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

September 29, 2025

Upwelling Partners Featured on PitchBook’s Allocator Atlas Webinar

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…

September 18, 2025

The Allocator’s Atlas: No Country for Old Funds, a Pitchbook-Upwelling Webinar on PE Fund Performance

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…

September 8, 2025

MergerMarket highlights Upwelling research in recent article focused on tail-end fund secondaries

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…

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News

April 21, 2021

Joncarlo Mark to Provide a Perspective on Institutional Investing in Mexico

February 8, 2021

Joncarlo Mark to lead conversations on Middle Market PE

January 11, 2021

Joncarlo Mark joins SuperTechnology N.A. panel on GP management in a digital world

October 1, 2020

Upwelling Hosts Conference on Secondaries

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INSIGHTS