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

November 26, 2025

Liquid Courage, Episode 2: Downmarket Continuation Vehicles Have Many Upsides

Upwelling is pleased to share the second episode of the Liquid Courage podcast series, “Downmarket Continuation Vehicles Have Many Upsides.” 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…

October 13, 2025

Upwelling Research Highlighted in PEI Article

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…

October 6, 2025

Launch of new secondaries podcast: “Liquid Courage”

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News

October 17, 2022

Are LPs Missing the Boat? Examining GP-Led secondaries in the private equity market

October 1, 2021

PEI: Awards 2021 – Upwelling Participates in Selecting OpEx Award winners

July 20, 2021

Upwelling releases updated research report re-examining the performance of Tail-End Funds

May 17, 2021

Upwelling Associate shares the benefits of his UC Davis MBA experience

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INSIGHTS