Providing key expertise, educational resources, and industry insights

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.