Beyond benchmarking
Deeper understanding
Advancing the measurement, transparency and analysis of Australia's unlisted property funds market.
Explore the initiativeParticipate in AUPFIA more complete picture of market performance.
AUPFI is a joint industry initiative between Real Investment Analytics (RIA) and Fast Data. It is designed to broaden the representation of Australian unlisted property funds and extend benchmarking beyond headline returns into meaningful performance analysis.
The initiative responds to five priorities identified at the inaugural May 2026 roundtable: broader market coverage, richer performance analytics, faster delivery, potential relevance to Your Future, Your Super benchmarking, and improved visibility for the unlisted property sector.
More representative
Core wholesale and other unlisted property funds, with separate and combined views proposed.
More informative
Performance attribution, sector analysis, risk metrics and portfolio-level insights.
More useful
Timelier information, flexible reporting and greater transparency in index governance.
Broader coverage, without losing comparability.
RIA already produces the quarterly Property Funds Market Indicator (PFMI). The AUPFI proposal builds on this established data capability to support a broader and more flexible family of unlisted property benchmarks.
PFMI
Property Funds Market Indicator — RIA's existing quarterly indicator.
Core wholesale funds
Benchmarking for the core wholesale property fund segment.
Other unlisted funds
Additional fund coverage, available separately or within a broader combined view.
The final AUPFI index structure, inclusion policy and methodology are subject to consultation and development. The illustration above is conceptual rather than an approved index taxonomy.
Historical reference figures from RIA's May 2026 industry roundtable, not current live index values.
Understand what drives performance.
AUPFI's proposed analytical offering draws on RIA's real asset data capabilities and Fast Data's experience in performance, valuation and investment analytics.
Explain returns
Link property portfolio performance with fund-level returns and identify key drivers.
Compare exposures
Understand how sector allocations and relative performance contribute to outcomes.
Assess consistency
Explore risk-adjusted performance, tracking error, correlations and covariance.
Proposed capabilities. Availability, scope and packaging are to be confirmed.
Experience in creating and governing property indices.
AUPFI combines RIA’s track record in developing real asset market indices with Fast Data’s experience in institutional property performance benchmarking and industry index committees.
Dr Anthony De Francesco
Founder and Managing Director of RIA. More than 30 years’ experience in research, data analytics, performance measurement and index development. At MSCI/IPD, Anthony played a leading role in expanding and recasting the Mercer/MSCI Property Fund Index and introducing indices covering hotels, healthcare property, sustainability and infrastructure.
Andy Buchan, CIPM
Founder and Chief Executive Analyst of Fast Data and holder of the CFA Institute Certificate in Investment Performance Measurement (CIPM). A founding member of the MSCI/IPD Steering Committee, Andy has also contributed to the development of the ANREV Monthly Fund Index and served as a longstanding member of the ANREV Global Performance Committee. His experience spans more than two decades of property performance measurement, benchmark development and index governance.
Experience drawn from the May 2026 AUPFI roundtable presentation and publicly available professional information.
Built with managers and investors.
Manager Industry Advisory Board
Proposed to guide data management, index inclusion policy, technical methodology, governance and transparency, with RIA and Fast Data facilitating.
Investor Industry Advisory Board
Designed to bring institutional investor perspectives to benchmark relevance, reporting priorities and analytical requirements.
How fund managers can contribute
Provide historical monthly fund data, participate in methodology discussions and help test how the proposed index compares with established benchmarks.
Advisory participation and membership are subject to confirmation. No organisation is represented here as a confirmed board member.
From monthly index development to expanded reporting.
The October 2026 Industry Advisory Board presentation outlines the proposed AUPFI work programme through the first quarter of 2027.
Monthly AUPFI refinement
Refine monthly index returns and recast sector-fund return profiles.
Fund segmentation
Develop debt and investment-style segmentation, including gearing bands and core versus non-core fund profiles.
Performance dashboards
Advance preliminary dashboard design, constituent performance snapshots, and AUPFI and OPFI reporting.
Historical depth
Work towards extending the AUPFI historical series to ten years.
Index inclusion and governance
Review inclusion parameters and progress proposed manager and investor advisory board meetings.
Return bridge analytics
Develop monthly return bridge analysis connecting underlying property portfolio returns with fund-level performance.
Parallel benchmark reporting
Start parallel AUPFI reporting alongside the Mercer/MSCI Property Fund Index.
APRA/Treasury engagement
Begin work on a submission concerning possible adoption as a Your Future, Your Super benchmark.
Source: Draft Industry Advisory Board presentation dated 28 October 2026. The roadmap covers October 2026 to March 2027; timing and delivery remain proposed. Regulatory adoption has not been granted or represented as assured.
Complementary expertise. A shared initiative.
Established real asset research, fund performance information and index development expertise.
Anthony De Francesco
Managing Director
Institutional investment analytics, performance reporting, valuation analysis and governance technology.
Andy Buchan
Fast Data
AUPFI website administration and communications are managed by Fast Data. The initiative is jointly developed with RIA.
Help shape the next generation of property fund benchmarking.
Institutional investors and fund managers are invited to discuss the AUPFI initiative.
Talk to AUPFI