Ralph Desando, Yorkville Asset Management

In this episode, Ben Sinclair sits down with Ralph DeSando, Deputy CEO at Yorkville Asset Management, to explore how long-term care and senior living have become one of Canada’s most compelling and misunderstood healthcare investment opportunities.Ralph shares the story of Yorkville’s healthcare fund from its inception in 2010..He explains why aging infrastructure, substantial waitlists, and an aging population have created durable demand for long-term care beds, and why he believes supply will struggle to keep up for decades.The conversation dives into how modern facilities differ from pre-1971 Class C homes, and how community care hubs make for a better resident experience. Ralph also discusses the public–private partnership model with government, how 25–30 year contracts and inflation-linked funding create visibility on revenue, and why banks and insurers are now competing to lend against these assets, even offering 25-year mortgage terms and high loan-to-cost financing.For advisors and allocators, Ralph walks through how the fund fits into portfolio construction, the role of ancillary businesses, and how Yorkville approaches education around liquidity. He addresses past misconceptions about “stroke-of-pen risk,” operational risks in running large care platforms, and why retail investors were early to recognize the sector’s stability before institutions followed.If you’re interested in the intersection of healthcare policy, real asset investing, and demographics, especially from a Canadian private markets perspective, this episode offers a detailed, practitioner-level look at building long-term care infrastructure with investor capital while improving outcomes for seniors.