Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?
In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Dennis Mitchell, CEO & CIO at Starlight Capital, to unpack the forces reshaping real estate investing in 2026. With billions locked inside gated private real estate funds, Dennis explains why the industry is facing a liquidity crunch, and why it may also signal a turning point for patient investors.
The conversation explores the risks of extreme market concentration in the S&P 500, the investment framework of yield, growth, and multiple expansion, and why real estate’s steady income profile is becoming increasingly attractive. Dennis also outlines how new liquidity structures, such as Starlight Capital’s Real Assets Trust, are helping unlock trapped capital while enabling fresh deployment.
What you will learn:
- Why real estate underperformance is about to reverse
- The three-lever framework for investment returns
- How Canadian risk aversion limits capital formation
- The $29 billion gated fund crisis and its resolution paths
- Starlight Capital’s fund-of-funds liquidity innovation
- Why preferred equity is the fundraising channel of the moment
Dennis Mitchell is the CEO and CIO of Starlight Capital, a boutique asset management company delivering innovative investment solutions for individual and institutional investors. With more than 17 years of experience in investment management, he specializes in asset allocation, portfolio construction, and risk management across multiple asset classes. Dennis previously held senior leadership roles at Sprott and Sentry Select Capital Corp. He holds both the Chartered Financial Analyst (CFA) and Chartered Business Valuator (CBV) designations and is focused on creating long-term value through differentiated investment strategies.
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