Jun 19, 2026
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For decades, the most lucrative entry point in investing — buying a company before it ever hits a public exchange — was reserved for institutional funds, venture capitalists and Canada’s wealthiest accredited investors. That access gap is about to narrow…and, maybe even, disappear.
Toronto-based Questrade is planning to launch a private markets platform this summer that will initially include pre-IPO opportunities and institutional-grade private credit, according to Bloomberg. Questrade has confirmed to Money.ca that the product will be open to accredited investors — and that the firm is deliberately lowering the barriers within that group.
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“For decades, the most compelling investment opportunities — companies like Uber and Airbnb before they went public — were only accessible to institutional investors and the ultra-wealthy,” said Chief Product Officer at Questrade Hwan Kim. “By the time these companies reached public markets, much of the value creation had already happened. That’s always struck me as fundamentally unfair.”
What is private markets investing and why has it been off-limits to most Canadians?
Private markets include any investment in a company or fund that is not traded on a public stock exchange. That covers pre-IPO shares, private equity, venture capital and certain forms of private credit. Until now, accessing these products in Canada has required meeting the accredited investor threshold under National Instrument 45-106 — the Canadian Securities Administrators (CSA) framework governing exempt market securities.
To qualify as an accredited investor under CSA rules, an individual generally needs either a net income exceeding $200,000 in the past two calendar years or net financial assets above $1 million. This threshold effectively locked out most retail investors.
Accredited investors opt for private market investments because these opportunities offer higher potential returns than public equities, but they carry less regulatory disclosure, fewer investor protections and significantly lower liquidity. Capital can be locked in for years with no easy exit.
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What’s different about Questrade’s pre-IPO platform?
While the pre-IPO private market launched by Questrade will still only be available to accredited investors, it will offer these investors easier access to this market.
“Accredited investors have historically had to go through private wealth managers or institutional channels to access these opportunities,” Kim told Money.ca. “Questrade is changing that, opening access to a broader segment of qualified investors, including those who are income-based rather than wealth-based alone. We’re also dropping the minimum investment well below the $25,000 [floor that is] typical in the industry today.”
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That minimum reduction is meaningful. A $25,000 floor has long made private market allocations impractical for investors who qualify on income but don’t hold large discretionary portfolios. A lower minimum allows smaller, more diversified positions.
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How Questrade will source deals
Questrade has confirmed it will partner with established institutional broker-dealers that specialize in the private secondary market, primarily in the U.S., where most pre-IPO deal flow originates. Each opportunity is assessed based on proximity to a public listing, investor demand signals and a review of deal terms and partner diligence.
“Our goal is to continually provide a curated set of opportunities — not a high-volume marketplace,” Kim said.
That framing distinguishes the platform from secondary market aggregators, which can carry higher volatility and thinner vetting. It also explains why Questrade has said it will not pursue access to high-profile pre-IPO names like SpaceX, where secondary market noise can create problems around lock-up periods.
To be clear, Questrade has offered launch-day IPO access through its IPO Centre since 2013. The new private markets platform goes a step further by targeting companies while they are still entirely private — before any IPO filing or public listing occurs.
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Current IPO marketplace
Questrade isn’t the only brokerage to offer IPO-day access. In May 2026, Wealthsimple announced its IPO Access feature, which lets clients request shares in select Canadian and U.S. companies at the IPO offering price, with no minimum order and no additional fee.
Wealthsimple’s platform works by receiving share allocations from investment banks, which are then distributed to clients. According to its help centre policies, clients can bid through registered accounts including tax-free savings accounts (TFSAs), registered retirement savings plans (RRSPs) and first home savings accounts (FHSAs). However, U.S.-only IPOs require accredited investor status under Canadian securities law.
The key distinction: Wealthsimple and Questrade offer IPO-day access at the offering price. Now, Questrade will offer earlier access — offering accredited investors easier access to pre-IPO offers months before a company goes public.
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What retail investors need to understand before committing
The potential upside of pre-IPO investing is real, but so are the risks.
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Liquidity is limited. Unlike shares purchased on the TSX or a major U.S. exchange, private market holdings cannot simply be sold on demand. Investors who need to access their money may find there is no ready buyer. Capital may be locked in for an extended period with no guaranteed exit.
Disclosure is thinner. Private companies are not subject to the same continuous disclosure requirements as public issuers. That means less financial transparency, fewer audited statements and limited ability to assess valuation.
Total loss is possible. A company that raises pre-IPO capital but never completes a public listing — whether due to market conditions, regulatory issues or business failure — can result in the full loss of invested capital.
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What to do now
The platform is not live yet, but if you’re interested, here’s how to prepare:
- Confirm whether you meet the accredited investor threshold
- Sign up for Questrade’s product bulletins for the earliest notification of the summer launch date
- Ask Questrade directly whether private market holdings qualify for TFSA or RRSP accounts before moving any registered savings
- Treat any pre-IPO position as a small satellite allocation — illiquid, higher-risk and separate from your core portfolio
- Speak with a financial adviser before committing, particularly if this would represent a meaningful portion of your investable assets
Access to private markets is expanding for Canadian retail investors. That’s a genuine change. But broader access is not the same as a guaranteed opportunity — and the risks that make these products accredited-only have not disappeared.
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Romana King, Senior Editor at Money.ca, also writes for various North American publications and the RKHomeowner blog. Her book, House Poor No More, is an Amazon bestseller and five-time award winner, including the 2022 New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award.
