I have been using PSE 2019 with Premiere Elements 2018. I installed the latest version of both programs (2023) then tried to convert the existing catalog which I have stored in a custom location on my hard drive. It seemed to be working fine until I got a message saying the conversion had failed. I looked at the pse-conversion-log file and everything seems to have worked up to the end when it has the folowing entries.
conversion log: Completed
conversion log: Failed to rename new catalog conversion log: Conversion Failed