Who Owns Evolent Health Company?

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Who Really Controls Evolent Health?

Evolent Health, a key player in the evolving healthcare landscape, promises to reshape how care is delivered. Founded in 2011, the company has rapidly grown, attracting significant investment and attention. But who are the key players shaping Evolent Health's future?

Understanding Evolent Health SWOT Analysis is crucial for investors and stakeholders alike. This piece will unpack the intricacies of Evolent Health ownership, from its initial backers to its current major shareholders and the influence of its board of directors. We'll explore the company's structure, including its market capitalization and the impact of its leadership team, shedding light on the forces driving its strategic direction and financial performance. Discover the answers to questions like: Who owns Evolent Health, and how does this impact Evolent Health stock?

Evolent Health, a company focused on healthcare solutions, was founded in 2011. The company's origins are rooted in the vision of its founders, Frank Williams and Seth Blackley. Their early strategy was significantly influenced by key investors who provided crucial backing and shaped the company's initial direction.

The early ownership structure of Evolent Health involved several strategic partners. These early backers played a pivotal role in the company's formation and initial strategy. Their involvement helped Evolent Health to understand its customer base and the challenges healthcare system executives faced in shifting to value-based care.

The company's early success was also influenced by its understanding of the market and its focus on revenue generation from the start. Private equity firm TPG also became an early investor, holding a stake in Evolent before its initial public offering.

Founders

Frank Williams and Seth Blackley founded Evolent Health in 2011. Their expertise and vision were critical to the company's initial direction. The founders' understanding of the healthcare landscape was essential for establishing Evolent Health.

Early Investors

The University of Pittsburgh Medical Center (UPMC) Health Plan and The Advisory Board Company were key early investors. UPMC Health Plan is one of the largest U.S. provider-owned health plans. These investors provided strategic insights and financial support.

Early Strategy

Evolent Health focused on understanding its customer base and the challenges healthcare executives faced. The company aimed to help healthcare providers transition to value-based care models. This strategic focus helped drive early revenue generation.

TPG Investment

Private equity firm TPG was an early investor in Evolent Health. TPG held a stake in Evolent before its initial public offering. This early investment provided additional capital and support for growth.

Market Focus

Evolent Health focused on revenue generation from the outset. The company's early success was built on its understanding of the healthcare market. This focus helped Evolent Health establish a strong market position.

Initial Public Offering

The initial public offering (IPO) marked a significant milestone for Evolent Health. The IPO provided access to additional capital for growth. The IPO also increased the visibility of Evolent Health.

Key Points on Evolent Health Ownership

Understanding the early ownership structure of Evolent Health provides insights into the company's strategic direction and financial backing. The founders, along with early investors like UPMC Health Plan and The Advisory Board Company, played crucial roles. Private equity firm TPG also contributed to the company's early growth. For more details on the target market, consider reading the article on the Target Market of Evolent Health.

• Founders: Frank Williams and Seth Blackley.
• Early Investors: UPMC Health Plan and The Advisory Board Company.
• TPG: Held a stake before the IPO.
• Focus: Understanding the market and generating revenue.

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The journey of Evolent Health into the public market began on June 5, 2015, when it debuted on the New York Stock Exchange (NYSE). The Initial Public Offering (IPO) raised $195.5 million, with shares priced at $17 each. Shortly after the IPO, the company's market capitalization exceeded $1 billion, marking a significant milestone in its early growth. This initial public offering set the stage for subsequent shifts in Evolent Health ownership structure, primarily influenced by institutional investors.

The ownership landscape of Evolent Health has evolved, with institutional investors holding a dominant position. In April 2025, institutional investors held approximately 101.59% of the shares. This figure increased to 107.96% in May 2025. As of December 31, 2024, a total of 526 institutional owners and shareholders had filed 13D/G or 13F forms with the SEC, collectively holding 148,843,705 shares. This demonstrates the significant influence these investors have on the company.

The composition of Evolent Health investors and their influence is evident in the company's strategic decisions. In February 2025, an agreement with activist investor Engaged Capital led to the appointment of Brendan Springstubb to Evolent Health's board and its strategy committee. This highlights how ownership changes can directly impact the company's governance and strategic direction. To learn more about the company's strategic moves, consider reading about the Growth Strategy of Evolent Health.

Key Takeaways on Evolent Health Ownership

Evolent Health ownership is primarily held by institutional investors, reflecting a strong market presence.

• Institutional investors held over 100% of shares in April and May 2025.
• Key shareholders include Vanguard Group Inc., Cadian Capital Management, and Wellington Management Group Llp.
• Changes in ownership, such as agreements with activist investors, influence strategic decisions.
• The company's market capitalization exceeded $1 billion shortly after its IPO in 2015.

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The current Evolent Health board of directors is composed of a mix of independent directors and representatives tied to the company's leadership and major shareholders. As of February 4, 2025, Rick Jelinek, who joined the board in 2023, was appointed Chair of the Board, succeeding Cheryl Scott. Seth Blackley, a co-founder, serves as the Chief Executive Officer. Brendan Springstubb, with over two decades of experience investing in healthcare companies, also joined the board in February 2025 as an independent director, as part of the company's board refreshment efforts and a cooperation agreement with Engaged Capital, one of Evolent Health's largest shareholders.

Other board members include Toyin Ajayi, Craig Barbarosh, Diane Holder (who is not seeking re-election), Russell Glass, Peter J. Grua, and Kim Keck. The company's proxy statement for the annual meeting of stockholders, scheduled for June 5, 2025, outlines the election of ten directors. These changes reflect Evolent Health's commitment to evolving its leadership structure.

While specific voting structures are not detailed, Evolent Health's SEC filings, including the 10-K report for the year ending December 31, 2024, and the Q1 2025 earnings release, mention that its Series A Preferred Stock has preferential rights. This suggests potential control tied to the preferred stock. Recent governance changes, such as the board refreshment and the cooperation agreement with Engaged Capital, demonstrate responsiveness to shareholder advocacy. To understand more about the company's financial aspects, you can read about the Revenue Streams & Business Model of Evolent Health.

Voting Power and Governance

The board includes independent directors and representatives of major shareholders. Board refreshment and shareholder agreements influence governance.

• Rick Jelinek is the Chair of the Board as of February 2025.
• Brendan Springstubb joined the board in February 2025.
• Series A Preferred Stock has preferential rights.
• The annual meeting of stockholders is scheduled for June 5, 2025.

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Over the past few years, significant developments have reshaped the ownership landscape of Evolent Health. The company has strategically acquired several entities, including New Century Health and Vital Decisions, to bolster its specialty care management and administrative services. These moves are part of a larger plan to grow its value-based specialty care operations. In terms of capital management, Evolent Health secured new debt financing and issued preferred stock, with total debt reaching $837.5 million by March 31, 2025, up from $612.5 million in Q1 2024.

Institutional investors continue to hold a substantial portion of Evolent Health's shares. In April 2025, institutional ownership exceeded 100%, reaching 101.59%, and further increased to 107.96% in May 2025. While overall institutional holdings have remained relatively steady, individual investors have adjusted their positions. For example, UBS Group and Camber Capital Management increased their holdings significantly, while RA Capital Management and Wellington Management Company decreased theirs. Mutual funds slightly decreased their holdings from 62.94% to 62.58% in April 2025. These shifts highlight the dynamic nature of Evolent Health ownership.

Leadership changes, such as the appointment of Dr. Von Nguyen as Chief Medical Officer in January 2025, and ongoing board refreshment efforts, are also influencing the company's direction. Evolent Health anticipates continued growth through expanding services and strategic acquisitions. The company also explored a potential sale in August 2024, after receiving takeover interest from private equity firms, indicating potential shifts in ownership structure. For more insights, consider reading this detailed analysis of Evolent Health's market position.

Evolent Health Acquisitions

The company has made strategic acquisitions to expand its services. These include New Century Health, Vital Decisions, and others. This strategy aims to strengthen its market position in specialty care.

Ownership Dynamics

Institutional investors hold a significant portion of the shares. There have been shifts among institutional investors, with some increasing and others decreasing their holdings. Mutual funds also show slight changes.

Capital Management

Evolent Health has engaged in capital management activities. This includes new debt financing and the issuance of preferred stock. These actions affect the company's financial structure.

Leadership and Strategic Outlook

Recent leadership changes and board refreshment efforts are underway. The company aims for continued growth. Potential sale talks also indicate possible future ownership changes.

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