Insights

Past Research

No Country for Old Funds Read More Revenge of the Clawback - $25B+ Problem? Read More The Dirtiest Words in Private Equity: NAV Loans Read More Are All CVs Created Equal? Read More

Latest Research

Have You Seen The Dead Walking? A Zombie Fund Story

Continuing on our previous research, this white paper provides context on the growing universe of zombie funds and, importantly, the key metrics that LPs can utilize to identify them. Specifically, using data on US buyout funds from 1998 to 2024, we provide context regarding timing of liquidity and the Realization Ratio (DPI/TVPI Max) as it relates to fund performance.

Media

July 30, 2026

Meketa Capital cites Upwelling research on performance of private equity funds over their lifecycle in their recently published report on Evergreen Funds and Their Potential Misuse of Secondaries.

February 5, 2026

Upwelling – ReedSmith Webinar on GP Removal

January 20, 2026

Liquid Courage, Episode 3: Venture Capital Has an $8 Trillion Liquidity Problem

1 2 3 … 7 Next

News

October 31, 2024

Backcast Partners Provides Senior Secured Debt Investment to Support the Recapitalization of The Alaska Club

October 15, 2024

Secondary Link: PE Secondary Market Perspectives – Joncarlo Mark of Upwelling Capital

September 19, 2024

Completion of Private Credit Secondary of Brightwood Capital Advisors Assets to Tikehau Capital

September 25, 2023

Upwelling commentary in Bloomberg article: “Private Equity’s Slow Carnage Unleashes a Wave of Zombies”

1 2 3 … 14 Next

#uw-cursor-bg { isolation: isolate; } #uw-cursor-bg .uw-blob { pointer-events: none; will-change: transform; transition: transform 0.1s ease-out; } @media (max-width: 767px) { #uw-cursor-bg .uw-blob { filter: blur(24px) !important; opacity: 0.45 !important; } } (function () { var container = document.getElementById('uw-cursor-bg'); if (!container || container.dataset.uwInit) return; container.dataset.uwInit = '1'; document.body.appendChild(container); var blobs = Array.prototype.slice.call(container.querySelectorAll('.uw-blob')).map(function (el) { return { el: el, depth: parseFloat(el.dataset.depth) || 0.03, curX: 0, curY: 0, targetX: 0, targetY: 0, phase: Math.random() * Math.PI * 2, driftSpeed: 0.00045 + Math.random() * 0.00055, driftAmp: 22 + Math.random() * 26 }; }); var mouseX = null; var mouseY = null; var lastMoveTime = Date.now(); var reduceMotion = window.matchMedia && window.matchMedia('(prefers-reduced-motion: reduce)').matches; function handleMove(e) { var clientX = e.touches ? e.touches[0].clientX : e.clientX; var clientY = e.touches ? e.touches[0].clientY : e.clientY; mouseX = clientX - window.innerWidth / 2; mouseY = clientY - window.innerHeight / 2; lastMoveTime = Date.now(); } window.addEventListener('mousemove', handleMove, { passive: true }); window.addEventListener('touchmove', handleMove, { passive: true }); function animate(t) { var idleFor = Date.now() - lastMoveTime; var influence = mouseX === null ? 0 : Math.max(0, 1 - Math.max(0, idleFor - 3000) / 4000); blobs.forEach(function (b) { var driftX = Math.cos(t * b.driftSpeed + b.phase) * b.driftAmp; var driftY = Math.sin(t * b.driftSpeed * 0.8 + b.phase) * b.driftAmp; var reactX = mouseX !== null ? mouseX * b.depth * influence : 0; var reactY = mouseY !== null ? mouseY * b.depth * influence : 0; b.targetX = driftX + reactX; b.targetY = driftY + reactY; b.curX += (b.targetX - b.curX) * 0.12; b.curY += (b.targetY - b.curY) * 0.12; b.el.style.transform = 'translate3d(' + b.curX.toFixed(1) + 'px,' + b.curY.toFixed(1) + 'px,0)'; }); if (!reduceMotion) { requestAnimationFrame(animate); } } if (reduceMotion) { blobs.forEach(function (b) { b.el.style.transform = 'translate3d(0,0,0)'; }); } else { requestAnimationFrame(animate); } })();

INSIGHTS