New Working Groups to Review the Valuation Standards and STER Template
Alternative Investment Standards: Working Group to Review the Valuation Standards
To ensure the ongoing relevance of the Alternative Investment Standards (‘Standards’) and strengthening of industry practices, we are launching a new working group to review the Standards, which currently address Valuation, Disclosure, Risk Management, Fund Governance, and Shareholder Conduct. The review will seek to simplify the wording of the incumbent Standards and guidance to a more principles-based style and review the Standards to account for:
- Closed-ended vehicles
- Private market strategies
- Digital assets
The latest review will take place in stages: Valuation (Q4 2024), Disclosure (2025), other areas as needed (2025).
Toolbox: STER Working Group - Review of the Standardised Total Expense Ratio (STER) Template
The original STER template (2017) was designed to enable institutional investors to monitor fees and expenses and compare them between different alternative investment funds, including soft dollar research costs. In recent years, expectations around transparency and disclosure have increased. The Working Group will review how to improve transparency of fees, remuneration and related party pass-through expenses, as well as additional sub-categories within operational expenses.
We invite all SBAI Signatories and Investor Chapter members to participate in the upcoming review of the Alternative Investment Standards and the Standardised Total Expense Ratio (STER) template. Please reach out to us at [email protected] or via our website:
