What issues keep you awake at night?
Leverage and pricing in the US middle market are at an all-time high.
What surprised you most in 2017?
The buoyancy of the market and the comeback of Europe in spite of it all.
What’s the biggest challenge this year?
Emerging markets PE, particularly LatAm, which has not had the same comeback as the rest of the PE market.
What are the most promising regions and strategies, and why?
Fundless sponsors and family offices who have no need to aggressively invest. [We will] continue to see value in Mexico and India and southern Europe.
What’s your one piece of advice for GPs?
Slow down – give money back to LPs.
Investment advisor Upwelling Capital Group provides investment strategy and research across alternative investments, asset management services, and legacy portfolio solutions.