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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

Upwelling Capital is the partner of choice for private capital investors in need of realignment to unlock growth and liquidity. Upwelling’s deeply experienced principals help clients succeed across three main services:

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 peak

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 in Taking Action

The principals of Upwelling Capital have a deep experience helping investors execute strategies for growth and liquidity, including, if necessary, replacing the current GP with a more aligned, future-facing manager. GP replacement is complicated, sensitive and requires the guidance of a partner who has done it before.

Upwelling’s principals have a combined 100+ years of portfolio-optimization experience at premier organizations including JP Morgan, CalPERS, ILPA, Colorado PERA and KKR Credit.

Learn more about our team here.

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

Upwelling Capital is the partner of choice for private capital investors in need of realignment to unlock growth and liquidity. Upwelling’s deeply experienced principals help clients succeed across three main services:

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 in Taking Action

Upwelling’s principals have a combined 100+ years of portfolio-optimization experience at premier organizations including JP Morgan, CalPERS, ILPA, Colorado PERA and KKR Credit.

Interested in working with us?

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