Former CalPERS Portfolio Manager Forms Investment Management Firm

September 16, 2011 ( - To assist institutional investors unlock value from legacy assets tied up in the $1.5-trillion global private equity market, a former senior portfolio manager at the California Public Employees Retirement System (CalPERS) has formed Upwelling Capital Group LLC.

The California-based company will be focused on helping institutional investors more effectively manage and maximize value from non-core and often under-performing legacy alternative investments, said Joncarlo Mark, the firm’s founder and managing member, according to a press release. Legacy investments include end-of-life private equity partnership interests, co-investments and direct investments.   

“As Upwelling’s name implies, our mission is to bring value to the surface,” said Mark, who specialized in private equity during his 12-year tenure serving CalPERS. “We do this by helping institutional investors preserve and create value while protecting them from the variety of risky complications that often arise with legacy alternative investments.”  

In addition to helping manage legacy investments, Upwelling Capital Group also provides strategic investment advice and management services to the institutional marketplace. Beyond the internal skills possessed by the team, Mark said that Upwelling Capital Group will tap its extensive network of industry experts including accounting, legal, restructuring, investment banking, valuation and executive search professionals in order to best manage any given situation.  

More information is available at