Form 4: Silver Lake Affiliates Transfer Dell Technologies Shares to Limited Partners

Silver Lake affiliates, including SLTA V (GP), L.L.C., and related entities, transferred a portion of their Dell Technologies Class C Common Stock holdings to their limited partners on December 27, 2024.

Summary

• Silver Lake affiliates, including SLTA V (GP), L.L.C., Silver Lake Technology Associates V, L.P., and SLTA SPV-2, L.P., reported a transfer of Dell Technologies Class C Common Stock to their limited partners.
• The transactions occurred on December 27, 2024.
• SLTA SPV-2, L.P. transferred 105,803 shares, retaining 26,450 shares.
• Silver Lake Technology Associates V, L.P. transferred 63,215 shares, retaining 15,806 shares.
• The transfers did not represent a change in pecuniary interest for the reporting persons.
• Egon Durban, a director of Dell, also holds shares directly and indirectly through a trust.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction with no indication of negative sentiment. The transfers are part of normal fund operations and do not suggest any change in the investment outlook.

Positives

• The share transfers were part of normal operations for the investment funds.
• The reporting persons maintain significant holdings in Dell Technologies.

Risks

• While the transfers did not change pecuniary interest, large share movements can sometimes create market volatility.
• The document indicates that the reporting persons may be deemed directors by deputization, which could create potential conflicts of interest.

Management Comments

• The Reporting Persons are jointly filing this Form 4 pursuant to Rule 16a-3(j) under the Exchange Act.
• This filing shall not be deemed an admission that the Reporting Persons are beneficial owners of all securities covered by this filing for purposes of Section 16 of the Exchange Act or otherwise, and each Reporting Person disclaims beneficial ownership of these securities, except to the extent of such Reporting Person's pecuniary interest therein, if any.

Industry Context

This filing is a routine disclosure of share transfers by major shareholders and is common in the private equity and investment fund space. It reflects the ongoing management of investment portfolios by Silver Lake.

Comparison to Industry Standards

• Share transfers of this nature are typical for private equity firms like Silver Lake, which often distribute shares to their limited partners as part of fund management.
• The reporting requirements and disclosures are consistent with SEC regulations for beneficial ownership changes.
• Other large investment firms such as KKR and Blackstone also regularly report similar transactions.

Stakeholder Impact

• The share transfers may have a minor impact on the overall share float, but the impact is likely to be minimal given the size of the transfers relative to the total outstanding shares.
• The transfers do not directly impact employees, customers, or suppliers of Dell Technologies.

Key Dates

Keywords

Dell Technologies, Silver Lake, Class C Common Stock, Share Transfer, Beneficial Ownership, Egon Durban, SLTA SPV-2, L.P., Silver Lake Technology Associates V, L.P., Limited Partners