Private markets are entering a new phase of growth, one defined not only by innovation, but by policy, access and infrastructure.

The Institute for Portfolio Alternatives (IPA) represents the top sponsors and distributors of alternative investments, advocating/ or diversification and innovation in investment portfolios. IP Xs values align with industry-wide efforts to modernize and elevate alternative investments for broader adoption and impact.

This industry guideline offers guidance for publicly registered, non-listed Business Development Companies (BDCs) on presenting performance figures and disclosures. It details how to accurately report performance, reflecting the unique attributes of non-listed BDCs that lack readily available market prices typical of traditional securities.

Two leading academics have released a groundbreaking study—undertaken with IPA financial support and data provided by Robert A. Stanger & Company—that compares the risk-adjusted performance of non-listed NAV REITs to public real estate, equity and bond indices.

This industry guideline offers guidance to management teams, advisors and boards of directors of non-listed REITs on how to calculate and report investment performance on a per-share basis, applicable to operational non-listed REITs and those that have undergone a liquidity event.

This industry guideline provides direction to management teams, advisors and boards of publicly registered, non-listed REITs on valuing their securities. It aims to enhance uniformity, consistency, and transparency in financial reporting by detailing valuation procedures, ensuring independence in valuation processes and outlining the timing and reporting of valuations.