Prior to forming Upwelling, Joncarlo was a Senior Portfolio Manager in the Alternative Investment Management (AIM) Program at the California Public Employees Retirement System (CalPERS), the largest public pension fund in the US, with approximately $240 billion in overall assets. He was a part of the senior leadership team responsible for investing in global private equity partnerships and direct investments, with a portfolio that exceeds $48 billion. During his tenure, Joncarlo represented CalPERS on multiple fund advisory boards and held Board of Director observer seats for a number of AIM portfolio companies. In addition, he served as Chairman of the Board for the Institutional Limited Partners Association (ILPA) from 2007 to 2010, whose 250 member institutions manage more than $1 trillion of private equity capital. Joncarlo is currently an Advisory Board member for the Private Capital Research Institute (PCRI), a non-profit organization that works with the Brookings Institution to further the understanding of the economic impact of private capital through independent academic studies. He also serves as a Volunteer Advisor for the UC Davis Foundation Finance and Investment Committee. Prior to joining CalPERS, Joncarlo spent six years with Premier Farnell PLC, a global industrial products manufacturing and distribution company. Joncarlo earned an MBA from the University of California, Davis Graduate School of Management and received a BA from the University of California, San Diego.