SCHEDULE: Rubicon Funds Disclose 5.21% Stake in Evolent Health
Beneficial Ownership Report
Rubicon Fund II LP and affiliated entities, including Adam Boehler, have disclosed a 5.21% beneficial ownership stake in Evolent Health, Inc.'s Class A Common Stock.
Summary
- Rubicon Fund II LP, Rubicon Fund II PF LP, Rubicon OP GP II LP, Rubicon OP GP II LLC, Rubicon Founders LLC, and Adam Boehler collectively reported beneficial ownership of Evolent Health, Inc. Class A Common Stock.
- The reporting group beneficially owns 5,816,123 shares of Class A Common Stock.
- This ownership represents 5.21% of Evolent Health's total outstanding Class A Common Stock.
- The calculation is based on 111,600,856 shares outstanding as of October 31, 2025, as reported by Evolent Health in its Form 10-Q filed on November 7, 2025.
- The shares are held through an investment in Puma Growth Holdings, LLC.
- The reporting persons have shared voting and shared dispositive power over the 5,816,123 shares.
Sentiment
Score: 7
Explanation: The disclosure of a new 5%+ beneficial ownership stake by an investment group, particularly one associated with a known figure like Adam Boehler, is generally viewed as a positive signal of investor confidence in the company's value and future prospects.
Positives
- A significant beneficial ownership stake (over 5%) by an investment group like Rubicon Funds can signal confidence in Evolent Health's future prospects and strategic direction.
- The involvement of Adam Boehler, a prominent figure in healthcare investment, may be viewed positively by the market.
Negatives
- NA
Risks
- NA
Future Outlook
NA
Management Comments
- NA
Industry Context
This Schedule 13G filing indicates that a significant institutional investor group, Rubicon Funds, has taken a substantial passive stake in Evolent Health, a company operating in the healthcare industry. Such disclosures are common and provide transparency into major ownership positions, often signaling investor confidence or strategic interest in the sector.
Comparison to Industry Standards
- NA
Management Changes
| Role | Previous Person | New Person | Effective Date | Reason |
|---|---|---|---|---|
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
Legal Proceedings
- NA
Related Party Transactions
- NA
Stakeholder Impact
- Shareholders: The disclosure of a significant institutional stake may increase investor confidence and potentially influence market perception of Evolent Health's stock.
- Management: Awareness of a new significant shareholder may influence strategic decisions or engagement with the investor group.
Next Steps
- NA
Key Dates
| Date | Description |
|---|---|
| 2025-10-31 | Date of total outstanding shares calculation (111,600,856 shares) as reported by Evolent Health in its Form 10-Q. |
| 2025-11-07 | Date Evolent Health filed its Quarterly Report on Form 10-Q, providing the total outstanding shares. |
| 2025-11-13 | Date of the event which required the filing of this Schedule 13G statement. |
| 2025-11-14 | Date the Joint Filing Agreement was executed and the Schedule 13G was signed. |
Recommendation
holdThe filing indicates a significant beneficial ownership stake by Rubicon Funds and Adam Boehler in Evolent Health. While this signals institutional confidence and could be a positive catalyst, a Schedule 13G is a passive ownership disclosure and does not provide operational or financial updates. Therefore, a 'hold' recommendation is appropriate, acknowledging the positive signal without implying immediate operational changes or a 'buy' based solely on this ownership disclosure.
Keywords
Evolent Health, Rubicon Fund II LP, Adam Boehler, Beneficial Ownership, Schedule 13G, Class A Common Stock, Healthcare Investment, Institutional Investor
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