SCHEDULE: EQT Entities Maintain 14.2% Stake in Waystar Holding
Beneficial Ownership Report (Schedule 13G)
Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. jointly report beneficial ownership of 14.2% of Waystar Holding Corp.'s common stock as of September 30, 2025.
Summary
- Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. (the "Reporting Persons") have jointly filed an Amendment No. 3 to Schedule 13G.
- The Reporting Persons beneficially own an aggregate of 24,879,437 shares of Waystar Holding Corp. Common Stock.
- This represents 14.2% of the total class of securities outstanding.
- The beneficial ownership is based on 174,667,840 shares of Common Stock outstanding as of September 30, 2025, as reported in Waystar's Form 10-Q filed on October 29, 2025.
- Derby LuxCo S.a r.l. directly holds these shares, while EQT Fund Management S.a r.l. may be deemed to beneficially own them due to its management role over EQT VIII, which owns Derby.
- Both Reporting Persons are organized under the laws of Luxembourg.
Sentiment
Score: 5
Explanation: Neutral filing reporting beneficial ownership, which is a standard regulatory disclosure and does not inherently convey positive or negative sentiment regarding the company's performance or prospects.
Positives
- NA
Negatives
- NA
Risks
- NA
Future Outlook
NA
Management Comments
- NA
Industry Context
This filing is a routine disclosure of beneficial ownership by institutional investors and does not provide specific insights into broader industry trends or competitive landscape beyond confirming the continued significant stake of EQT-related entities in Waystar Holding Corp.
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
- EQT VIII, a fund, owns 100% of the membership interests in Derby LuxCo S.a r.l.
- EQT Fund Management S.a r.l. has exclusive responsibility for the management and control of investment vehicles constituting the majority of total commitments to EQT VIII.
- EQT VIII SCSp, one of the investment vehicles, may indirectly have the right to receive or direct proceeds from 5.0% or more of Waystar's outstanding Common Stock.
Stakeholder Impact
- Shareholders: Confirms a significant institutional investor (EQT-related entities) maintains a substantial stake (14.2%) in Waystar Holding Corp., potentially indicating continued confidence or strategic interest from a major financial sponsor.
Next Steps
- NA
Key Dates
| Date | Description |
|---|---|
| 2025-09-30 | Date of event requiring the filing of this statement, reflecting the beneficial ownership position. |
| 2025-10-29 | Date Waystar Holding Corp. filed its Quarterly Report on Form 10-Q, disclosing the number of outstanding shares used for percentage calculation. |
| 2025-11-07 | Date the Schedule 13G Amendment No. 3 was signed and filed. |
Keywords
Waystar Holding Corp., Derby LuxCo S.a r.l., EQT Fund Management S.a r.l., Schedule 13G, Beneficial Ownership, Common Stock, Institutional Ownership, SEC Filing
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