SBAI

What SBAI does

SBAI (Standards Board for Alternative Investments) is a London-headquartered non-profit standards organization founded in 2008, originally as the Hedge Fund Standards Board before rebranding to its current form. It operates a global alliance of more than 150 alternative asset managers and 100 institutional investors, developing and promoting standardized practices for transparency, disclosure, and governance across the alternative investment industry. Member funds using the Open Protocol represent over $2 trillion in AUM, and the Private Market Valuations Working Group encompasses members representing $8 trillion+ in AUM.

The organization's core products include the Alternative Investment Standards (a set of best-practice principles), the Open Protocol / OPERA (a standardized due diligence questionnaire), the Insurance Open Protocol (IOP), the Standardized Template for Executive Remuneration (STER), and the Alternative Transparency Report (ATR). These frameworks enable consistent disclosure of operational due diligence, fees and terms, valuation practices, and remuneration structures, reducing information asymmetry between alternative asset managers and institutional allocators.

SBAI is funded through membership dues, with free public registration available and tiered paid membership (Signatory and Investor Chapter) for organizations making a formal commitment to the standards. The organization maintains active engagement with global regulators including the SEC, FCA, IOSCO, ASIC and IFRS, and partners with industry bodies such as Albourne Partners, Morgan Lewis, IVSC, K2 Credit, and K2 International. Regional engagement is delivered through advisory committees spanning North America, Europe, Greater China, and ASEAN.

Name

SBAI

Legal name

Standards Board for Alternative Investments

Website

https://sbai.org

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

1–10 employees

Short description

SBAI is a London-based non-profit standards organization that develops and promotes transparency, disclosure, and governance frameworks for the global alternative investment industry, serving 150+ asset managers and 100+ institutional investors representing trillions in AUM.

Ownership category

akta.pro rank

Product category

Alternative Investment Industry Standards

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Financial Reporting & Technical Accounting Advisory (GAAP/IFRS) (BPAHABAF)

Keywords

• Alternative investment standards
• Fund governance frameworks
• Risk aggregation templates
• Expense ratio reporting
• Investment transparency tools

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Distribution channels3 records

Marketing channels7 records

Core offering

SBAI is a global non-profit alliance that develops and maintains the Alternative Investment Standards framework (covering Disclosure, Valuation, Risk Management, Fund Governance, and Shareholder Conduct) and provides standardised reporting templates — Open Protocol (OP/OPERA), Insurance Open Protocol (IOP), Standardised Total Expense Ratio (STER), and Administrator Transparency Report (ATR) — for use by alternative investment managers and institutional investors. It also operates collaborative programs including working groups, the SPARK emerging-managers initiative, and content resources such as the Expert Perspectives podcast.

Product overview

SBAI (Standards Board for Alternative Investments) is a global alliance of alternative investment managers and institutional investors that operates as a standard-setting organization, not a technology product company. Its core offering consists of the Alternative Investment Standards framework, implemented on a comply-or-explain basis, which covers Disclosure, Valuation, Risk Management, Fund Governance, and Shareholder Conduct. The organization provides standardized reporting tools including the Open Protocol (OP/OPERA) risk aggregation templates used by funds representing over $2 trillion in AUM, the Insurance Open Protocol (IOP) for property catastrophe exposure, the Standardised Total Expense Ratio (STER) Template for fee transparency, and the Administrator Transparency Report (ATR) for independent fund verification. These are complemented by collaborative programs such as Working Groups, SPARK for emerging managers, and content resources including podcasts and video discussion series on industry topics.

Differentiator

Problem solved

Functional benefit

Brands

• SPARK: SPARK supports emerging managers in the alternatives industry through guidance, resources, and community building.

Products and services

• Alternative Investment Standards A comprehensive principles-based framework covering Disclosure, Valuation, Risk Management, Fund Governance, and Shareholder Conduct that alternative investment managers sign up to and implement on a comply-or-explain basis.
• Open Protocol (OP / OPERA) Standardised risk aggregation templates that enable institutional investors to collect and compare risk information across alternative investment funds. The XML template includes 14 sections covering fund details, asset class exposures, VaR, sensitivity, stress tests, counterparty risk, digital asset exposure, and an ESG module.
• Insurance Open Protocol (IOP)

Quantifiable outcome

• Open Protocol used by funds representing over US$2tn in assets under management
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core, strategic and minor.

• Albourne PartnerscoreStrategic or Co-development PartnerAlbourne Partners serves as co-chair of the Open Protocol Working Group alongside SBAI and has played a leading role in providing a practitioner's lens to the Insurance Open Protocol template development. As an independently owned, non-discretionary global investment consultant specializing in alternatives assets for over 30 years, Albourne contributes expertise to SBAI standards development.
• Morgan LewiscoreGTM or Marketing PartnerMorgan Lewis, a global law firm, co-hosts the SBAI and Morgan Lewis Regulatory Compliance podcast series with SBAI's Brian Digney and Christine Ayako Schleppegrell, Partner at Morgan Lewis. This collaboration provides valuable insights into regulatory developments impacting the alternative investment industry.
• International Organization of Securities Commissions (IOSCO)coreStrategic or Co-development PartnerSBAI works with IOSCO and other industry organizations to develop and standardise relevant disclosure templates and participates in broader regulatory discussions on asset management regulation globally.
• Financial Conduct Authority (FCA)coreStrategic or Co-development PartnerSBAI engages constructively with the FCA on regulatory priorities and standards alignment. SBAI welcomes the opportunity to work with the FCA, investment managers, and investors to improve outcomes for both investors and all market participants.
• US Securities and Exchange Commission (SEC)coreStrategic or Co-development PartnerSBAI engages with the US SEC on proposed rules, including raising concerns about the Safeguarding Advisory Client Assets Rule and Predictive Analytics Rule. SBAI provides industry feedback on regulatory proposals affecting alternative investment managers.
• International Valuation Standards Council (IVSC)strategicStrategic or Co-development PartnerNicolas Konialidis, Technical Director of the Business Valuation Board at the IVSC, contributed to SBAI's private market valuations guidelines, noting alignment with IVSC's broader mission to promote consistent and transparent valuation practices.
• K2 CreditminorStrategic or Co-development PartnerK2 Credit participates in SBAI podcast episodes exploring portfolio credit insurance as a risk management tool in private credit and debt markets, contributing practitioner insights on the evolving role of credit insurance.
• K2 InternationalminorStrategic or Co-development PartnerMike Butcher, Head Underwriter at K2 International, contributed to SBAI podcast on insurance for asset management, discussing specialised insurance coverages including D&O, errors and omissions, crime, cyber, and employment practices liability.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Regional players

• Asia Securities Industry and Financial Markets Association (ASIFMA): Regional trade association for capital markets in Asia-Pacific, covering asset management, securities, and post-trade. Comparable as a peer body promoting standards and engaging regulators, but with a broader capital-market remit and Asia-Pacific rather than global focus.
• European Fund and Asset Management Association (EFAMA): European trade association for the investment management industry, representing UCITS, AIFs and broader asset managers. Comparable as a peer standards and advocacy body, but primarily European in scope and focused on regulated fund structures rather than purely alternative strategies.
• Invest Europe: European private equity and venture capital association representing GPs, LPs and advisors across the continent. Comparable as a peer association producing industry guidance and standards for European private market participants, with regional rather than global reach.

Others

• Albourne Partners: Global, non-discretionary investment consultant specialising in alternative assets, and co-chair of SBAI's Open Protocol Working Group. Comparable as a deep ecosystem participant that both helps shape SBAI's standards and offers adjacent transparency/consulting services to the same investor and manager clients.

Direct peers

• Alternative Investment Management Association (AIMA): Global, membership-based industry association representing alternative investment managers and institutional investors. Most directly comparable peer: serves the same manager and investor constituents, develops best-practice guidance, and engages regulators on alternative investment policy.
• Managed Funds Association (MFA): US-based industry association for hedge fund and alternative investment managers, focused on standards, advocacy and education. Comparable as a peer standards-setter and lobbying voice for the same manager community, particularly in the US regulatory arena where SBAI also engages.
• Institutional Limited Partners Association (ILPA): Membership organisation for institutional investors and limited partners in private equity, with a strong focus on industry standards (e.g., ILPA Reporting Template, due diligence standards). Directly comparable as a peer body producing standardised templates adopted across the alternatives industry.

Broad incumbents

• CFA Institute: Global professional standards body for investment professionals that administers the GIPS performance reporting standards. Comparable as a broader standards-setter whose templates and codes (GIPS, CFA Standards) compete with and complement SBAI's reporting frameworks across the investment industry.
• Investment Company Institute (ICI): Leading US and global trade association for regulated investment funds (mutual funds, ETFs, closed-end funds). Comparable as a large, well-resourced industry association that sets conventions for fund reporting and engages regulators, though its primary focus is traditional long-only funds rather than alternatives.

Emerging players

• Hedge Fund Association: Membership-based professional association for the hedge fund industry, providing education, networking and standards guidance. Comparable as a smaller-scale peer serving the same alternative investment community, though with a narrower hedge fund focus and lighter template/production footprint than SBAI.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/hfstandards
• LinkedInlinkedin.com/company/hedge-fund-standards-board

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SBAI