RBC GAM taps a pension fund veteran to lead its $15 billion private markets platform as institutional demand for alternatives grows
RBC Global Asset Management has appointed a former AIMCo executive as global head of private markets, overseeing more than $15 billion in client investments. The appointment places her at the helm of a bank-owned alternatives platform serving both institutional and retail clients.
Brandon Gill New started as global head of private markets at RBC Global Asset Management (RBC GAM) on the day of the announcement. Based in Toronto, she reports to Stu Kedwell, RBC GAM’s global chief investment officer, and succeeds Michael Kitt, who became vice chair late last year.
Her mandate covers the firm’s private market strategy and growing its offerings by asset class and geography for institutional and retail clients. RBC GAM’s platform currently consists of Canadian real estate, global infrastructure and Canadian commercial mortgages.
A rival bank stocks its alternatives shelf
CIBC has added private markets products this year through its asset management arms. CIBC and J.P. Morgan Asset Management launched a private infrastructure fund for accredited investors in late June, following an earlier CIBC private credit fund.
RBC GAM’s 2029 goal is measured against its total assets. RBC GAM managed approximately $795 billion in assets as of May 2026, against a target of $1.1 trillion by 2029.
Since formally launching in 2019, RBC GAM’s private markets business has grown to more than $15 billion in client investments. Growing alternative asset class solutions is a priority for the firm, which described Gill New’s appointment as an important evolution of its private markets business.
Pension pedigree in the corner office
Gill New has more than 25 years of global investment experience. Most recently, she was managing director and head of external partnerships, public equities at AIMCo, one of Canada’s largest pension funds.
Before AIMCo, she held progressively senior roles at OPTrust, Ontario Teachers’ Pension Plan Board and another Canadian bank.
Retail appetite meets regulatory scrutiny
Kedwell said the firm’s business is centred on helping clients build portfolios that can withstand changing markets and meet long-term financial goals.
“Increasingly, advisors and investors are turning to alternative asset class products to help them achieve that diversification and resilience,” he said.
“Since 2019, RBC Global Asset Management has organically built private markets offerings across real estate and infrastructure, while expanding our commercial mortgages capabilities to meet that growing client demand, representing one of the largest growth areas for our firm,” Kedwell said.
A 2025 iCapital Canada survey of advisors at roughly 50 wealth management firms found nearly half allocate 10% to 30% of portfolios to private markets. A further 48% plan to increase those allocations.
Regulators are weighing wider retail access. The Ontario Securities Commission’s proposed long-term fund framework would create a new category of prospectus-qualified fund. It would give retail investors access to private equity, private debt, real estate, and infrastructure.
Canada’s largest pension fund has voiced caution about that shift. CPPIB chief executive John Graham told the Financial Times that if the rush of retail money changes norms around offering large investors direct deals at lower fees, it would “impact, undoubtedly, our appetite for the asset class.”
Gill New is stepping into that environment. “Her deep investment expertise, global experience and strong track record position her well to deliver on our objectives as we expand our private markets investment solutions into new regions, asset classes and investors,” said Kedwell.
“I look forward to working with the team to expand our offerings and deliver innovative solutions to both institutional and retail clients,” said Gill New.
