Key takeaways from AIMA Global Investor Forum 2026

Published: 19 October 2026

On October 14^th & 15^th, more than 600 investors, managers and industry leaders representing approximately $40 trillion in AUM gathered in Toronto, for the 12th annual AIMA Global Investor Forum.

600+ delegates | 100+ speakers | 21 sessions | 14 countries represented | C$10,000 raised for Help for Children

Here are ten ideas that defined the Forum.

A new macro regime is taking hold
Geopolitical fragmentation, trade barriers, energy shocks and fiscal expansion point to a regime of structurally higher inflation and interest rates, with governments prioritizing self-reliance and security. U.S. markets remain deep and dynamic, but investors are demanding higher risk premiums and watching currency exposure more closely.
AI is reshaping markets and investment management
The AI capex cycle has become a dominant driver of growth, market concentration and financing demand, and investors are grappling with how to size exposures amid uncertain valuations and rising leverage. Allocators are mapping second- and third-order AI exposures across their portfolios while favouring assets less exposed to disruption. Inside investment organizations, AI is already streamlining research, monitoring and due diligence. Human judgment remains essential, and managers’ AI readiness is becoming part of the due diligence process.
Hedge funds are back, but alpha must be earned and explained
Higher rates and market dispersion are renewing demand for hedge funds. Inflows are concentrated among large multi-strategy platforms, and leading managers are limiting capacity, raising fees and tightening liquidity terms. Allocators are defining alpha in advance and testing whether it complements their existing portfolio. Many are also turning to emerging managers, including talent spun out of the large platforms, for differentiated returns and better terms.
Diversification is being redefined
Equity concentration and positive stock-bond correlations have tested traditional portfolios, and investors are questioning whether bonds can still serve as a reliable hedge. Real assets, commodities, reinsurance and catastrophe risk, and niche asset-backed cash flows are attracting attention as genuinely uncorrelated sources of return.
Private credit enters a more disciplined phase
Investors are looking beyond headline default rates to amendments, PIK income and post-default recoveries, and diversifying into asset-based finance, non-sponsored lending and less crowded markets outside the U.S. Insurers have become central allocators to investment-grade private credit and asset-based finance, often through strategic partnerships with alternative managers, and their regulatory capital regimes increasingly shape how these assets are originated.
Canada is making its case for long-term capital
Canada’s energy, resources and infrastructure offer significant investment opportunities with faster approvals and a pipeline of investable projects seen as key to unlocking it. Efforts to diversify trading partners and increase domestic investment in areas such as energy, infrastructure and defence are creating new opportunities, though projects must still compete for capital on risk-adjusted returns.
The Total Portfolio Approach goes global
After years of adoption by Canadian pension plans, the Total Portfolio Approach is gaining ground globally. Implementation shows that culture, incentives, governance and board education matter as much as risk systems. Investment teams are collaborating around a single risk budget, and every opportunity competes on its contribution to the total fund. There is no single model, and investors are adapting the approach to their own scale and objectives.
Liquidity has become a strategic asset
Investors are placing greater value on liquidity to manage volatility and capture opportunities. As private markets broaden their investor base, matching redemption terms with underlying assets is critical.
Private equity returns hinge on operational value creation
With cheap leverage and multiple expansion no longer reliable tailwinds, distributions remain near historic lows, and fund lives are lengthening, increasing reliance on secondaries, continuation vehicles and recapitalizations. Dispersion between managers is widening, putting a premium on GP selection, sector specialization and a credible path to exit.
Trust, transparency and alignment underpin lasting partnerships
As structures grow more complex, allocators expect visibility into the plumbing, including fund leverage, NAV facilities, PIK income and valuation practices, alongside ongoing operational and cyber due diligence. The most durable relationships are being built by managers who are candid about when their strategies may underperform, share knowledge, and align fees and liquidity terms with their strategy.