Anastasia Elia is Managing Director and Head of Private Equity at IMCO — the Investment Management Corporation of Ontario — where she leads the team running its roughly $10B private equity program.

When she joined in 2021, IMCO had inherited a small, fragmented portfolio. Ana and the team built it, largely from scratch, into a multi-client program of that scale in about five years.

Katie and Anastasia talk about pacing deployment through a hard market, why IMCO runs 15 core manager relationships, what a "Mini Maple" gains in the middle market, and what a GP has to show to earn a re-up.

She also explains why she passes on the one-and-done fundraisers everyone chases — if a manager doesn't need a partner, there's no relationship to build.

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This podcast is for informational and entertainment purposes only and does not constitute financial, legal, or investment advice. Any views expressed by guests are their own and do not necessarily reflect those of the host or affiliated organizations. Participation as a guest does not imply any client relationship, endorsement, or future business engagement.

Anastasia Elia is Managing Director and Head of Private Equity at IMCO — the Investment Management Corporation of Ontario — where she leads the private equity team and sets the strategic direction for the asset class, building the portfolio across fund commitments, co-investments, and direct deals, along with the strategic partnerships behind them.

She joined IMCO in 2021 and has more than 15 years of investment experience across public and private markets. Before IMCO, she spent 11 years at CPP Investments, leading deal teams on fund manager evaluation and direct investments and running legal negotiations across growth and buyout opportunities in North America and Europe.

Anastasia holds an MBA from the Rotman School of Management at the University of Toronto, a BBA from the University of Toronto, and is a CFA charterholder.

The Re-Up is a podcast about the business of raising and allocating capital in private markets — and how that work can be done better. In private markets, a re-up is the decision to recommit to a manager's next fund: the ultimate signal of trust. Each episode is a candid conversation with the LPs, GPs, and advisors who have built exceptional track records — the conversations that usually happen over dinner after the conference, not the ones on stage. Hosted by Katie Fasken, founder of August Advisors, a Toronto-based placement firm connecting exceptional private investment managers with institutional capital.

Elizabeth Bell is Co-Head of Real Estate at Hamilton Lane, where she helps run a $114B real estate program and invests $2.5–3B a year across funds, secondaries, and co-investments.

She has spent about 20 years in real estate private equity, much of it on the GP side before moving to the allocator's seat.

Katie and Elizabeth talk about why institutional investors see today's reset as a chance to buy, the sectors leading and lagging the recovery, and where she sees opportunity, from data centers to necessity-based retail. They also get into the "re-emerging manager" and the discipline it takes to back one.

Her test for a re-up after a hard cycle: not whether everything went right, but how the manager behaved when it didn't.

Elizabeth Bell is a Managing Director and Co-Head of Real Estate on the Real Assets team at Hamilton Lane, where she leads due diligence across primary, secondary, and co-investment opportunities in real estate and sits on the Real Asset Investment Committee. Hamilton Lane's real estate program spans roughly $114B, deploying $2.5–3B a year across funds, secondaries, co-investments, and joint ventures.

She has spent about 20 years in real estate private equity. Before joining Hamilton Lane in 2022, she was a Managing Director at Jaguar Growth Partners, leading Latin American real estate private equity investments. Earlier roles included Investment Manager on Aberdeen Asset Management's Property Multi-Manager team, Vice President at Equity International investing in emerging-markets real estate companies, Associate at JER Partners, and investment banking analyst at Deutsche Bank.

Elizabeth holds an MBA from the Wharton School at the University of Pennsylvania and an A.B. from Princeton University.

The Re-Up is a podcast about the business of raising and allocating capital in private markets — and how that work can be done better. In private markets, a re-up is the decision to recommit to a manager's next fund: the ultimate signal of trust. Each episode is a candid conversation with the LPs, GPs, and advisors who have built exceptional track records — the conversations that usually happen over dinner after the conference, not the ones on stage. Hosted by Katie Fasken, founder of August Advisors, a Toronto-based placement firm connecting exceptional private investment managers with institutional capital.

Tom Kapsimalis is Managing Director and Head of Secondaries at CPP Investments, where he leads the team that buys and sells private equity stakes and continuation vehicles, deploying roughly $3–5B a year.

He has worked in secondaries since the market traded barely $10B a year; in 2025 it cleared $220B, and he has been part of that rise from the start.

Katie and Tom talk about how CPP decides where it has a real right to win, why alignment is the first thing he tests in a continuation vehicle, how a single secondary can become a years-long relationship with a manager, and where the market heads next.

His take on the "CV squared": the rationale for the deal matters as much as the price.

Tom Kapsimalis is Managing Director and Head of Secondaries at CPP Investments, based in Toronto. He leads the team responsible for the firm's private equity secondaries program — across LP-led and GP-led transactions, single- and multi-asset continuation vehicles, and structured secondaries — and oversees portfolio sales for CPP Investments' private equity department.

He began his career in 2008 in investment banking in New York, working in syndicated leveraged finance through the financial crisis, before moving to the buy side and into the secondaries market in its early days. He has been part of the secondaries business at CPP Investments through its growth from a nascent strategy into one of the largest segments of private markets, where the firm now deploys an estimated $3–5B a year.

The Re-Up is a podcast about the business of raising and allocating capital in private markets — and how that work can be done better. In private markets, a re-up is the decision to recommit to a manager's next fund: the ultimate signal of trust. Each episode is a candid conversation with the LPs, GPs, and advisors who have built exceptional track records — the conversations that usually happen over dinner after the conference, not the ones on stage. Hosted by Katie Fasken, founder of August Advisors, a Toronto-based placement firm connecting exceptional private investment managers with institutional capital.