Upwelling Capital Group

Congratulations to our newly promoted investment professionals: Jayce Smalley (Senior Associate), Shane Ryan (Associate) and Bennett Green (Associate). Their hard work, intelligence, team-orientation and versatility help us create value for our clients and investors every day!

Upwelling Capital Group participated as the lead sponsor at the Carmo Companies Private Markets Secondaries Meeting in Santa Monica last week. ? Partners Joncarlo Mark and Eric Green had the privilege of moderating the Keynote CIO discussion and the Structured Liquidity Solutions & Private Credit Secondaries panels. ? Joncarlo was joined by CIO Justin Barton, CFA from the UCLA Investment Company and Deputy CIO Jim Treanor from the State Board of Administration of Florida. Eric’s panel included industry leaders Ravi Ugale of Star Mountain Capital, Thomas Lukens of ORIX Group, and Bonar Chhay, CFA of Felicitas Global Partners. ? Key takeaways include: > Institutional investors continue to take advantage of the secondary market as an important portfolio management tool > The continued growth of the secondary market, including the evolution of GP-led transactions, credit secondaries, and structured liquidity solutions for LPs and GPs > As portfolio company holding periods increase in a challenging capital raising environment, it is important for investors to become more active in management of their tail-end funds > Interval funds and other permanent capital structures are broadening investor participation in secondaries and are impacting pricing levels ? We would like to extend a big thank you to everyone who attended and made this event a success! We're excited to continue the conversation with participants and look forward to future gatherings. ? ?

Upwelling partners Joncarlo Mark and Eric Green will be moderating insightful panel discussions next week at the Carmo Companies Private Markets Secondaries Meeting in Santa Monica. They will join industry leaders to share perspectives on key trends shaping the secondary investments landscape.

Wishing you a wonderful holiday season from all of us at Upwelling Capital Group!

Upwelling was pleased to have served as the transaction adviser to The Alaska Club and Partnership Capital Growth in the completion of a strategic debt investment by Backcast Partners Management, LLC, a leading provider of debt and equity capital for middle-market companies.

Upwelling's Joncarlo Mark sat down with Derek Minno as part of his ongoing Secondary Series for a discussion on the evolution of the secondary market. Joncarlo provides insight into the early days of secondaries, current trends, and expectations for the future of the secondary market. He also gives a nod to the recent Upwelling research on clawbacks, "Revenge of the Clawback - $25B+ Problem," as the risk of clawback should be a consideration for secondary buyers and serve as an opportunity for GPs and LPs to realign interests. Read the interview in the link below or on our website at https://t.ly/ehoty

Upwelling is pleased to release its newest white paper, “Revenge of the Clawback,” which provides insight into an over $25 billion universe of fund NAV at risk of clawback. While concerning, the report also details preventative measures, remedies available to GPs and LPs, and the corresponding implications within secondaries. The report was highlighted by PEI in an article published today, "How many PE funds are at risk of a clawback? One in 14": https://t.ly/KR6tM To read this and previous reports:?https://lnkd.in/e22C2duF

Upwelling was delighted to serve as the exclusive transaction advisor on behalf of Brightwood Capital and an institutional seller of a private credit portfolio purchased by Tikehau Capital.