Canada Private Markets Survey: Key Insights and Advisor Trends

Navigating private markets in Canada: advisor sentiment, allocation preferences, and priorities for 2026

In this report, we analyze responses from iCapital’s latest Private Markets Survey for Canada. The survey, conducted in October 2025, was developed for Canadian Wealth Managers, Multi-Family Offices (MFOs) and Institutional Investors, to help understand respondents’ respective outlooks and preferences for alternative assets.

This report includes key findings from the survey along with commentary that we hope the broader alternatives industry in Canada, will find insightful. We will continue to conduct this survey annually and will track changes in sentiment and appetite to help us ensure we continue to tailor our solutions to best meet the needs of our clients in Canada.

This year’s findings reinforce the continued interest in private markets, even as advisors adopt a more measured pace in increasing allocations. The responses underscore that alternatives remain integral to portfolio construction, particularly as a source of diversification and risk management.

Key Takeaways

  • Advisor allocation preferences as portfolios are repositioned for 2026
  • Shifts within asset classes are viewed as the most attractive opportunity heading into 2026
  • Advisors are seeking simpler, regulatory-friendly access to alternative investments
  • Liquidity constraints, subscription complexity, and higher fees continue to act as barriers within the alternatives marketplace

Methodology

The findings from this report are based on responses from over 40 unique wealth management firms. Most respondents offer discretionary investment management for their clients. For the majority, discretionary investment management represents over half of their client asset base.

 

If you have any inquiries about the survey or this report, please contact the iCapital Canada team:

 

Thomas Johnston, Canadian Market Head - Thomas.Johnston@icapital.com
Tony Mallozzi – Tony.Mallozzi@icapital.com
Will Blanco – Will.Blanco@icapital.com

IMPORTANT INFORMATION

The material herein has been provided to you by Institutional Capital Network, Inc. (“iCapital Network”) or one of its affiliates (iCapital Network together with its affiliates, “iCapital”). This material is the property of iCapital and may not be shared without the written permission of iCapital. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of iCapital.

 

NO OFFER

This material is provided for informational purposes only and is not intended to be a recommendation or inducement to acquire any particular investment and may not be relied on in any manner as, legal, tax or investment advice, a recommendation, or as an offer or solicitation to buy or sell any security, financial product or instrument, or otherwise to participate in any particular trading strategy. Past performance is not indicative of future results. Alternative investments are complex, speculative investment vehicles and are not suitable for all investors. This material does not intend to address the financial objectives, situation, or specific needs of any individual investor. You should consult your personal accounting, tax and legal advisors to understand the implications of any investment specific to your personal financial situation.

An alternative investment should only be considered by sophisticated investors who can afford to lose all or a substantial amount of their investment. iCapital operates a platform that makes available financial products to financial professionals and an iCapital entity (including iCapital Network Canada Ltd., a registered investment fund manager, portfolio manager and exempt market dealer in Canada) may serve as general partner, manager or adviser, or perform other services in respect of certain financial products (including alternative investment funds). iCapital generally earns revenue from operating such platforms and providing such services based on the volume of transactions that take place in these products and the amount of assets in such products, and would benefit from an increase in sales of these products.

iCapital Network Canada Ltd. is registered as an exempt market dealer in each of the provinces and territories of Canada, as an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador, and as a portfolio manager in Ontario, Quebec, British Columbia, Alberta, Manitoba, and Newfoundland and Labrador. No securities commission or similar authority in Canada has reviewed or in any way passed upon this document or the merits of the securities described herein, and any representation to the contrary is an offence under applicable Canadian securities laws. Additional information is available upon request.

“iCapital” and “iCapital Network” are registered trademarks of Institutional Capital Network, Inc.

© 2026 Institutional Capital Network, Inc. All Rights Reserved.