Vik Uppal Sees Peak Opportunity in Real Estate Recapitalizations
Vik Uppal of Mavik Capital explains how regional bank distress and overbuilt Sun Belt markets created prime opportunities in real estate recapitalizations.
Opportunistic Real Estate and Hard Asset Credit at Mavik – Vik Uppal (EP.525)
With Ted Seides, Vik Uppal · Thursday, November 5, 2026
Vik Uppal, Founder and CIO of Mavik Capital Management, discusses his evolution from building real estate as a teenager in Minnesota to leading a $2 billion flexible special situations credit firm. He outlines Mavik's core philosophy of maintaining firm-wide alignment, avoiding rigid asset mandates to pursue mispriced middle-market credit, and exercising patience during market bubbles. Uppal also details why Mavik is capitalizing on commercial real estate recapitalizations while deliberately sitting out the frenzy around AI data centers and power infrastructure.
Key takeaways
- Mavik Capital Management manages $2 billion in flexible special situations credit, hunting for mispriced middle-market debt while avoiding asset mandates that force capital into crowded trades. Read more →
- Vik Uppal acquired Terra Capital Partners in February 2018 to bypass early fund drag, restructuring it into Mavik Capital Management to manage $2 billion in credit. Read more →
- Vik Uppal built Mavik Capital Management to $2 billion by avoiding rigid asset buckets, hunting for mispriced credit that slips between traditional institutional silos. Read more →
- Vik Uppal, who built real estate assets as a Minnesota teenager and now runs $2 billion credit shop Mavik Capital Management, has rejected every AI data center and power deal shown to his firm. Read more →
- Vik Uppal built a 48-unit apartment complex in Minnesota alongside his father at age 18 before moving into commercial redevelopment. Read more →
5 articles from this episode
Vik Uppal on Escaping the Mega-Fund Asset Accumulation Machine
Mavik Capital CEO Vik Uppal explains why asset accumulation breaks investor alignment and why every employee must hold carry and invest.
Vik Uppal on Flexible Credit and Sitting Out 2023
Mavik Capital's Vik Uppal explains why passing on deals for a full year and skipping the AI data center boom beats rigid credit mandates.
Vik Uppal on Why Mavik Passes on AI Data Centers
Mavik Capital avoids AI data centers and power deals. Vik Uppal sees echoes of the 1990s dark fiber crash and focuses on real estate debt instead.
Vik Uppal on Surviving Bank Failure to Run Distressed Debt
How Vik Uppal survived an FDIC bank seizure in 2008 and parlayed distressed workouts into co-leading US real estate at Mount Kellett.
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