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

August 25, 2025

Axios: Private equity’s tail risk

August 25, 2025

Upwelling Research Highlighted by PEI: LPs benefit from offloading tail-end stakes early – study

April 18, 2025

Upwelling Research Highlighted in PEI Side Letter: Black Hole Fund

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…

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News

August 25, 2020

Joncarlo Mark joins panel to discuss LP reporting best practices in VC

June 3, 2020

Upwelling feature in Buyouts (a PEI publication): How do we get out of this misaligned mess?

April 2, 2020

PEI interview with Joncarlo Mark – Impact of COVID-19 on PE market

February 29, 2020

Muzinich: Strategic Investment in Arbor Centers for EyeCare and Chicago Eye Institute Completed

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INSIGHTS