Symptoms
K2 Configuration manager certificate Error
Diagnoses
That error is usually surfaced when the account doing the upgrade does not have a minimum of read rights on that certificate.
Resolution
Adding read rights to the certificate resolved the issue.
Guides to k2 and certificates:
https://help.k2.com/onlinehelp/k2blackpearl/icg/4.7/default.htm#Prepare/Certificates.htm
See also http://help.k2.com/onlinehelp/k2blackpearl/icg/4.7/default.htm#Plan/Required_Permissions.htm for user permissions of the install account or account used to upgrade.