Adam Dean, Vice President and Portfolio Manager at CMLS Asset Management, discusses the evolving opportunity in Canadian real estate debt, the importance of institutional underwriting and why disciplined capital deployment matters most when markets become uncertain.

Managers are raising large sums to build the power systems the world needs. The binding constraints are now security of supply, access to the grid and the price paid for assets everyone wants to own.

A business can be worth more than a lender can actually realise. As delayed exits, refinancing constraints and redemption pressures stretch repayment timelines, they are testing a central assumption of private credit: that capital can stay invested until borrowers repay and value is turned into cash.

As projects grow more complex and experienced talent retires, the President and CEO of Gillam Group argues that the industry's most valuable asset is not a contract but a relationship.

As borrower stress becomes harder to distinguish from temporary liquidity pressure, amendments, PIK and maturity extensions can delay the moment trouble reaches reported default figures. The question for private credit investors is whether their portfolios are generating sustainable returns or simply postponing the recognition of credit deterioration.

Artificial intelligence is opening new avenues for private equity value creation. The real opportunity, however, lies not in adopting the technology for its own sake, but in translating it into measurable operating improvements, new sources of growth and lasting competitive advantage.

Liam Dougherty, CFA, Co-Founder, CIO and Managing Partner, Real Estate at Greyhill Capital Partners, discusses the investment rationale for Northern Ontario, the role of operational execution in creating value, and how an integrated platform can uncover opportunities beyond Canada’s established real estate markets.