Upwelling Capital Group https://upwellingcapital.com Thu, 30 Jul 2026 15:17:10 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://upwellingcapital.com/wp-content/uploads/2023/09/uc-favicon-150x150.png Upwelling Capital Group https://upwellingcapital.com 32 32 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.  https://upwellingcapital.com/2026/07/30/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/ Thu, 30 Jul 2026 15:17:10 +0000 https://upwellingcapital.com/?p=3330 “According to research performed by Upwelling Capital Group, originally completed in 2019 with updated data added in 2021 and 2025, the sharpest growth in fund value, as measured by TVPI (Total Value to Paid In) occurs in the early years of the fund (Years 1-6), before it starts to flatten out. This is true of the median funds and top quartile funds. In fact, for both of these categories, TVPI growth in the first five years is more than double the rate of growth over the next five years. Examining all US buyout funds from vintage years 1998 through 2024, the max TVPI for the median fund occurred in Year 9 and for the top quartile funds occurred in Year 10.”

Evergreen-Funds-and-the-Potential-Misuse-of-Secondaries_FINALDownload
]]> Upwelling – ReedSmith Webinar on GP Removal https://upwellingcapital.com/2026/02/05/upwelling-reedsmith-webinar-on-gp-removal/ Thu, 05 Feb 2026 20:54:58 +0000 https://upwellingcapital.com/?p=3241 On Wednesday, January 21st, Upwelling partners Joncarlo Mark and Eric Green joined ReedSmith LLP partners Ed Klees and Brendan Gallen in webinar titled, “GP Removal in Investment Funds.”

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.

]]> Upwelling Research Highlighted in PEI Article https://upwellingcapital.com/2025/10/13/upwelling-research-highlighted-in-pei-article/ Mon, 13 Oct 2025 21:05:44 +0000 https://upwellingcapital.com/?p=3204 Upwelling Capital Group’s recent white paper, No Country for Old Funds, was recently featured by Private Equity International (PEI) in the article, “Shaking off the stragglers – LPs can benefit from offloading tail-end stakes early instead of holding them to maturity.” The article highlights Upwelling’s analysis of tail-end fund performance and determination that LPs are better off selling tail-end funds earlier than holding them to maturity. Particularly, when the considering opportunity cost of reinvesting into a first-quartile or median-performing fund.

Read the full article below:

Secondaries Investor – Shaking off the stragglersDownload

]]> Upwelling Partners Featured on PitchBook’s Allocator Atlas Webinar https://upwellingcapital.com/2025/09/29/upwelling-partners-featured-on-pitchbooks-allocator-atlas-webinar/ Mon, 29 Sep 2025 17:30:12 +0000 https://upwellingcapital.com/?p=3191 On Tuesday September 23rd, Upwelling’s Joncarlo Mark and Eric Green joined PitchBook’s Allocator’s webinar series to share insights from the recently published white paper, No Country for Old Funds. They discussed performance trends of tail-end private equity funds and the expanding role of the secondary market.

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

]]> The Allocator’s Atlas: No Country for Old Funds, a Pitchbook-Upwelling Webinar on PE Fund Performance https://upwellingcapital.com/2025/09/18/the-allocators-atlas-no-country-for-old-funds-a-discussion-with-upwelling-capital-group/ Thu, 18 Sep 2025 21:06:19 +0000 https://upwellingcapital.com/?p=3184 On Tuesday, September 23rd, Upwelling Partners Joncarlo Mark and Eric Green will be featured on PitchBook’s Allocators Atlas Series.

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:

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

]]> MergerMarket highlights Upwelling research in recent article focused on tail-end fund secondaries https://upwellingcapital.com/2025/09/08/mergermarket-highlights-upwelling-research-in-recent-article-focused-on-tail-end-fund-secondaries/ Mon, 08 Sep 2025 21:22:56 +0000 https://upwellingcapital.com/?p=3180 Upwelling Partner, Eric Green, was recently featured in MergerMarket’s article: “Tail-end secondaries surge as LPs step-up pursuit of liquidity in PE portfolios.”

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.

]]> Axios: Private equity’s tail risk https://upwellingcapital.com/2025/08/25/axios-private-equitys-tail-risk/ Mon, 25 Aug 2025 20:09:34 +0000 https://upwellingcapital.com/?p=3157 Axios featured in a recent article, Upwelling’s latest white paper, “No Country for Old Funds.”

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.

]]> Upwelling Research Highlighted by PEI: LPs benefit from offloading tail-end stakes early – study https://upwellingcapital.com/2025/08/25/upwelling-research-highlighted-by-pei-lps-benefit-from-offloading-tail-end-stakes-early-study/ Mon, 25 Aug 2025 20:09:26 +0000 https://upwellingcapital.com/?p=3151 In a recent article, PEI highlighted key findings from Upwelling’s latest research report, “No Country for Old Funds“.

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.

]]> Upwelling Research Highlighted in PEI Side Letter: Black Hole Fund https://upwellingcapital.com/2025/04/18/upwelling-research-highlighted-in-pei-side-letter-black-hole-fund/ Fri, 18 Apr 2025 17:10:22 +0000 https://upwellingcapital.com/?p=2941

As continuation vehicles (“CVs”) become a mainstay of private equity, the market is responding:

> LPs are more commonly participating as secondary investors.
> Simultaneously, portfolio “black holes” are being left behind in legacy funds where portfolio companies have been transferred into CVs.

We were pleased to see Upwelling’s research on this evolving dynamic featured in the recent PEI Side Letter: Black hole fund.

Find the referenced Upwelling research here.

 

]]> Backcast Partners Provides Senior Secured Debt Investment to Support the Recapitalization of The Alaska Club https://upwellingcapital.com/2024/10/31/backcast-partners-provides-senior-secured-debt-investment-to-support-the-recapitalization-of-the-alaska-club/ Thu, 31 Oct 2024 22:51:44 +0000 https://upwellingcapital.com/?p=2864 Upwelling was pleased to have served as the transaction adviser to The Alaska Club and Partnership Capital Growth in the completion of a strategic debt investment by Backcast Partners Management, LLC, a leading provider of debt and equity capital for middle-market companies.

Read the article here: Backcast Partners Provides Senior Secured Debt Investment to Support the Recapitalization of the Alaska Club

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