INREV DDQ for Non-Listed Real Estate Investment Vehicles

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.

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.

Standardized Due Diligence Process

Using the DDQ creates a more standardized approach to due diligence across the non-listed real estate market. This consistency benefits both investors and managers by establishing a common framework for information exchange.

Easier Access to Information

The questionnaire is designed to help investors and consultants easily access key information about a vehicle and its investment manager. This streamlines the initial review and assessment phase.

Tailored Information Flow

The DDQ's phased structure (Preliminary, Advanced, and Supplementary) tailors the type of questions to the relevant stage of the due diligence process. This ensures that information is provided progressively, saving time for both parties.

Secure Sharing of Sensitive Data

The phased approach allows more sensitive information to be provided in the later stages of due diligence. This benefits managers by protecting confidential data until an investor has shown a serious commitment.

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.

v1.0.0 · Mar 2026

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.

v1.0.0 · Mar 2026

Resources and References

Guide to completing the DDQ - 2024 (PDF)

This document guides users in completing the INREV DDQ with the aim of enhancing consistency in the responses provided to investors who receive DDQs.

FAQs

What is the main purpose of the INREV DDQ?

Who should use this DDQ?

Does the DDQ have to be completed for all investment types?

Is the DDQ a substitute for face-to-face meetings or legal advice?

How are ESG considerations handled in the DDQ?

What is the "Data Room" mentioned throughout the document?

Terms & 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.