Annual Message from SBAI Chair - Jane Buchan
Dear Members and Stakeholders,
As I reflect on my first year as Chair of the Standards Board for Alternative Investments (SBAI), I am struck by both the pace of change across the alternatives industry and the increasing importance of the role the SBAI plays within it.
In a complex and rapidly evolving financial landscape, trust, transparency, and high standards matter more than ever. Equally vital is the presence of a credible, neutral forum where asset managers and asset owners can engage in open, constructive dialogue—challenging assumptions and working collaboratively to develop practical solutions for an increasingly sophisticated alternatives market. Having conversations that “solve for better” and discuss leading-edge issues is the core of the SBAI.
The SBAI is a global alliance of asset managers and institutional investors committed to raising standards and fostering meaningful engagement. Our neutral, independent platform brings together investors and managers for rigorous, cross-aisle dialogue on pressing industry challenges. We had cutting-edge exchanges across many venues this year, including Sydney, Singapore, London, Toronto, Helsinki and New York. Participants attended from around the globe, and guests included Steve Rattner, Chairman & CEO at Willett Advisors, Major General Dan Blanchford CBE, Head of Global Government Relations at Prevail Partners, and Ben Broadbent, Former Deputy Governor of the Bank of England, and Head of European Macro Strategy at Balyasny Asset Management.
Over the past year, I have seen first-hand the strength of this model. The depth of engagement from our members, the quality of debate within our Working Groups, and the shared commitment to continuous improvement all reaffirm the relevance and importance of the SBAI’s mission. I would like to thank our members, Working Group participants, and the Secretariat for their dedication, expertise, and thoughtful contributions throughout the year.
Looking forward, in 2026, the SBAI will remain focused on the areas where greater clarity, consistency, and constructive dialogue are most needed across the alternative investment industry. Our priorities for this year include the following:
- Continuing to evolve the SBAI Alternative Investment Standards to reflect industry developments and ensure they remain robust, relevant, and fit for purpose.
- Publishing our amended Valuation Standards, designed to enhance transparency and disclosure while promoting greater consistency across private market valuation practices that are often complex and subjective.
- Strengthening risk reporting for direct lending and private credit strategies through enhancements to the Open Protocol risk reporting framework, developed in close collaboration with industry stakeholders.
- Deepening our engagement with industry partners who value high-quality standards and recognise their critical role in supporting a stronger, more transparent, and more resilient alternative investment industry.
Next month, we are also hosting dialogues in Abu Dhabi.
As we move forward, the SBAI will remain firmly focused on its core purpose: fostering trust through transparency, promoting high standards, and providing a credible, neutral forum for meaningful engagement between investors and managers.
I am confident that, together, we can continue to strengthen the foundations of the alternatives industry and help shape its future in a thoughtful, practical, and collaborative manner. I look forward to the year ahead and to continuing this important work with our global community, and to you continuing to actively participate. You are what makes the SBAI so globally important to asset owners, investment managers and regulators of alternative assets.
Thank you
Jane Buchan
Chair, SBAI