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Q&A with Joncarlo Mark, Founder of Upwelling Capital Group

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Joncarlo Mark

This interview will appear in the 1Q Y2012 issue of the Sovereign Wealth Quarterly.

This is a Q&A with Joncarlo Mark, Founder of Upwelling Capital Group. Prior to forming Upwelling Capital Group, Joncarlo was a Senior Portfolio Manager in the Alternative Investment Management (AIM) Program at the California Public Employees Retirement System (CalPERS), with approximately $240 billion in overall assets.

1. What are some of the greatest risks you see in the long-term future for public investors exposed to alternatives?

The asset class has become more efficient and continues to attract capital. Although new markets have opened up (Asia, Latin American, Central & Eastern Europe, Africa), the bulk of the viable opportunities exist in the US and Western Europe and the overhang of dry powder is significant. Most people believe that the net result is lower returns for PE, especially in an overall low global growth environment. Therefore, more thought must be put into strategy development, active portfolio management and manager selection. This takes focus, skills and resources, which many institutions lack due to budgetary constraints. Not done right can lead to significant under performance.

Depending on liquidity needs, having significant locked up capital in alternatives may put tremendous strain on the organization; public investors must be prepared to play for the long term return prospects; however, the increased ability to utilize the secondary market for rebalancing one’s alternative investment portfolio does help mitigate some of this risk.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

BlackRock Contemplates Stake in Eurizon

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Asset management giant BlackRock is contemplating purchasing a 30% ownership stake in Intesa SanPaolo’s asset management unit called Eurizon Capital SGR S.p.A. BlackRock is keen on growing its technology business and increase market adoption of its Aladdin platform.

Intesa has been working with UBS to seek out strategic options for Eurizon. Intesa is keen on maintaining control over Eurizon.

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SWFI First Read, June 22, 2018

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JPMorgan Fund Buys 40% of Oxford Properties’ French Portfolio

A fund advised by JP Morgan Asset Management committed €400 million in Oxford Properties’ French portfolio. Essentially, Oxford Properties sold a 49.9% non-managing interest in 32 Rue Blanche, 92 Avenue de France and Paris Bastille. Oxford Properties made its maiden investment in Paris in 2014 when it acquired 32 Rue Blanche.

Oxford Properties is the real estate unit of OMERS.

Temasek Explores Further Cash Commitments to FirstCry

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DOL Fiduciary Role is Struck Down by Fifth Circuit Court of Appeals

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The U.S. Court of Appeal, Fifth Circuit, confirmed a March 15th decision to strike down the U.S. Department of Labor’s (DOL) fiduciary rule. The fiduciary rule is a series of seven different rules that broadly interpret the term “investment advice fiduciary” and redefine exemptions to provisions concerning fiduciaries that appear in the Employee Retirement Income Security Act of 1974 (ERISA). The 5th U.S. Circuit Court of Appeals overturned a decision by a Dallas federal court that had upheld the DOL fiduciary rule.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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