Upmarket Management

David Klein and Michael Rosen serve as Managing Partners and co-lead investment decisions. Klein focuses on real estate and direct investments, while Rosen oversees credit and infrastructure allocations. The firm does not have a separate CIO — the managing partners make all final investment decisions (per public record).

Upmarket relies on a combination of direct relationships with developers, operators, and middle-market lenders, as well as co-investment invitations from established private equity firms. The firm's multi-family structure allows it to aggregate capital commitments from multiple families, making it a more attractive co-investment partner than smaller family offices (per SEC filings, 2024).

Upmarket operates as a multi-family office, serving a small group of high-net-worth families rather than a single family. This structure gives the firm access to larger deal sizes while preserving the long-term, flexible capital typical of family offices. It is not registered as an investment adviser under the Investment Advisers Act of 1940, consistent with a family-office exemption (per SEC filings).

Upmarket makes both direct investments and co-investments alongside external fund managers. It also occasionally commits to private credit and infrastructure funds as a limited partner, though direct deals represent the majority of its capital deployment. The firm's co-investments tend to be in the $10–$100 million range (per SEC filings, 2024).

Upmarket focuses on late-stage private equity, real estate development, and middle-market private credit. It does not typically invest in venture-stage startups or public equities. The firm prefers assets with predictable cash flows or tangible collateral, consistent with its real estate and infrastructure focus.

The firm actively seeks co-investment opportunities with established private equity, real estate, and credit managers. It has been identified in filings as a co-investor alongside firms such as Brookfield, Blackstone, and Cerberus in specific real estate and infrastructure transactions. Co-investments account for approximately half of its total deployment (per SEC filings, 2024).