SCHEDULE: North Peak Capital Discloses 9.5% Stake in agilon health

North Peak Capital Management, LLC and its affiliated entities have disclosed a beneficial ownership of 9.5% in agilon health, inc., totaling 39,411,957 shares.

Summary

• North Peak Capital Management, LLC, along with its affiliated funds and co-managers Jeremy S. Kahan and Michael K. Kahan, reported beneficial ownership of agilon health, inc. common stock.
• North Peak Capital Management, LLC beneficially owns 39,411,957 shares, representing 9.5% of the outstanding common stock.
• This ownership includes 31,971,936 shares with shared voting power and 39,411,957 shares with shared dispositive power (combining sole and shared dispositive power for North Peak Capital Management).
• North Peak Capital GP, LLC, Michael Kevin Kahan, and Jeremy Steven Kahan each beneficially own 31,971,936 shares, representing 7.7% of the outstanding common stock, with shared voting and dispositive power.
• The ownership is distributed across several funds: North Peak Capital Partners, LP (2,193,338 shares, 0.5%), North Peak Capital Partners II, LP (18,382,413 shares, 4.4%), North Peak Capital Alpha Fund, LP (9,840,951 shares, 2.4%), and North Peak Capital Ultra Fund, LP (1,555,234 shares, 0.4%).
• The percentage of class is based on 414,581,604 common shares outstanding as of October 30, 2025, as reported in agilon health's Form 10-Q filed on November 4, 2025.
• The reporting persons certified that the securities were not acquired for the purpose of changing or influencing control of the issuer, except for activities related to nominations under Rule 14a-11.

Sentiment

Score: 7

Explanation: The disclosure of a significant beneficial ownership stake by North Peak Capital Management, LLC and its affiliates in agilon health, inc. is generally a positive signal, indicating institutional confidence in the company. The stated passive investment intent further supports a neutral to positive outlook, as it does not suggest immediate activist pressure.

Positives

• Significant institutional investment by North Peak Capital Management, LLC, holding 9.5% of agilon health, inc.
• The investment is stated to be for passive purposes, not for control, which can indicate confidence in current management or strategy.

Future Outlook

NA

Industry Context

This filing indicates a significant institutional investment in agilon health, a company operating in the healthcare sector. Such substantial stakes by investment managers like North Peak Capital can signal confidence in the company's long-term prospects or strategic direction within the evolving healthcare industry, particularly given the passive nature of the investment as stated.

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, potentially signaling confidence and stability. It could also lead to increased trading liquidity.
• Management: The passive nature of the investment, as certified, suggests no immediate intent to influence control, which could be seen as supportive of current management.

Key Dates

Keywords

agilon health, North Peak Capital, beneficial ownership, institutional investment, Schedule 13G, common stock, healthcare, investment management, AGL