstandards.com/api/collections/25264069-50d9-4b18-bdf7-62e434d6a6ca/templates/b53ead32-ebf0-4730-b670-ba57dbecb446/download?inline=true ### INREV Debt Vehicles DDQ The INREV Debt Vehicles DDQ is a variation of the INREV Due Diligence Questionnaire for Non-Listed Real Estate Investment Vehicles (INREV DDQ) on real estate equity funds most recently updated in 2023. - **Version**: 1.0.0 - **Format**: Word (.docx) - **File**: INREV Debt Vehicles DDQ 2023_FINAL (2).docx - **Download**: https://open.gamstandards.com/api/collections/25264069-50d9-4b18-bdf7-62e434d6a6ca/templates/41268910-ed99-4056-ba97-ae31a6212a6b/download?inline=true ## Resources and References ### Guide to completing the DDQ - 2024 This document guides users in completing the INREV DDQ with the aim of enhancing consistency in the responses provided to investors who receive DDQs. - **Type**: Document (application/pdf) - **Download**: https://open.gamstandards.com/api/collections/25264069-50d9-4b18-bdf7-62e434d6a6ca/references/47cac01f-e640-40e8-b15d-b4eb7dee5bcc/download?inline=true ## Frequently Asked Questions **Q: What is the main purpose of the INREV DDQ?** The main purpose is to standardize the due diligence process, making it easier and more efficient for investors to assess whether a non-listed real estate vehicle aligns with their investment goals. It helps provide a clear understanding of the vehicle's strategy, management, terms, and risks. **Q: Who should use this DDQ?** The DDQ is intended for investors and their consultants to gather information, and for investment managers to provide information in a clear and consistent format **Q: Does the DDQ have to be completed for all investment types?** This specific DDQ is designed for non-listed real estate vehicles, including funds, joint ventures, separate accounts, and club deals. INREV has published separate, specialized DDQs for other investment types like funds of funds, multi-manager mandates, and real estate debt vehicles. **Q: Is the DDQ a substitute for face-to-face meetings or legal advice?** No. The questionnaire is a tool to facilitate due diligence but is not intended to replace direct meetings between investors and managers, nor does it replace the need for detailed legal, tax, or market-specific due diligence. **Q: How are ESG considerations handled in the DDQ?** ESG is a central theme in the 2023 version. A dedicated ESG section has been added to the Vehicle Fact Sheet, and ESG-related questions are integrated across the Preliminary and Advanced stages. This ensures that factors like climate risk, sustainability targets, and regulatory compliance (e.g., SFDR) are addressed throughout the due diligence process. **Q: What is the "Data Room" mentioned throughout the document?** The Data Room is a designated repository where investment managers should place supplementary documents requested in the DDQ, such as financial statements, ESG policies, or examples of investor reports. If a manager does not use a formal Data Room, they should provide the requested information along with the completed questionnaire. ## Glossary **Due Diligence Questionnaire (DDQ)**: A standardized list of questions used by investors to evaluate a potential investment vehicle. This document is specifically for non-listed real estate. **Non-Listed Real Estate Investment Vehicles**: The investment products this DDQ is designed for, which can include funds, joint ventures, separate accounts, and club deals. **Data Room**: A virtual or physical location where an investment manager provides additional documents and information requested in the DDQ, such as financial models, policies, and detailed reports. **Private Placement Memorandum (PPM)**: A key legal document that provides detailed information about the investment vehicle for qualified investors. The DDQ often requests this document for reference. **Total Global Expense Ratio (TGER)**: A standardized metric for representing the total costs of a vehicle, which managers are asked to provide. --- ## Suggested Workflow To extract data from a document using this collection: (1) Review the JSON schema to understand the data structure and required fields. (2) Download the template file to see the expected output format. (3) Use the glossary terms to understand domain-specific terminology. (4) Extract data from your source document matching the schema fields. (5) Populate the template or produce JSON conforming to the schema.