AFFE Study: Sustainability of Direct Lending; Evidence from Index Exclusion

A recent academic work quantifies the impact that AFFE and index exclusion has had on BDCs. 

WASHINGTON, D.C. (November 22, 2021) – The Small Business Investor Alliance (SBIA) expresses appreciation for the work of the authors of a recent academic study on Acquired Fund Fees and Expenses (AFFE), titled “Sustainability of Direct Lending: Evidence from Index Exclusion”. The work of Samuel Rosen at Temple University, Tetiana Davydiuk at Carnegie Mellon, and Tatyana Marchuk at BI Norwegian Business School represents an extremely valuable contribution to the debate over AFFE and the need for Congress and/or the Securities and Exchange Commission to provide a fix. The SBIA is communicating with Congress and with commissioners and staff at the SEC to ensure they are informed about the research.

Read SBIA’s Key Takeaways from the study >


 About the Small Business Investor Alliance (SBIA)

The Small Business Investor Alliance (SBIA) is the premier organization of lower middle market private equity funds and investors. SBIA works on behalf of its members as a tireless advocate for policies that promote competitive markets and robust domestic investment for growing small businesses. SBIA has been playing a pivotal role in promoting the growth and vitality of the private equity industry for over 60 years. For more information, visit or call (202) 628-5055.

2022-03-15T11:52:00+00:00 November 22nd, 2021|News|