# Upwelling Capital Group

Upwelling Capital Group is a Secondary based in Davis, United States.

## Overview

- **Organization type:** Secondary
- **Headquarters:** Davis, United States
- **Region:** North America
- **Address:** Davis, CA, United States
- **Founded:** 2011
- **Assets under management:** Undisclosed
- **Website:** upwellingcapital.com
- **LinkedIn:** https://www.linkedin.com/company/upwelling-capital-group

## Regulatory record

- **CRD number:** 164653
- **SEC file number:** 802-132842
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-03-31T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/164653

## About

Upwelling Capital Group launched in 2011 and has operated from Davis, California, since the firm's inception. It functions as a secondary-focused manager, sourcing LP portfolio liquidations and GP-led continuation vehicles. The founding team's identity and professional backgrounds remain out of the public domain as of mid-2026. The firm deploys across the private equity secondary landscape, targeting buyout, growth equity, and venture capital exposures. Its mandate spans GP-led tender offers, direct secondary acquisitions, and structured special situations — a mix that requires both quantitative valuation speed and qualitative GP-underwriting judgment. Geographic focus is concentrated in North American markets, with selective participation in European secondaries. Specific AUM and team size figures are not publicly disclosed. The firm's operational footprint is lean, with no known branch offices beyond the Davis headquarters. No adjacent philanthropic vehicles, real-asset arms, or disclosed club memberships are associated with the group. Upwelling has maintained a deliberately low public profile, foregoing industry conferences and press coverage through several market cycles. What distinguishes the firm structurally is its location and apparent aversion to the fundraising-news cycle that defines most boutique secondaries managers. Operating from a university town rather than Menlo Park or New York changes the network dynamic — potentially limiting auction access for the hottest GP-leds, but filtering for mispriced complexity that larger shops overlook.

## Sectors

- Secondaries & Special Situations
- Private Equity

## Questions

### What is Upwelling Capital Group's investment focus?

Upwelling concentrates on the secondary market for private equity funds, executing both LP portfolio purchases and GP-led continuation fund restructurings. Its strategy spans buyout, growth equity, and venture capital assets. The firm also pursues structured special situations where secondary mechanics can unlock illiquid positions.

### Who runs investment decisions at Upwelling Capital Group?

Upwelling has not publicly disclosed its investment committee composition or senior leadership team. The firm's website and third-party platforms carry no named principals. This opacity is unusual but not unique among boutique secondary managers who source through private GP relationships rather than public deal flow.

### What investment stages does Upwelling typically target?

Upwelling targets secondary positions across the full private equity lifecycle — from mid-life LP fund stakes to mature tail-end portfolios and GP-led restructurings of single assets. It does not appear to pursue primary fund commitments, keeping its capital dedicated entirely to secondary transactions.

## Related profiles

- [Up to Eleven](https://altss.com/profile/up-to-eleven)
- [UpWest Labs](https://altss.com/profile/upwest-labs)

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Last updated: 2026-06-03T20:00:00.000Z

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