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3 minutes by J.Schillaci, CFA, A.Hay, D.Nygren Dec 4, 2025

It has been a year of dramatic highs and lows for investors, with market volatility driven by tariff uncertainty and its impact on the global economy. In response, many investors are seeking solutions that may deliver consistent returns, weather turbulence and provide diversification. Private markets – covering areas such as private equity, private debt, real estate and infrastructure – are becoming an attractive complement to traditional public market exposure.

Historically, private market investments were the domain of large institutional investors. They’ve long benefited from active management, a broader opportunity set, and low correlations with public markets. That provides the potential for higher returns without assuming additional risk.

The largest institutional investors, including Canada’s pension plan managers, often allocate half or more of their portfolios to private strategies. Smaller institutions and family offices are also increasing their exposure, with allocations of 30 to 40 per cent.

“Private markets offer an expansive investable universe,” says Jennifer Schillaci, managing director and head of Real Estate Equity Investments at RBC Global Asset Management (RBC GAM). “By broadening the opportunity set, investors can access more assets, as well as assets that behave differently from traditional stocks and bonds, providing diversification benefits and helping to reduce overall portfolio risk.”

She says another advantage is the ability to apply active management at the portfolio level. This hands-on approach allows portfolio managers to carefully select assets, optimize performance and mitigate risk. “Active management is critical in private markets. It’s about making informed decisions to maximize value while navigating complex market dynamics.”

Long-term value creation and an information advantage

Private markets also enable investors to focus on sustainable growth rather than short-term market trends.

“Investing in private markets, particularly infrastructure and real estate, allows for a long-term perspective,” says Andrew Hay, managing director and head of Global Infrastructure Investments at RBC GAM. “This alignment with a longer investment time horizon is essential for growing value and reducing risks, and ensuring executive management isn’t making suboptimal decisions simply for short-term reporting or performance needs.”

There are also unique opportunities for collaboration with executive management teams. This builds on the active management approach that Ms. Schillaci emphasized, but at the company level rather than the portfolio level.

“By working directly with company leadership, we can influence strategy and governance in ways that create long-term value,” Mr. Hay says.

He adds that unlike public companies, which adhere to standardized reporting schedules, private companies can share information on a more flexible timeline and in greater detail. “This information advantage allows investors to make more informed decisions and identify opportunities that may not be visible in public markets.”

The nature of the capital supporting the strategy is also important. RBC GAM’s diversified investor base – spanning retail investors, institutions and mutual funds – contributes to the stability of its private market strategies.

“Having a broad mix of investors smooths demand across market cycles, ensuring the fund remains resilient even during periods of economic uncertainty,” Mr. Hay says.

Liquidity and the role of manager expertise

Liquidity is a critical consideration for private market investors. While private assets are less liquid than public securities, this can be an advantage for those seeking to capture an illiquidity premium.

“Optimal performance in private markets isn’t measured over quarters but years. If you’re aiming to capture that premium, you need to commit to a long-term strategy,” says David Nygren, head of Mortgage Investments at RBC GAM. “Investors also need to be aware of the liquidity features of the funds they’re investing in. We spend significant time managing our liquidity profile to meet the needs of our clients while maintaining the stability of our funds.”

He says selecting a high-quality portfolio manager is equally important. “The expertise and experience of the manager are critical in private markets. A skilled manager can identify opportunities, mitigate risks and ensure that capital is deployed effectively to generate long-term value.”

When evaluating portfolio manager expertise, the RBC GAM team considers other program characteristics, such as audit policy, compliance framework, ESG integration and valuation procedures. Mr. Nygren explains that these factors contribute collectively to a successful private market investment strategy.

RBC GAM’s scale and depth of expertise set it apart in the private markets space. The firm’s ability to source the most attractive opportunities, directly and through partners, allows it to allocate capital efficiently to assets in Canada, the U.S. and globally. This ensures that investments begin compounding value as soon as they’re made.

RBC GAM currently offers a number of private market offerings – RBC Canadian Core Real Estate Fund, RBC Commercial Mortgage Fund, and RBC Global Infrastructure Fund.

As the private markets landscape evolves, investors must remain mindful of the quality of the managers they work with and the liquidity terms of the funds they choose. For those willing to take a long-term view, private markets can offer a compelling opportunity to enhance portfolio resilience and drive sustainable growth.

“Private markets are an essential component of a well-diversified portfolio,” Ms. Schillaci says. “Their fundamental characteristics, when aligned with investment objectives and risk tolerance, can help investors achieve their long-term financial goals.”

Produced with RBC Global Asset Management by Globe Content Studio, the content-marketing division of The Globe and Mail.

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Investments in alternative funds are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative funds may: (i) engage in leverage and other speculative investment practices that may increase the risk of investment loss; (ii) can be highly illiquid; (iii) are not required to provide periodic pricing or valuation information to investors; and (iv) are not subject to the same regulatory requirements as prospectus-offered mutual funds. In assessing the suitability of this investment, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations.

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