Liquidity Illusion: The Wake-Up Call in Canadian Private Markets
From Global Thinking by Forstrong Global Asset Management
March 5, 2026 · 1h 3m · Season 6 · Episode 2
About this episode
Rob Duncan and Nimar Bangesh discuss the implications of fund gating in Canadian private markets and the realities of liquidity in alternatives.
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…
People in this episode
Host: Rob Duncan
Guest: Nimar Bangesh
Topics covered
- liquidity
- private markets
- fund gating
- Canadian investing
- portfolio construction
Keywords
- investor expectations
- accessibility
- liquidity management
- valuation pressures
- de-globalization
Mentioned in this episode
Books & works: The Evolution of Private Markets and Accessibility, Understanding Alternatives: Definitions and Structures
Places: Canada
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