Key Takeaways
- • Alvarez & Marsal launches a dedicated Alternative Investment Services (AIS) practice in Canada, appointing Maisam Raza as Senior Director to lead the expansion within its global valuation services division.
- • Raza brings 12+ years of financial services expertise, including nearly four years as portfolio manager and head of credit monitoring and valuation at Golub Capital, and six years at KPMG specializing in private debt and derivatives valuation.
- • The new practice targets institutional investors including pension funds, private equity firms, and insurance companies, focusing on valuation and monitoring services for illiquid assets and private capital strategies (private credit, private equity, and related asset classes).
- • A&M's Canadian expansion follows prior market entries: the firm expanded its tax group into Canada in 2024 and its transaction advisory group in 2023, signaling sustained investment in Canadian institutional investor services.
- • Market drivers include heightened volatility and increased regulatory scrutiny around valuation governance for illiquid asset portfolios, with Raza noting that accelerated valuation cycles are driving demand for enhanced transparency and operational infrastructure.
Summary
Alvarez & Marsal, the New York-headquartered management consulting firm, has established a new Alternative Investment Services practice in Canada and appointed Maisam Raza as Senior Director to lead the operation from Toronto. The move represents a strategic expansion of A&M's valuation services division to serve the Canadian institutional investor market, which has faced mounting pressure to strengthen governance and transparency around illiquid asset valuations.
Raza's appointment reflects A&M's confidence in his expertise navigating the complexities of private capital valuations. Over 12+ years in financial services, Raza has developed deep specialization in valuation and monitoring advisory services for institutional-grade portfolios. Most recently, he spent nearly four years at Golub Capital, a prominent private credit manager, where he served as portfolio manager leading credit monitoring and valuation operations in Canada. Prior to that, he spent six years at KPMG as a senior manager advising on private debt and derivative valuations. His background spans the full spectrum of alternative assets relevant to institutional allocators: private credit, private equity, and related structures.
Raza's educational credentials underscore technical depth: he holds a Master's degree in Finance from the University of Toronto, a Bachelor's degree in Mathematics from the University of Waterloo, and a Bachelor of Laws from King's College London. In a statement, Raza emphasized that the market environment is driving structural demand for A&M's services, citing heightened volatility and intensified scrutiny of valuation governance for illiquid portfolios. He noted that accelerating valuation cycles are forcing asset managers to invest in transparency and operational rigor, positioning A&M's integrated platform as a competitive advantage for navigating technological change alongside traditional advisory services.
The Canadian expansion is part of A&M's broader geographic growth strategy in the country. The firm expanded its tax advisory group into Canada in 2024 and its transaction advisory group in 2023, establishing a multi-disciplinary footprint to serve institutional and corporate clients. The addition of a dedicated alternative investment valuation practice signals management's view that Canadian asset managers, pension funds, and insurance companies increasingly require specialized external expertise in monitoring and valuing private capital holdings.
Raza's appointment reflects A&M's confidence in his expertise navigating the complexities of private capital valuations. Over 12+ years in financial services, Raza has developed deep specialization in valuation and monitoring advisory services for institutional-grade portfolios. Most recently, he spent nearly four years at Golub Capital, a prominent private credit manager, where he served as portfolio manager leading credit monitoring and valuation operations in Canada. Prior to that, he spent six years at KPMG as a senior manager advising on private debt and derivative valuations. His background spans the full spectrum of alternative assets relevant to institutional allocators: private credit, private equity, and related structures.
Raza's educational credentials underscore technical depth: he holds a Master's degree in Finance from the University of Toronto, a Bachelor's degree in Mathematics from the University of Waterloo, and a Bachelor of Laws from King's College London. In a statement, Raza emphasized that the market environment is driving structural demand for A&M's services, citing heightened volatility and intensified scrutiny of valuation governance for illiquid portfolios. He noted that accelerating valuation cycles are forcing asset managers to invest in transparency and operational rigor, positioning A&M's integrated platform as a competitive advantage for navigating technological change alongside traditional advisory services.
The Canadian expansion is part of A&M's broader geographic growth strategy in the country. The firm expanded its tax advisory group into Canada in 2024 and its transaction advisory group in 2023, establishing a multi-disciplinary footprint to serve institutional and corporate clients. The addition of a dedicated alternative investment valuation practice signals management's view that Canadian asset managers, pension funds, and insurance companies increasingly require specialized external expertise in monitoring and valuing private capital holdings.
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