SBAI Podcast

This episode is part of the ongoing SBAI and Morgan Lewis Regulatory Compliance podcast series, co-hosted by Christine Ayako Schleppegrell, Partner at Morgan Lewis, and Brian Digney, Research and Content Director at the SBAI.

This collaboration offers timely insights into global regulatory developments affecting the alternative investment industry.

In this episode, the discussion covers:

- The SEC’s new leadership under Chair Paul Atkins and what his appointments and early decisions signal for enforcement and rulemaking.
- The retailisation of private funds in the US and how it could open up the asset class to a broader base of investors.
- Key developments in outbound investment restrictions from the US, including the recently enacted programme targeting investments in countries of concern such as China, Hong Kong, and Macau.
- Practical guidance for managers and allocators on navigating outbound investment compliance obligations.
- The UK’s proposed divergence from EU regulations with a restructured approach to AIFMD and what this might mean for UK-based fund managers and international investors.
- How the FCA and UK Government aim to strike a balance between innovation, growth, and regulatory alignment with global standards.
 

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets. 

For more information visit https://www.sbai.org/

In this episode of the SBAI podcast, Brian Digney sits down with Nic Miller from Aedile Consulting to explore the evolving cyber threat landscape facing asset managers. With a background at GCHQ and extensive experience advising investment firms, Nic breaks down the most pressing cybersecurity risks and misconceptions — from the real impact of opportunistic attacks to the limitations of outsourcing IT and relying on "box-ticking" solutions like standard penetration tests.

Listeners will gain practical advice on strengthening cyber and information security strategies, ensuring operational resilience, and conducting more meaningful due diligence on third-party providers. Nic also shares why cultural attitudes toward security and risk ownership matter just as much as technical controls — especially for small to mid-sized firms with limited resources.

Whether you're an investor, a manager, or part of a risk oversight team, this episode delivers clear, actionable takeaways to help your organisation better navigate the complex world of cybersecurity.

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.

For more information visit https://www.sbai.org/

In this episode, Ryan McNelley, Managing Director and EMEA Portfolio Valuation Leader at Kroll, joins Brian Digney, Research and Content Director at the SBAI, to discuss the evolving landscape of private market valuation from the perspective of the independent valuation agent. Their conversation covers:

• Valuation Matters – Even for Illiquid Assets: Interim valuations influence investor decisions, allocations, manager compensation, and fundraising—even in closed-end funds.
• Regulators Are Increasing Scrutiny: The FCA and others are focusing on the independence, transparency, and commercial relationships of valuation providers, not just technical methods.
• Not All Valuation Services Are Equal: Ryan describes the broad spectrum of services that valuation agents can provide, as we hear, not all services could be considered to be truly independent.
• Conflicts of Interest Are Inherent but Manageable: Valuers are paid by managers, but independence can be maintained.
• Valuation Differences Are Common and Often Reasonable: Divergent views on the same asset can stem from different data, instruments, or assumptions, especially in distressed or venture scenarios.
• Technology and AI Will Play a Bigger Role – Carefully: Automation can enhance efficiency and scale but cannot replace accountability; human oversight remains essential for credible valuations.

This episode provides valuable insights for both allocators seeking to strengthen their due diligence processes and managers aiming to meet the evolving expectations of institutional investors.

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.
 

For more information visit https://www.sbai.org/

In this episode, Jean-François Mauvis, former Head of Operational Due Diligence (ODD) at Pantheon Ventures, joins Brian Digney, Research and Content Director at the SBAI, to discuss the evolving role of ODD practitioners and the findings from the SBAI’s recent ODD practices survey. The conversation explores:

• How ODD teams within investors are resourced and who they report to.

• The shift from hedge funds to broader private markets, including private equity, private debt, infrastructure, and venture capital.

• The increasing consultative role of ODD practitioners in helping investment managers evolve and improve operational processes.

• The impact of independence in ODD reporting structures and the risks of undue influence on investment decisions.

• The growing role of technology in streamlining ODD processes and alleviating resource pressures.

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.

For more information visit https://www.sbai.org/

For more information visit https://www.sbai.org/

This is the inaugural episode from the newly launched SBAI and Morgan Lewis Regulatory Compliance podcast series. It is co-hosted by Christine Ayako Schleppegrell, Partner at Morgan Lewis and Brian Digney, Research and Content Director at the SBAI.

This new collaboration aims to provide valuable insights into regulatory developments impacting the alternative investment industry. 

In this episode, the discussion covers:

• The evolving regulatory landscape under a new U.S. administration and its potential impact on the SEC.

• The legacy of the Private Fund Advisor Rule, its recent repeal, and how managers continue to adapt.

• Key compliance challenges, including new AML regulations, marketing rules, and enforcement priorities.

• Global regulatory trends, including upcoming FCA reviews on private market valuation practices.

• The role of industry standards, transparency, and best practices in navigating regulatory change.

 About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.

For more information visit https://www.sbai.org/

For more information visit https://www.sbai.org/

In this episode, Mario Therrien, the former Chair of the SBAI and Head of Investment Funds at CDPQ, reflects on his tenure, while Jane Buchan, CEO of Martlet Asset Management and the new SBAI Chair, shares her vision for the future. Hosted by Brian Digney, Research and Content Director at the SBAI, this conversation covers:

• The evolution of the SBAI over the past four years, including its global expansion and increased industry collaboration.
• Reflections on key industry shifts, from hedge fund institutionalization to the growing role of private markets.
• The importance of governance, transparency, and alignment in alternative investments.
• Emerging challenges and opportunities, including AI, private credit, and new regulatory frameworks.
• Jane Buchan's priorities as Chair and her perspective on the future of the SBAI and the industry.

 About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. We do this by setting Standards, providing industry guidance, and facilitating collaboration and exchange of ideas through our community of over 250 institutional investors and asset manager signatories responsible for approximately US$ 8tn in assets.

For more information visit https://www.sbai.org/

In this episode, Jean-François Mauvis, former Head of Operational Due Diligence (ODD) at Pantheon Ventures, joins Brian Digney, Research and Content Director at the SBAI, to share his expert insights into how ODD practitioners assess investment manager valuation practices in private markets. The discussion covers:

• The impact of different asset classes and fund structures on valuation risk profiles.
• Key considerations in evaluating valuation policies and methodologies.
• The role of segregation of duties and the importance of independence in valuations.
• Regional differences in valuation practices and regulatory frameworks.
• Advice for private market managers seeking institutional allocations.

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 150 asset managers and supported by around 100 institutional investors – in short, we solve for better.

To find out more, visit sbai.org or contact us at [email protected]

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For more information visit https://www.sbai.org/

In this episode, Nicolas Roth, Managing Director and Head of Private Markets Advisory at UBP, shares his insights on private markets from an investment practitioner's perspective. Hosted by Brian Digney, Research and Content Director at the SBAI, the discussion explores:

• Valuation challenges in private markets.
• The impact of economic shifts, including rising interest rates.
• Emerging opportunities in private credit and secondaries.
• The role of transparency and best practices for managers.

About the SBAI:

We are an active alliance of asset managers and allocators dedicated to responsible practice, partnership, and knowledge. Our Alternative Investment Standards are adopted by over 150 asset managers and supported by around 100 institutional investors – in short, we solve for better.

To find out more, visit sbai.org or contact us at [email protected]

For more information visit https://www.sbai.org/

Michael Cappucci (Managing Director for Sustainable Investing, Harvard Management Company), David Gulkowitz (COO, DSC Meridian Capital) and Pierre Lenders (Head of Sustainability, Capital Fund Management) discuss sustainability and its impact in alternative investments, including the role that derivatives and short positions play in managing GHG-Emission risk and supporting the climate transition. They also talk about measuring carbon as a useful quantitative approach to addressing sustainability outcomes and other approaches that go beyond conventional carbon footprinting.

For more information visit https://www.sbai.org/

In this podcast episode from our Founder series, Mario Therrien (SBAI Chair and Head of Investment Funds and External Management, CDPQ) is joined by Wayne Cohen (President and Chief Operating Officer of Sculptor Capital Management) whose firm is one of the founders of the SBAI. They look back at how it all started and how the industry is evolving. They discuss the SBAI, private and public markets, embracing technology, diversity and more.

For more information visit https://www.sbai.org/