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MEMBERSHIP REQUIREMENTS

The Small Business Investor Alliance is dedicated to developing and promoting the highest standards of ethics, professionalism, and education for its member organizations. Membership requires approval by the SBIA's Executive Committee. There are three classes of membership: Voting, Associate Voting and Non-voting

Voting Members must be one of the following:

1) an entity organized under the laws of the U.S. as a private investment fund or BDC with the primary purpose of investing in small or lower middle market businesses, primarily in the U.S. with a minimum of $10 million in commitments (Fund);

2) an entity or individual (or an entity/individual's advisor) with current outstanding investments or commitments to invest in private investment funds (Institutional Investor/Limited Partner);

Associate Voting Members must be a fund in formation that meets the qualifications described in (1).

Non-Voting Members must be an entity or individual who provides professional services to voting members, such as legal, accounting, back office, valuation, investor relations, and similar services.

SBIA membership is by entity, not individual.  Eligible individuals may apply for membership as the entity they represent and may include colleagues from the same entity at no additional cost.

SBIA membership is valid for the calendar year.  SBIA membership expires on December 31st of every year, regardless of the month the membership application was submitted.  SBIA does not prorate memberships.  Membership renewals are due by December 31st of the preceding year for good standing.  Delinquent members will not be permitted to register for SBIA events as SBIA members until their annual dues have been received.

SBIA members and SBIA membership applicants that are eligible for more than one class of voting membership will be responsible for dues at the highest fund member level for which they are eligible.  These members will register for SBIA events as Funds and be responsible for the registration fee as a Fund member.  If such members desire to attend an event or otherwise be represented as a Limited Partner, the members are responsible for informing the SBIA staff of such interest.  This policy will take effect for existing members in 2017 and for new members immediately.

25% of SBIA membership dues go towards lobbying.

All SBIA members are subject to understanding and engaging in member activities in compliance with SBIA’s Antitrust Policy.  If you do not have a copy of the policy, please reach out to an SBIA staff member.

Each member will adhere to the highest level of legal and ethical behavior and fair dealing in the conduct of its business as a prerequisite for membership and as a condition of continued membership. Failure to adhere to the highest standards may result in revocation of membership status.

 DUES STRUCTURE

Fund: Private Equity/Venture Capital(1)

Annual Dues

Voting Member

Based on AUM

         AUM <= $33,000,000

$1,000

AUM > $33,000,000 and < $280,000,000

AUM * 0.00003

         AUM >= $280,000,000

$8,500

(1)   Some new fund members may be eligible for a 50% discount for up to the first two years of membership.

 

Fund: Business Development Company(2)

Annual Dues

Voting Member

Based on AUM

         AUM <= $10,000,000

$1,000

AUM > $10,000,000 and < $70,000,000

AUM * 0.00012

         AUM >= $70,000,000

$8,500


(2)   Some new fund members may be eligible for a 50% discount for the first year of membership.


Fund: Small Business Investment Company

Annual Dues

Voting Member

Based on AUM

         AUM <= $10,000,000

$1,000

AUM > $10,000,000 and < $70,000,000

AUM * 0.00012

         AUM >= $70,000,000

$8,500


 

Institutional Investor/Limited Partner

Annual Dues

Voting Member

$1,000


 

Fund in Formation(3)

Annual Dues

Associate Voting Member

$2,000


(3)   Fund in formation membership is automatically converted to membership as a voting member upon becoming a licensed SBIC, licensed BDC or meeting the SBIA Bylaws Section 4(a) definition of a fund.  Fund in formation membership terminates after two calendar years. 


Service Provider(4)

Annual Dues

Non-Voting Member

$5000


(4)   Service provider membership includes law, accounting, due diligence, back office/valuation, broker-dealer, securities custodian, and depository institution/lender firms.  Only a limited number of Service Providers may be approved for SBIA membership.


Intermediary

Annual Dues

Non-Voting Member

 

        Investment Bank

$5000

        Placement Agent(5)

$5000

        Independent Sponsor(6)

$2000


(5)   Placement Agents are eligible for SBIA membership at the sole discretion of the Executive Committee.

(6)   Independent Sponsors must obtain two referrals from existing SBIA members before they are eligible for SBIA membership.

Click here to become a member.

 

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