Private Markets Are Reshaping Wealth-Are Canadian Portfolios Ready with Clay Khan

If institutional investors have already shifted toward global diversification and private markets, why are most retail portfolios still stuck in the past? 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. Drawing from Neuberger Berman’s “Solving for 2026” investment outlook, Khan explains how global macro forces—AI-driven productivity shifts, diverging fiscal and monetary policies, and evolving capital markets—are reshaping the investment landscape for both institutions and private investors. 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. 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. Ultimately, the discussion centers on a crucial shift: moving from wealth accumulation toward wealth preservation and tax-efficient diversification, particularly for families transitioning from concentrated entrepreneurial wealth into multi-generational portfolios.