Episode Details

In this episode of the Global Thinking Podcast, host Rob Duncan sits down with Nimar Bangesh of Obsiido to unpack one of the most infuriating developments in Canadian investing this year: fund gating.

After years of rapid growth, private markets have become mainstream in Canadian portfolios. But recent gating events have forced investors to confront a hard truth — liquidity in alternatives isn't guaranteed. Is this simply how private markets are designed to function, or is it a warning sign that investor expectations have drifted too far from reality?

Rob and Nimar break down the evolution of alternatives in Canada, the role they play in portfolio construction, and where the risks may be hiding. They explore whether the industry oversold accessibility, how advisors should think about sizing and liquidity management, and whether this moment marks a structural shift in how private investments are packaged and sold.

From private credit crowding to valuation pressures and de-globalization, this conversation goes beyond headlines to tackle the deeper issues shaping alternatives today and why a thorough due diligence process is more important than ever.

If you think alternatives are a free lunch — this episode may change your mind.

Speakers

Nimar Bangesh, Co-Founder and CEO, Obsiido

https://www.obsiido.com/

Chapters

01:23 Guest Background and the Genesis of Obsiido

04:03 The Evolution of Private Markets and Accessibility

06:52 Understanding Alternatives: Definitions and Structures

09:48 Liquidity and Governance in Alternatives

11:35 Changes in the Canadian Alternative Landscape

15:46 Why Alternatives Exist: Capital Market Construction

20:01 Benefits of Alternatives: Diversification and Return Enhancement

21:27 Common Misunderstandings About Alternatives

23:02 Resources to Learn More About Alternatives

26:29 Impact of Capital Abundance on Private Companies

27:08 Market Gating and Liquidity Challenges

30:25 The Role of Gating in Private Markets

38:14 Building a Portfolio: Strategies and Best Practices

41:52 Diversification and Manager Selection in Alternatives

43:52 The Future of Private Capital and Market Trends

45:26 Private Companies Staying Private Longer

46:13 Red Flags in Private Market Dealings

48:09 Final Remarks and Future Outlook

50:46 Book Recommendations and Closing Thoughts

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For any questions, comments or suggested topics please reach out to Rob Duncan, rduncan@forstrong.com

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