Upwelling Capital Group

Turnkey strategies for resolving private market portfolios

2009

Years

Median private equity hold period

2025

Years

Median hold period for private equity funds

2009

Years

2025

Years

One Partner, Three Options

LP Advisory

Represent LPAC or group of LPs in an active monitoring/management role

Hold GPs accountable to fiduciary duties
Reduce free drag and misaligned incentives
Strengthen LP negotiating position

GP Replacement

Full fiduciary role as GP

Relieve LPs of burden of managing legacy funds/GPs
Maximize value for LPs
Active portfolio management
Target resolution typically within 24 to 36 months

Co-Management

Upwelling partners with the existing GP to co-manage fund

Oversight support to drive LP objectives
Investment monitoring, analysis and governance

Why LPs Must Take Early Action

Private capital investments that have failed to deliver performance by year nine tend to underperform thereafter, no matter how long they are held. LPs that fail to take action before the ninth year of a fund’s life face meaningful value erosion and opportunity cost.

Early Action is Critical

4th Quartile vs. Bottom Decile TVPI Performance – All Buyout Funds (Vintage 2004-2024)

4th quartile Bottom decile TVPI max

Year 17
4th quartile: 1.36x
Bottom decile: 0.84x
Gap: 0.52x

24%

decline in bottom decile fund value from year 6 to 18

Years 6-9

critical intervention window to preserve LP value

0.5x

TVPI gap between the two groups by year 9, up from 0.3x at year 6

Upwelling Research using PitchBook data - "No Country for Old Funds" (2025)

Upwelling’s Joncarlo Mark explains why investors should probably seek to realign underperforming funds before it’s too late.

Why Upwelling is the Right Partner

The principals of Upwelling capital have long standing experience in private markets, particularly related to helping limited partners achieve their strategic objectives especially in GP sensitive situations.

Upwelling’s principals have a combined 100+ years of private markets experience at organizations including JP Morgan, BNP Paribas, CalPERS, ILPA, Colorado PERA and KKR Credit.

Turnkey strategies for resolving private market portfolios

2009

Median private equity hold period

2025

Median hold period for private equity funds

2009

2025

One Partner, Three Options

LP Advisory

Represent LPAC or group of LPs in an active monitoring/management role

GP Replacement

Full fiduciary role as GP

Co-Management

Upwelling partners with the existing GP to co-manage fund

Why LPs Must Take Early Action

24%

decline in bottom decile fund value from year 6 to 18

Years 6-9

critical intervention window to preserve LP value

0.5x

TVPI gap between the two groups by year 9, up from 0.3x at year 6

Upwelling Research using PitchBook data - "No Country for Old Funds" (2025)

Upwelling’s Joncarlo Mark explains why investors should probably seek to realign underperforming funds before it’s too late.

Why Upwelling is the Right Partner

The principals of Upwelling capital have long standing experience in private markets, particularly related to helping limited partners achieve their strategic objectives especially in GP sensitive situations.

Upwelling’s principals have a combined 100+ years of private markets experience at organizations including JP Morgan, BNP Paribas, CalPERS, ILPA, Colorado PERA and KKR Credit.

Quick Links

Contact Us