SCHEDULE: EQT Funds Disclose 18.7% Stake in Waystar Holding Corp.

Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. have jointly filed an amendment disclosing a beneficial ownership of 18.7% in Waystar Holding Corp.

Summary

• Derby LuxCo S.a r.l. and EQT Fund Management S.a r.l. (collectively, the "Reporting Persons") have filed an Amendment No. 2 to their Schedule 13G.
• The filing reports beneficial ownership of 32,645,525 shares of Common Stock in Waystar Holding Corp.
• This ownership represents 18.7% of Waystar Holding Corp.'s outstanding Common Stock.
• The percentage is calculated based on 174,146,070 shares of Common Stock outstanding as of June 30, 2025, as disclosed in Waystar's Quarterly Report on Form 10-Q filed on July 30, 2025.
• Both Reporting Persons, based in Luxembourg, hold sole voting and sole dispositive power over these shares.
• EQT VIII, a fund comprising several investment vehicles, 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 the business and affairs of investment vehicles constituting the majority of total commitments to EQT VIII.
• EQT VIII SCSp, one of the investment vehicles, may have the indirect right to receive dividends or proceeds from 5.0% or more of Waystar's outstanding Common Stock.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued beneficial ownership by a major investment fund, EQT, which generally signals confidence in the company's long-term value and strategic direction.

Positives

• A significant beneficial ownership stake of 18.7% by EQT-affiliated entities suggests strong institutional confidence in Waystar Holding Corp.'s value and future prospects.
• The investment is held by a major global investment firm, EQT, which typically conducts extensive due diligence before taking such substantial positions.

Future Outlook

NA

Industry Context

This filing indicates continued institutional interest in the healthcare technology sector, particularly in companies like Waystar Holding Corp. that provide software solutions for healthcare payments. Large investment funds like EQT are actively deploying capital into companies with strong market positions and growth potential in this industry.

Stakeholder Impact

• Shareholders: The significant stake held by EQT-affiliated entities could be viewed positively, potentially signaling stability and long-term strategic alignment.
• Management: The presence of a large institutional investor may influence strategic decisions and corporate governance.

Key Dates

Keywords

Waystar Holding Corp., EQT, Derby LuxCo, EQT Fund Management, Beneficial Ownership, Institutional Investment, Healthcare Technology, Software, SEC Filing, Schedule 13G