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).

  1. Oct 15

    Ross Butler, Fund Shack

    In this episode of Beyond the Exchange, Ben Sinclair speaks with Ross Butler, Managing Director at Linear B Group and host of the Fund Shack podcast, about private markets’ expanding role in wealth portfolios and why adoption has been slower in the UK and Europe than in North America. Ross makes the case for staying true to private investing’s illiquid foundations, explains how banks’ changing role is creating opportunities for private credit, and discusses two routes into private equity: listed investment trusts and evergreen funds. Topics include: Why private equity remains controversial, and how the industry should respond Europe’s push to turn household savings into productive investment The benefits and trade-offs of listed and evergreen private-market funds Redemption gates, liquidity expectations, and the relationship between price and value What comes next for private credit, infrastructure, secondaries, and individual investor allocations You can find a transcript of this episode at https://www.beyondtheexchange.ca/the-beyond-the-exchange-podcast You can also find Ross's interview of Ben for his podcast on YouTube.

    Ross Butler, Fund Shack

  2. Sep 2

    David Alloune, Trans-Canada Capital

    In Episode 14 of Beyond the Exchange, Ben Sinclair speaks with David Alloune, Vice President of Asset Allocation at Trans-Canada Capital, about applying institutional portfolio-construction principles to private markets and individual investing. David explains how Trans-Canada Capital’s approach grew from Air Canada’s pension-plan turnaround after the global financial crisis. The organization focused on diversification across public and private markets, disciplined risk management, strong governance, and careful liquidity planning to help manage pension risk and pursue long-term objectives. The conversation explores the total portfolio approach, which begins with a portfolio’s objectives, liabilities, liquidity needs, and risk budget rather than selecting investments one by one. David distinguishes wealth creation from wealth management: concentrated bets can build wealth, but diversified portfolios are generally better suited to preserving and steadily compounding it. They also discuss private assets and the growing use of evergreen vehicles. While private markets can expand an investor’s opportunity set and provide differentiated sources of return, David stresses the importance of understanding each vehicle’s underlying investments, valuation practices, liquidity limits, and redemption terms.

    David Alloune, Trans-Canada Capital

  3. Jul 30

    Abigail Rayner, HarbourVest Partners

    Abigail Rayner, Managing Director at HarbourVest Partners, goes through what the firm calls "The Seven Deadly Sins of Evergreen Investing," as outlined in a thought piece late last year. These sins are: Greed: Excessive Fundraising Sloth: Inefficient Deployment and Cash Drag Envy: Chasing Secondary DiscountsWrath: Improper Use of LeverageLust: Valuation DistortionGluttony: Inadequate Diversification Pride: Overconfidence in Fund ManagementPlease see the HarbourVest disclaimer here.

    Abigail Rayner, HarbourVest Partners

  4. Jun 1

    Kurankye Sekyi-Otu on what it takes to succeed as an emerging alternative asset manager

    In this episode of Beyond the Exchange, Ben Sinclair talks with Kurankye “Krunch” Sekyi-Otu, founder and CEO of Capoeira Partners and former Chief Strategy Officer at Polar Asset Management Partners, where assets grew from US$700 million to US$7 billion during his time there. Krunch explains why culture, long-term partnerships, and multi-dimensional support are critical to building founder-led alternative asset managers, and how his firm helps with strategy, operations, branding, talent, and fundraising.   They explore how emerging managers can stand out against global firms in the Canadian wealth and institutional channels by offering more than performance numbers and engaging allocators in ways that make them better at their jobs, such as bespoke farmland tours that bring investors directly onto the land.   The result is a playbook for founder-led managers and advisors who want to raise stickier capital, build resilient organizations, and turn their unique edge into durable growth in alternatives.

    Kurankye Sekyi-Otu on what it takes to succeed as an emerging alternative asset manager

  5. 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.

    Ralph Desando, Yorkville Asset Management

  6. 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.

    Julian Klymochko, Accelerate Financial Technologies

  7. 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.

    Jay Simmons, Durum Capital

  8. 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?

    Faheem Tejani, Capital Asset Lending and Ches Hagen, AP Capital
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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
    15
  • Rating
    Clean
  • Copyright
    © Ben Sinclair
  • Show Website
    Beyond The Exchange