GRI Summit 2025 Private Markets: The Evolving Trends and Considerations

closeup of 3 presenters sitting on chairs with one speaking

Growth, Resilience and Risks in a Transforming Investment Landscape

Private markets are expanding rapidly, with assets projected to rise from $13 trillion in 2025 to $20 trillion by 2030. These non-bank sources of capital are becoming increasingly central to financing global growth. In this panel, Sarah Butcher from BlackRock and Bis Mukerji from RBC Wealth Management shared perspectives on future trends and risks.

Both speakers agreed that private markets bolster systemic resilience by diversifying funding sources and tailoring solutions across risk profiles. Yet they flagged challenges including valuation opacity, liquidity constraints, and ensuring suitability for retail investors. Risk management themes included the centrality of liquidity, lessons from past crises, and the importance of manager selection. Panelists agreed that sourcing, structuring, and diversification remain vital, and that areas such as digital assets and AI will increasingly shape the landscape.

Sarah Butcher

Managing Director, Head of Americas Institutional Business in Canada, BlackRock

Sarah Butcher, Managing Director, is Head of BlackRock’s Americas Institutional Business (AIB) in Canada and the Canadian territory lead for BlackRock’s Institutional Capital Formation (ICF) team.  In these roles, she is responsible for developing and executing AIB’s strategy in Canada and delivering the firm’s full suite of investment capabilities and solutions to our institutional clients across Canada.  Sarah serves as a member on both of the BlackRock AIB Executive Committee (ExCo) and BlackRock Canada’s ExCo. She is also a member of BlackRock Canada’s board of directors.

Prior to rejoining BlackRock in 2024, Sarah was the Head, Private Markets Distribution, Canada at Fiera Capital.  Previously, she worked at Neuberger Berman as a Senior Vice President in the Institutional Client Group and at BlackRock as a Director in the Institutional Client Business.  Earlier in her career, she also worked at Mercer Investment Consulting and at Goldman, Sachs & Co.

Sarah earned a Bachelor of Commerce (BCom) in Finance from the University of British Columbia and an MBA from York University.  She is also a Leslie Wong Fellow in recognition of her participation in the UBC Portfolio Management Foundation.

Bis Mukerji

Group Head of Risk, RBC Wealth Management

As Global Head of Risk for RBC Wealth Management, Bis and his team are responsible for supporting the business objectives and risk appetite of Wealth Management globally. His team also supports the credit risk adjudication of Canadian Private Banking’s wholesale activities, as well as personal lending activities in excess of Canadian Banking authorities. Bis is a member of Group Risk Management Operating Committee, where he contributes to the development of the overall strategy and direction of GRM.

Bis has been with RBC for over 30 years and started his career as a business banking account manager. Over the years, he has worked in progressively senior roles in loan syndications, project finance, special loans, portfolio management, and structured credit in Capital Markets. Bis also spent several years in Trinidad as the CRO for Caribbean Banking, overseeing all aspects of risk. In his most recent role as VP of Special Loans & Advisory Services, Bis was responsible for managing complex commercial files in Canada and the Caribbean focusing on challenged sectors and industries. He also built out his team in response to the anticipated growth of commercial accounts volume.

Bis has an MBA degree from Queen’s University, Canada and is based in Toronto.