Beyond The Exchange

Ben Sinclair
  • 5.0 (2)
  • INVESTING

The Beyond The Exchange podcast delivers in-depth conversations with the people shaping private markets in Canada, featuring insights from asset managers, technology providers, and other industry leaders who are opening up access to this evolving space. Listeners gain unique perspectives on how private markets have developed over time and how investment strategies are evolving. Benjamin Sinclair is a representative of Designed Securities Ltd, which is is regulated by the Canadian Investment Regulatory Organization (ciro.ca) and is a Member of the Canadian Investor Protection Fund (cipf.ca).

Episodes

  1. Ralph Desando, Yorkville Asset Management

    MAY 5

    Ralph Desando, Yorkville Asset Management

    In this episode, Ben Sinclair sits down with Ralph DeSando, Deputy CEO at Yorkville Asset Management, to explore how long-term care and senior living have become one of Canada’s most compelling and misunderstood healthcare investment opportunities. Ralph shares the story of Yorkville’s healthcare fund from its inception in 2010..He explains why aging infrastructure, substantial waitlists, and an aging population have created durable demand for long-term care beds, and why he believes supply will struggle to keep up for decades. The conversation dives into how modern facilities differ from pre-1971 Class C homes, and how community care hubs make for a better resident experience. Ralph also discusses the public–private partnership model with government, how 25–30 year contracts and inflation-linked funding create visibility on revenue, and why banks and insurers are now competing to lend against these assets, even offering 25-year mortgage terms and high loan-to-cost financing. For advisors and allocators, Ralph walks through how the fund fits into portfolio construction, the role of ancillary businesses, and how Yorkville approaches education around liquidity. He addresses past misconceptions about “stroke-of-pen risk,” operational risks in running large care platforms, and why retail investors were early to recognize the sector’s stability before institutions followed. If you’re interested in the intersection of healthcare policy, real asset investing, and demographics, especially from a Canadian private markets perspective, this episode offers a detailed, practitioner-level look at building long-term care infrastructure with investor capital while improving outcomes for seniors.

    36 min
  2. Julian Klymochko, Accelerate Financial Technologies

    APR 13

    Julian Klymochko, Accelerate Financial Technologies

    Ben sits down with Julian Klymochko, founder and CEO of Accelerate Financial Technologies, to explore listed liquid alternatives, the “Holy Grail” of uncorrelated return streams, and the myths around private funds being lower risk just because they don’t trade every day. They discuss: -The trade-off between liquidity and volatility smoothing -How Canada’s private credit boom went offside on concentration and loan quality -How Julian’s INCM ETF accesses over 5,000 senior-secured, floating-rate private loans via BDCs while still offering daily liquidity. -Blue Owl’s recent headlines -Why a routine liquidity transaction turned into “fake news” -What the public marks actually tell you about the true risk in private credit markets. -Whether AI will “kill software,” what that means for software-heavy private equity and private credit portfolios, and why incumbent SaaS platforms may be better positioned than the market narrative suggests. If you allocate to private credit, use private funds in client portfolios, or are wrestling with the impact of AI on software-backed deals, this episode will give you a clearer, more practical framework for thinking about risk, liquidity, and where returns are really coming from.

    40 min
  3. Jay Simmons, Durum Capital

    APR 5

    Jay Simmons, Durum Capital

    In this episode of Beyond The Exchange, Ben Sinclair speaks with Jay Simmons, founder, chairman, and CEO of Durum Capital, about how distress, governance, and niche specialization shape his approach to private markets in Western Canada. Jay explains how early experience in financial restructuring at Deloitte and turning around an oilfield services firm informed his focus on risk, downside protection, and board quality. Jay walks through the origins of Durum Capital, including buying a troubled real estate company and building an Alberta industrial portfolio at distressed prices, then holding through the oil downturn and COVID while collecting rent from high quality, long lease, triple net tenants. He makes the case for industrial real estate over multifamily and retail, highlighting the impact of e commerce and Alberta’s role as an inland logistics hub. The discussion expands to Durum’s broader platform, from the Durum Opportunities Fund in restructuring and special situations to strategies in Alberta’s carbon market and First Nations land development. Jay also shares lessons from raising capital across family offices, institutions, and retail investors, why he prefers staying private rather than listing a REIT, and how trends like nearshoring and growing self reliance are supporting industrial demand in Canada.

    36 min
  4. Faheem Tejani, Capital Asset Lending and Ches Hagen, AP Capital

    MAR 8

    Faheem Tejani, Capital Asset Lending and Ches Hagen, AP Capital

    In the first episode with multiple guests, I am joined by two leaders of Mortgage Investment Corporations (MICs). We discuss topics such as: The background of both guests and their firms.What is a MIC?How do mortgages fit into an investment portfolio?What type of borrowers do MICs serve?What are some of the safeguards used by MICs to protect against losses?

    39 min
  5. Josh Will, Virtus REIT

    FEB 15

    Josh Will, Virtus REIT

    Episode 7 of the Beyond the Exchange podcast features a wide‑ranging conversation with Josh Will, President of Virtus, a diversified private real estate manager focused on cash‑flowing assets in secondary and tertiary markets across Canada and the U.S. Josh traces his path from aspiring teacher to building a career in private real estate marketing and asset management, including selling U.S. real estate through the 2007–2009 financial crisis and later partnering to launch Virtus’s REIT on the eve of COVID lockdowns. He explains why Virtus insists on “kicking the dirt,” how they underwrote a BJ’s Wholesale Club acquisition in New York via on‑the‑ground FaceTime due diligence, and why they walked away from a Walmart‑anchored deal in Flin Flon before later acquiring it at a significantly better price with appraisal upside to match their underwriting. We dig into today’s real estate environment: liquidity pressures, gating, higher rates, and where Josh sees the most compelling opportunities, including multi‑res deals at or above a six‑cap from motivated sellers who need to create liquidity elsewhere in their portfolios. Josh also outlines Virtus’s decision to cap fundraising and close to new subscriptions through much of 2022–2023, their target 7% distribution, and how a flexible, multi‑sector approach (multi‑res, grocery‑anchored retail, retirement, select office and industrial) helps them navigate the current cycle. Finally, Josh tackles the big sentiment question: how to talk to investors who are ready to give up on real estate altogether, drawing on his experiences from the GFC, COVID, and his own condo story to make the case for patient, cash‑flow driven ownership rather than reacting to the latest headline. For Canadian advisors and investors looking for a ground‑level view of private real estate risk, liquidity, and opportunity, this episode offers a candid look at what it takes to buy quality cash flow in stressed markets.

    32 min
  6. David Gens, Merchant Growth

    FEB 1

    David Gens, Merchant Growth

    In this episode, Ben Sinclair, CFA, CAIA, talks with David Gens, founder and CEO of Merchant Growth and manager of the Merchant Opportunities Fund, about building a fintech lender for Canadian small businesses in a market dominated by the big five banks. David explains how he spotted the gap in 2009, why he chose a fund structure to finance loans, and how the strategy aims to deliver uncorrelated, short-duration private credit exposure with over 10,000 diversified loans.​ They discuss: How Canadian bank structure leaves many asset-light, cash-flowing small businesses under-servedUsing a fund to separate lending capital from the fintech operating companyPositioning small business loans alongside stocks and bonds as a source of consistent incomeCOVID as the fund’s first major macro stress test and the importance of transparent, formulaic loss provisioningWhy investor bearishness on Canada may be misplaced, and why small business owners’ resilience is often underestimated​Listen to learn how debanking, digital origination, and disciplined underwriting are reshaping small business finance in Canada, and what that means for allocators looking at private credit today.

    36 min
  7. Andrea Gruza, Bonnefield

    JAN 25

    Andrea Gruza, Bonnefield

    Farmland is the world’s oldest asset class, and a lot more investable than most people realize. This episode, featuring Andrea Gruza of Bonnefield, dives into this story. A few highlights from the conversation:​ How climate change, water availability, and limited arable land globally are creating a structural tailwind for Canadian farmland. The capital challenges facing farmers today (input costs, rates, modernization) and how land-lease financing can support succession, consolidation, and growth. Why farmland behaves differently than traditional real estate, and what that means for diversification, inflation protection, and long-term return expectations. The very real ESG angle: supporting Canadian operators and food security while maintaining and improving land quality over time.  If you’re an advisor, allocator, or curious investor who’s been hearing more about “real assets” and wondering where farmland fits, this episode is for you.​

    29 min
  8. John Fisher, Bridgeport Asset Management

    2025-12-21

    John Fisher, Bridgeport Asset Management

    John Fisher founded Bridgeport in 2007 and is the chief architect of Bridgeport's investment strategy, with ultimate responsibility for all aspects of the investment process and client relations. Prior to Bridgeport, John spent 10 years at private equity company Clairvest Group, and he also has past experience in investment banking at one of the big five Canadian banks, and in accounting at one of the big four accounting firms. John shared his entrepreneurial journey, the evolution of Bridgeport’s offerings, and his perspective on today’s investment landscape.

    23 min
  9. Elroy Gust, Newlook Capital

    2025-12-14

    Elroy Gust, Newlook Capital

    Elroy Gust, CEO of Newlook Capital, joined me for a wide-ranging conversation about the origins of Newlook, how the firm operates, and what led a private equity company to launch a strategy focused on dentistry.

    31 min
  10. Sean O'Hara, Obsiido

    2025-12-07

    Sean O'Hara, Obsiido

    Sean O'Hara, Chief Investment Officer of Obsiido, talks about about what led him to join a startup, what Obsiido offers investors, and how he selects funds in the private markets space, among many other topics.

    37 min
  11. Tom Johnston, iCapital

    2025-11-27

    Tom Johnston, iCapital

    In this conversation, Tom Johnston, Managing Director and Canadian Market Head at iCapital, discusses the evolution of private markets, the challenges faced during iCapital's founding, and the current landscape of alternative investments in Canada. He emphasizes the importance of due diligence, the role of Canadian banks, and the misconceptions surrounding private markets. Johnston also highlights the need for transparency and the future potential of private markets in Canada.

    28 min
  • 11 Episodes

Ratings & Reviews

5
out of 5
2 Ratings

About

The Beyond The Exchange podcast delivers in-depth conversations with the people shaping private markets in Canada, featuring insights from asset managers, technology providers, and other industry leaders who are opening up access to this evolving space. Listeners gain unique perspectives on how private markets have developed over time and how investment strategies are evolving. Benjamin Sinclair is a representative of Designed Securities Ltd, which is is regulated by the Canadian Investment Regulatory Organization (ciro.ca) and is a Member of the Canadian Investor Protection Fund (cipf.ca).

Information

  • Creator
    Ben Sinclair
  • Years Active
    2025 - 2026
  • Episodes
    11
  • Rating
    Clean
  • Copyright
    © Ben Sinclair
  • Show Website
    Beyond The Exchange