Beyond The Exchange

Ben Sinclair
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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. Josh Will, Virtus REIT

    2D AGO

    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
  2. 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
  3. 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
  4. John Fisher, Bridgeport Asset Management

    12/21/2025

    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
  5. Elroy Gust, Newlook Capital

    12/14/2025

    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
  6. Sean O'Hara, Obsiido

    12/07/2025

    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
  7. Tom Johnston, iCapital

    11/27/2025

    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
  • 7 Episodes

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
    7
  • Rating
    Clean
  • Copyright
    © Ben Sinclair
  • Show Website
    Beyond The Exchange