SCHEDULE: Rubicon Founders Discloses 5.14% Stake in Privia Health

Rubicon Founders and affiliated entities have disclosed a 5.14% passive ownership stake in Privia Health Group, Inc., totaling 6,278,522 common shares.

Summary

• Puma Growth Holdings, LLC, Rubicon Founders OP GP, LP, Rubicon Founders OP GP 2 LLC, Rubicon Founders LLC, and Adam Boehler collectively reported beneficial ownership of 6,278,522 shares of Privia Health Group, Inc. Common Stock.
• This represents 5.14% of the Issuer's total outstanding shares, based on 122,673,254 shares outstanding as of June 30, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed on August 7, 2025.
• The reporting persons hold shared voting and dispositive power over all 6,278,522 shares.
• The acquisition of shares was not for the purpose of changing or influencing control of the issuer, indicating a passive investment.

Sentiment

Score: 7

Explanation: The disclosure of a new 5.14% passive stake by a notable investment group like Rubicon Founders, led by Adam Boehler, can be perceived positively by the market as a vote of confidence in Privia Health Group, Inc.

Positives

• A significant 5.14% stake by Rubicon Founders and its affiliates, including Adam Boehler, signals confidence in Privia Health Group, Inc.
• The passive nature of the investment suggests a long-term holding strategy rather than an activist intent, potentially providing stability.

Negatives

• No specific negative information is disclosed in this Schedule 13G filing.

Risks

• The filing itself does not detail specific risks related to the company's operations or financial health; it is solely a disclosure of ownership.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant investment by a private equity-backed group (Rubicon Founders) in a publicly traded healthcare company, aligning with broader trends of investment firms taking stakes in healthcare providers or technology companies.

Related Party Transactions

• Puma Growth Holdings, LLC directly holds the 6,278,522 shares of Privia Health Group, Inc. Common Stock.
• Rubicon Founders OP GP, LP is the manager of Puma Growth Holdings, LLC.
• Rubicon Founders OP GP 2, LLC is the general partner of Rubicon Founders OP GP, LP.
• Rubicon Founders LLC is the sole member of Rubicon Founders OP GP 2, LLC.
• Adam Boehler is the managing member of Rubicon Founders LLC, establishing a chain of control and beneficial ownership among the reporting persons.

Stakeholder Impact

• Shareholders: The disclosure of a significant passive stake by a reputable investment group may instill confidence and potentially attract further investor interest.
• Management: The passive nature of the investment suggests no immediate intent to influence control, allowing current management to continue their strategic direction.

Key Dates

Keywords

Privia Health Group, Common Stock, Schedule 13G, Puma Growth Holdings, Rubicon Founders, Adam Boehler, Healthcare, Investment, Passive Stake, Beneficial Ownership