Record issuance expected in 2026: Canada Life's investment strategy

Gaurav Mittal, Senior Vice President and Head of Global Private Debt at Canada Life, brings institutional investment and strategic market insights to the evolving private debt landscape. Speaking at the Private Placements Industry Forum 2026, Gaurav explored key investment opportunities for 2026, focusing on the capital efficiency of US private placement markets and Canadian infrastructure assets, while examining trends reshaping institutional allocation strategies.

Strategic investment opportunities in 2026
The private debt landscape is evolving rapidly, with record issuance expected in 2026. Gaurav shared exclusive insights focusing on the capital efficiency of US private placement markets and Canadian infrastructure assets. He also discussed trends reshaping institutional allocation strategies and the challenges posed by increased competition in the market.

Key investment opportunities for 2026
Gaurav highlighted the value of the US private placement market for its ability to provide attractive spreads and durations that align with Canada Life’s balance sheet needs. Canadian infrastructure assets were also identified as a key focus, offering capital efficiency due to favorable regulatory treatment. Additionally, European infrastructure assets remain a priority for their ability to meet duration requirements.

Evolving allocation strategies
The private placement market is seeing a shift in issuance durations, with significant growth in the three-to-five-year range compared to the traditional seven-to-ten-year range. Gaurav explained that Canada Life is adapting its allocation strategy to include innovative structures and emerging asset classes while maintaining a strong focus on investment-grade assets. Despite competition from asset managers with insurance company backing, Canada Life remains committed to sourcing high-quality, capital-efficient investments.

Challenges and optimism for 2026
While tighter spreads and increased competition for allocations present challenges, Gaurav expressed optimism about the year ahead. The anticipated surge in digital infrastructure deals, particularly in data centres, is expected to drive record issuance and provide attractive opportunities for institutional investors.

Risk management and focus on investment-grade assets
Canada Life’s strategy remains centred on investment-grade assets, which align with the company’s risk appetite and capital requirements. Gaurav noted that sub-investment-grade assets are better managed through third-party managers, allowing Canada Life to focus on high-quality, long-term investments while maintaining strong relationships with sponsors.

2026 Insights
Gaurav’s insights highlight the dynamic opportunities in private debt for 2026. With record issuance on the horizon, a strategic focus on capital-efficient markets, and an evolving allocation strategy, Canada Life is well-positioned to navigate challenges and capitalise on the growth of the private placement market.

Discover more exclusive insights and join the community with industry leaders at Placements Industry Forum Europe 2026, Europe’s only dedicated private placements event. Join us 15–16 September 2026 in Amsterdam.