Standards Board for Alternative Investments (SBAI)

Yesterday, we were excited to co-host our Legal and Operational Due Diligence (ODD) Masterclass in Tokyo with our partner Morgan, Lewis & Bockius LLP. This educational session brought together leading institutional investors and managers to explore a range of topics, including: • 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝗻𝗴 𝗮𝗻𝗱 𝗻𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗶𝗻𝗴 the top 7 general fund terms that investors should consider when investing in funds. • 𝗞𝗲𝘆 𝗝𝗮𝗽𝗮𝗻 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝗶𝗲𝘀 𝗰𝗼𝗻𝘀𝗶𝗱𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝘁𝗼 𝗼𝗻𝗯𝗼𝗮𝗿𝗱 𝗝𝗮𝗽𝗮𝗻 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀. • 𝗘𝘃𝗼𝗹𝘃𝗶𝗻𝗴 𝘁𝗿𝗲𝗻𝗱𝘀 𝗶𝗻 𝗝𝗮𝗽𝗮𝗻 𝗮𝗻𝗱 𝗔𝘀𝗶𝗮, including the maturing co-investment market, secondaries and continuation funds. • 𝗠𝗮𝗻𝗮𝗴𝗲𝗿 𝗿𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗿𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀 𝗰𝗼𝗺𝗺𝗼𝗻𝗹𝘆 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝗲𝗱 𝗯𝘆 𝗝𝗮𝗽𝗮𝗻𝗲𝘀𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 • 𝗧𝗼𝗽 𝗢𝗗𝗗 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝗶𝗲𝘀/𝗰𝗼𝗻𝗰𝗲𝗿𝗻𝘀: Valuation of private market assets, Cyber security, Ops DD of service providers (to the fund/manager) and Fee/expense reporting. This interactive discussion highlighted the importance of robust industry standards in all the above-mentioned areas. The SBAI’s Alternative Investment Standards and Toolbox Guidance provide the ideal starting point to work towards better outcomes in areas such as fund governance, valuation, and disclosure, for the benefit of all. We would like to thank Carol Tsuchida (Morgan, Lewis & Bockius), Takanori Tajima & Toshiya Tanaka (Asset Management One), Koichi Kitagawa (Tokio Marine Asset Management Co., Ltd.) and Thomas Deinet (SBAI) for leading the discussion and the team at Morgan, Lewis & Bockius LLP for their hospitality. 𝗞𝗲𝘆 𝗦𝗕𝗔𝗜 𝗿𝗲𝘀𝗼𝘂𝗿𝗰𝗲𝘀 𝗵𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝗲𝗱: • 𝗧𝗵𝗲 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀: https://lnkd.in/gZnFAf3N • 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝗶𝘀𝗲𝗱 𝗕𝗼𝗮𝗿𝗱 𝗔𝗴𝗲𝗻𝗱𝗮: https://lnkd.in/efcibmgQ • 𝗖𝘆𝗯𝗲𝗿 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆: https://lnkd.in/envwnjiv • 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 & 𝗖𝗼𝗻𝗳𝗹𝗶𝗰𝘁𝘀 𝗼𝗳 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗶𝗻 𝗔𝗹𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝘃𝗲 𝗖𝗿𝗲𝗱𝗶𝘁: https://lnkd.in/dBaTTBT5 #alternativeinvestments #standards #community #professionalism #education

During today's Stockholm Institutional Investor Roundtable, we honoured Brummer & Partners., one of the Founders and a long-standing supporter of the SBAI. Brummer & Partners have been with us from the very beginning in 2008. We presented the celebratory Founder plaque to Ann-Sofie Vallée Odenberg, who graciously accepted it on their behalf. We extend our heartfelt gratitude to our Founders for their ongoing support!

Today, we returned to Stockholm for another exciting Institutional Investor Roundtable with breakout sessions exploring co-investments and the intricacies of private market valuations. Other highlights included a keynote speech from Johan Javeus, a senior economist from SEB, and a panel discussion on the application of factor lens across private and public asset classes. We concluded the event with a thought-provoking fireside chat on whether liquid alternatives can make Swedish portfolios more resilient. Thank you to SEB for their hospitality and to our speakers for their expertise and contributions. Paul Ashby (Albourne), Marco Aiolfi (PGIM), Leda Braga (Systematica Investments), Evan Burns, CFA (Two Sigma), Stuart Fiertz (Cheyne Capital), Lorenzo Fusco (Pictet Asset Management), Magdalena Högberg, CFA (AP4), Bjarne Graven Larsen (Qblue Balanced ), Martin Martinsson (SEB), Lalantika Medema (PIMCO), Nicolas Roth 🇬🇷 (UBP - Union Bancaire Privée), Andrew Scott (International Asset Management), Nathalie Söderlund, CFA (Fjärde AP-fonden (AP4),

Trade allocation is a critical component of investor protection. Ensuring that trades are allocated in a fair and equitable manner requires appropriate policies, procedures, systems, and oversight.     Without a robust framework for trade allocation, there’s a risk of practices such as cherry-picking — where trades are allocated selectively to benefit certain clients over others. This not only compromises fairness but also erodes investor trust and invites regulatory scrutiny.   Managers should be transparent with investors about their trade allocation policy, as outlined in Standard 17. Investors should consider how trade allocation policies are implemented as part of the trade execution process when conducting investment and operational due diligence.   The Standards Board for Alternative Investments (SBAI) will be undertaking a review of the Standards through 2025 to ensure their ongoing relevance and we invite our members to participate in this vital process.   Explore the SBAI Standards here: https://lnkd.in/e7UUGD6E   #TradeAllocation #InvestorProtection #Transparency #DueDiligence

Yesterday, we held our 11th Annual Canadian Institutional Investor Forum in Montreal. Highlights included panel discussions on Artificial Intelligence and Investment frameworks.   Our Ideas Exchange gave our community the opportunity to discuss topics including Private Credit, Co-investments, Company Culture, Why Standards Matter, Portable Alpha, the Energy Transition, and more. Thank you to Caisse de dépôt et placement du Québec (CDPQ) for their hospitality and to all the speakers for their valuable contributions to the discussions. Martin Bernier, Mario A. Therrien, CFA & David Turcotte (CDPQ), François Bourdon (Nordis Capital), Jane Buchan (Martlet Asset Management), Drew Conway (Two Sigma), Damien Courvalin (Balyasny Asset Management L.P.), Derek Drummond, CAIA (State of Wisconsin Investment Board), Michael Ide, Carmen Lam, CFA & Andrew McCulloch (Albourne), DeWayne Louis (Versor Investments), Carlo Perri (Polar Asset Management Partners Inc.), Afroditi Ladovrechis & Francois Rivard (Innocap), Christopher Reeve (Aspect Capital), Derek Walker (CPP Investments | Investissements RPC), Jennifer Ancker Whelen (Graham Capital Management, L.P.), Poul Albæk Winslow (Leaf Creek Advisors), Bill Young (New Holland Capital, LLC)

Yesterday we co-hosted a Fireside Chat with Paula Volent, SBAI Trustee and Vice President & CIO at The Rockefeller University for our stakeholders in Hong Kong.   Moderated by Richard Johnston, SBAI APAC Committee and Albourne Chair, the discussion delved into the latest trends and critical issues in the alternative investment industry, particularly from an endowment perspective.   We are grateful to all participants and extend our thanks to Bank of America for their generous hospitality.

Our outgoing Chair Mario A. Therrien, CFA and incoming Chair Jane Buchan at our Forum in Montreal.

Yesterday, we held our 11th Annual Canadian Institutional Investor Forum in Montreal. Highlights included panel discussions on Artificial Intelligence and Investment frameworks.   Our Ideas Exchange gave our community the opportunity to discuss topics including Private Credit, Co-investments, Company Culture, Why Standards Matter, Portable Alpha, the Energy Transition, and more. Thank you to Caisse de dépôt et placement du Québec (CDPQ) for their hospitality and to all the speakers for their valuable contributions to the discussions. Martin Bernier, Mario A. Therrien, CFA & David Turcotte (CDPQ), François Bourdon (Nordis Capital), Jane Buchan (Martlet Asset Management), Drew Conway (Two Sigma), Damien Courvalin (Balyasny Asset Management L.P.), Derek Drummond, CAIA (State of Wisconsin Investment Board), Michael Ide, Carmen Lam, CFA & Andrew McCulloch (Albourne), DeWayne Louis (Versor Investments), Carlo Perri (Polar Asset Management Partners Inc.), Afroditi Ladovrechis & Francois Rivard (Innocap), Christopher Reeve (Aspect Capital), Derek Walker (CPP Investments | Investissements RPC), Jennifer Ancker Whelen (Graham Capital Management, L.P.), Poul Albæk Winslow (Leaf Creek Advisors), Bill Young (New Holland Capital, LLC)

At our Canadian Forum in Montreal, we honoured our Founding Member Sculptor Capital Management and our Core Supporters Ionic Capital Management, Graham Capital Management, L.P. and Polar Asset Management Partners Inc. for their unwavering support for the SBAI. Ionic Capital Management has been a Core Supporter for 10 years, while Graham Capital Management, L.P. and Polar Asset Management Partners Inc. have been Core Supporters for 5 years. Celebratory plaques were received by Wayne Cohen, John Richardson, Jennifer Ancker Whelen and Lauren Watt on behalf of their respective companies.

We were thrilled to be back in Montreal for our 11th Annual Canadian Institutional Investor Forum, where we presented Caisse de dépôt et placement du Québec (CDPQ) with a plaque in recognition of its vision and leadership in the asset management industry, as well as its tremendous contribution to the SBAI. The plaque was presented to Vincent Delisle and Martin Longchamps. We also honoured our outgoing Chair Mario A. Therrien, CFA, who has been involved in our organisation as a Trustee for 14 years and the last four years as Chair. Thank you, Mario and CDPQ for your leadership and contribution to our mission. Jane Buchan, Thomas Deinet, Zarrina Shakir, Elizabeth "Betsy" Ewing , Brian Digney, CAIA, Stuart Fiertz, Derek Drummond, CAIA, Paula Volent, John C., Edward O'Reilly, Robyn Grew https://lnkd.in/g7sQjTzY