INSIGHTS
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.
Past Research
No Country For Old Funds
As a follow up to our previous research, this white paper updates our analysis of tail-end private equity portfolios with a focus on US Buyout funds.
Revenge of the Clawback - $25B+ Problem?
Upwelling has released a research report that provides insight into the current risk of clawback in private markets. The report also details preventive measures and remedies available to LPs and GPs.
The Dirtiest Words in Private Equity: NAV Loans
Over the last three years, average annual distributions for buyout funds between five and ten years old have dropped from 39% in 2021 to 13% in Q2 2023, the lowest distribution levels since 2009.
Liquid Courage Podcast
Upwelling Capital is a partner to the groundbreaking Liquid Courage video-podcast, offering regular deep dive conversations into cutting-edge growth and liquidity strategies in the rapidly expanding secondaries market. Liquid Courage is led by veteran financial journalist David Snow, the former editor-in-chief of Private Equity International, and Upwelling’s own Joncarlo Mark. The podcast has booked as guests some of the most influential decision-makers in the market, including senior partners from Ares, Coller Capital, Hamilton Lane, Neuberger Berman and Dawson Partners.Â
