Former CalPERS manager sets up legacy asset consultancy

Explaining the rationale behind the move, Joncarlo Mark, founder of Upwelling Capital Group, noted that many institutions have seen their alternative investment allocations triple in the last 10 years. Legacy assets have accumulated and investors have responded by shedding parts of their portfolios and streamlining the number of relationships they maintain with external managers.

"I have formed Upwelling to meet a huge need and opportunity within the private equity industry to unlock value from illiquid partnership structures and private direct investments and create efficiency for clients," Mark said. "With focus and accountability placed on legacy assets, which at times need to be skillfully restructured or liquidated, we can help free up capital from stagnant investments that risk continual erosion of value."

During his 12-year tenure at CalPERS, Mark led restructurings of over $2 billion of private equity partnership interests. He also helped oversee a $2.25 billion secondary transaction in 2007, which at the time was the largest secondary sale completed by any public pension fund in the US.

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• Topics
• Restructuring
• Advisory
• Portfolio management
• California Public Employees' Retirement System (CalPERS)