You are correct, if you initially installed v11.5 and then applied v11.5 Patch SP2 to get to v11.52.

You will need to uninstall v11.5 and reinstall the full version of v11.52 and then install v11.52 Patch 2 to get current.

Here are the v11.52 Patch 02 readme notes.....

Important installation notes:

Installation Instructions for Microsoft Windows Server

ALM 11.52 patch 02 can be installed only on ALM 11.52 GA Full version.

Before installing ALM Patch 02, verify what version of ALM 11.5x is currently installed on the server:
On the ALM server, select ''Control Panel'' > ''Programs and Features'' or ''Control Panel'' > ''Add Remove Programs''.

If ''HP Application Lifecycle Management 11.52'' is listed, then you are using 11.52 GA Full version.
Click ''View installed updates'' to check if you have patch 01 installed.

If ''HP Application Lifecycle Management 11.50'' is listed, then your installation is 11.50 with/ without additional patches and service packs.

Follow the steps below for the version of ALM 11.5x that is currently installed on the server:

1. If you are using ALM 11.52 GA Full installation with no patches: Install ALM 11.52 patch 02.

2. If you are using ALM 11.52 GA Full installation with patch 01:
a. Uninstall patch 01
b. Repair 11.52 GA Full ( Can be downloaded from https://h20575.www2.hp.com/ecommerce/efulfillment/downloadpage.do After logging in, choose HP Application Lifecycle Management 11.50 + SP2)
Run Setup.msi, and select Repair
c. Install ALM 11.52 patch 02

3. If you are using ALM 11.50 GA Full (with/without patches & service packs):
a. Uninstall 11.50 GA Full. (When you uninstall the full version, all patches and service packs are automatically uninstalled.)
b. Install 11.52 GA Full
c. Install ALM 11.52 patch 02