The discussion provided an overview of the GP removal process, as well as reasons why an LP would pursue a replacement situation. Key points included the following:

• Understanding fund formation and language prior to committing capital
• GP removal provisions available to LPs, including “for cause” and “no-fault” mechanisms
• Common drivers of GP transitions: fund performance, team attrition, lack of reporting, malfeasance
• The role of specialist advisors in navigating complex or unique fund situations, including solutions short of a replacement
• Importance of active participation on a fund’s LPAC and reading fund reports

To watch the recording and view the webinar slides, click and register here.

Joining Joncarlo Mark (Upwelling) and host, David Snow, the episode features Matthew Ahern from Knightsbridge Advisers LLC and Andy Nick from Piper Sandler. The speakers touch on the nuances of venture capital and the corresponding secondary market.

One such nuance is that performance of Venture Capital mimics the broader private equity asset class from a performance timing standpoint. Specifically, Upwelling research has found that returns are mostly generated in the first nine years of a VC fund’s life, what we call “TVPI max”.

Click below to watch the episode:

About Liquid Courage:

Liquid Courage, produced in collaboration with David Snow and Piper Sandler’s Private Capital Advisory Group, is a series covering a wide range of topics tied to the secondary market with insight provided from industry leading guest speakers. For more information on the podcast, visit the Liquid Courage webpage.

The episode features Ben Perl, Managing Director at Neuberger Berman and Global Co-Head of NB Secondary Private Equity, Andy Nick, Managing Director and Co-Head, Secondary Capital Advisory at Piper Sandler, Joncarlo Mark from Upwelling Capital Group, and host David Snow.

The discussion covered the importance of continuation vehicles for middle market private equity managers, as well as key opportunities and challenges associated with them, particularly in the smaller end of the market.

Click below to watch the episode:

About Liquid Courage:

Liquid Courage, produced in collaboration with David Snow and Piper Sandler’s Private Capital Advisory Group, is a series covering a wide range of topics tied to the secondary market with insight provided from industry leading guest speakers. For more information on the podcast, visit the Liquid Courage webpage.

Read the full article below:

For more information on the podcast, visit the Liquid Courage webpage.

Click below to watch the first episode, “Don’t Worry About the Discount, Secondary Seller”, which can also be found on your favorite streaming platforms.

To learn more and to watch the full recording, click here.

The webinar will focus on the topics of private equity tail-end fund performance and the implications of holding versus rebalancing older or underperforming portfolios. Drawing from findings in Upwelling’s recent white paper, “No Country for Old Funds.”

Agenda Details:

• Tuesday, September 23, 2025
• Time: 11:00 AM ET
• Registration Link

Topics:

• NAV accumulation across PE portfolios
• Tail-end dynamics and liquidity trends
• The role of continuation vehicles

Speakers:

• Hilary Wiek, CFA CAI – Senior Strategist, Pitchbook
• Zane Carmean, CFA, CAIA – Director, Quantitative Research, Pitchbook
• Joncarlo Mark – Partner, Upwelling
• Eric Green – Partner, Upwelling

The article addresses recent activity in the secondary market, in particular tail-end funds, and the key decision factors that LPS face when considering a sale. Eric shared insights from Upwelling’s research report, “No Country for Old Funds,” highlighting the opportunity costs of holding onto underperforming funds and the importance of proactive portfolio management.

Click here to read the full article.

Find Upwelling’s research on our website.

In the article, Axios highlights key findings form the article, including:

• Early warning signs of underperforming funds can be identified by Year 5
• “Fund performance peaks by Year 10, no matter the decile, and universally declines after Year 12”

Read the full article here.

PEI underscores that LPs benefit from selling tail-end funds early rather than holding them until they reach maturity. As noted in the article, “An LP that reinvests the proceeds into a first-quartile fund would see their portfolio outperform the value of holding the tail-end asset by year two – even assuming a 20% discount.”

Read the full article here.