{"id":1297,"date":"2026-03-06T20:15:00","date_gmt":"2026-03-06T20:15:00","guid":{"rendered":"http:\/\/770f1ae6-ac96-45ff-b682-26b283c9580a"},"modified":"2026-03-29T04:12:30","modified_gmt":"2026-03-29T04:12:30","slug":"private-markets-are-reshaping-wealth-are-canadian-portfolios-ready-with-clay-khan","status":"publish","type":"episode","link":"https:\/\/advisoranalyst.com\/podcast\/episode\/private-markets-are-reshaping-wealth-are-canadian-portfolios-ready-with-clay-khan\/","title":{"rendered":"Private Markets Are Reshaping Wealth-Are Canadian Portfolios Ready with Clay Khan"},"content":{"rendered":"

If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past?<\/strong><\/p>\n

In this episode of Insight Is Capital<\/strong>, host Pierre Daillie<\/strong> sits down with Clay Khan, Head of Canada and Managing Director at Neuberger Berman<\/strong>, to explore one of the biggest structural changes in modern portfolio construction: the migration of capital from public markets toward private assets and globally diversified strategies.<\/p>\n

Drawing from Neuberger Berman\u2019s \u201cSolving for 2026\u201d investment outlook<\/strong>, Khan explains how global macro forces\u2014AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets\u2014are reshaping the investment landscape for both institutions and private investors.<\/p>\n

The conversation dives into the growing dominance of private equity and private credit, why institutional portfolios increasingly resemble pension-style allocations, and why Canadian investors may need to rethink traditional 60\/40 portfolio structures.<\/p>\n

Khan also highlights emerging strategies gaining traction among sophisticated investors, including tax-loss harvesting, direct indexing, evergreen private market structures, and secondary markets in private equity. These innovations are gradually bringing institutional-grade investment strategies into the portfolios of high-net-worth investors and advisors.<\/p>\n

Ultimately, the discussion centers on a crucial shift: moving from wealth accumulation toward wealth preservation and tax-efficient diversification<\/strong>, particularly for families transitioning from concentrated entrepreneurial wealth into multi-generational portfolios.<\/p>\n

3 Key Takeaways<\/h1>\n

1\ufe0f\u20e3 Institutional portfolios are leading the shift toward private markets<\/strong><\/p>\n

Canadian pension plans have steadily migrated capital from public markets toward private equity, infrastructure, real estate, and private credit<\/strong> in pursuit of the illiquidity premium and smoother return profiles.<\/p>\n

2\ufe0f\u20e3 Global diversification is finally broadening beyond the U.S.<\/strong><\/p>\n

While the S&P 500 has dominated recent years, Khan notes that EAFE and emerging markets recently outperformed<\/strong>, highlighting the growing case for international diversification in advisor portfolios.<\/p>\n

3\ufe0f\u20e3 Tax efficiency may be the next frontier in portfolio construction<\/strong><\/p>\n

High-net-worth investors are increasingly adopting tax-loss harvesting and direct indexing strategies<\/strong> to generate \u201ctax alpha,\u201d potentially adding meaningful after-tax returns over time.<\/p>\n

\u23f1\ufe0f Timestamped Chapters<\/p>\n

00:00 \u2013 Introduction: Markets entering a new macro regime01:07 \u2013 What Neuberger Berman\u2019s \u201cSolving for 2026\u201d outlook is signaling01:27 \u2013 Clay Khan\u2019s background and Neuberger Berman\u2019s Canadian business02:20 \u2013 Market shifts in early 2026 and global equity rotations03:28 \u2013 Value vs growth and international outperformance05:28 \u2013 Why institutional and retail portfolios look so different06:46 \u2013 How Canadian pensions moved from public to private markets10:02 \u2013 Why private credit is replacing hedge funds in portfolios12:43 \u2013 The shrinking public market and expanding private economy15:03 \u2013 The challenge of implementing alternatives in retail portfolios18:35 \u2013 How family offices approach long-term investing20:45 \u2013 Tax-loss harvesting and the rise of \u201ctax alpha\u201d24:39 \u2013 Institutional investing philosophy: global diversification26:09 \u2013 Why private companies may outperform public markets28:13 \u2013 Solving liquidity challenges in private markets29:34 \u2013 The booming private equity secondary market31:59 \u2013 A real estate analogy for understanding private equity34:34 \u2013 Where advisors are reallocating portfolios today37:32 \u2013 The challenge of replacing fixed income diversification39:46 \u2013 Lessons from Canadian pension portfolio construction41:34 \u2013 How portfolio conversations have evolved over the last decade45:05 \u2013 Evergreen private market structures45:13 \u2013 What will define the next phase of Canadian portfolio construction46:33 \u2013 Concentration vs diversification in wealth preservation49:25 \u2013 The psychology of entrepreneurial wealth51:19 \u2013 Final reflections on diversification and legacy planning<\/p>\n

#PrivateMarkets#PrivateEquity#PrivateCredit#PortfolioStrategy#WealthManagement#InstitutionalInvesting#AlternativeInvestments#CanadianInvesting#GlobalDiversification#TaxLossHarvesting#FamilyOffice#InvestmentStrategy#AdvisorInsights#InsightIsCapital#NeubergerBerman<\/p>\n","protected":false},"excerpt":{"rendered":"

If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past?<\/p>\n

In this episode of Insight Is Capital, host Pierre Daillie sits down with Clay Khan, Head of Canada and Managing Director at Neuberger Berman, to explore one of the biggest structural changes in modern portfolio construction: the migration of capital from public markets toward private assets and globally diversified strategies.<\/p>\n

Drawing from Neuberger Berman\u2019s \u201cSolving for 2026\u201d investment outlook, Khan explains how global macro forces\u2014AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets\u2014are reshaping the investment landscape for both institutions and private investors.<\/p>\n

The conversation dives into the growing dominance of private equity and private credit, why institutional portfolios increasingly resemble pension-style allocations, and why Canadian investors may need to rethink traditional 60\/40 portfolio structures.<\/p>\n","protected":false},"author":1,"featured_media":1347,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","meta":[],"categories":[18],"tags":[],"_links":{"self":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1297"}],"collection":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode"}],"about":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/types\/episode"}],"author":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/comments?post=1297"}],"version-history":[{"count":2,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1297\/revisions"}],"predecessor-version":[{"id":1371,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/episode\/1297\/revisions\/1371"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media\/1347"}],"wp:attachment":[{"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/media?parent=1297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/categories?post=1297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/advisoranalyst.com\/podcast\/wp-json\/wp\/v2\/tags?post=1297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}