# EDGAR Filing Document

**Accession Number:** 0001132655
**File Stem:** 0001193125-23-028401
**Filing Date:** 2023-2
**Character Count:** 29167
**Document Hash:** 92c1c6c08474fabc900e13dd4356861b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-028401.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0001193125-23-028401

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**GROUP MEMBERS**: BRIAN P. GOLSON

**GROUP MEMBERS**: DAVID J. AMENT

**GROUP MEMBERS**: PARTHENON DCS HOLDINGS, LLC

**GROUP MEMBERS**: PCAP II, LLC

**GROUP MEMBERS**: PCAP PARTNERS II, LLC

**GROUP MEMBERS**: PCP MANAGERS GP, LLC

**GROUP MEMBERS**: PCP MANAGERS, L.P.

**GROUP MEMBERS**: WILLIAM C. KESSINGER

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Performant Financial Corp
- **CENTRAL INDEX KEY:** 0001550695
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS BUSINESS SERVICES [7380]
- **IRS NUMBER:** 200484934
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87238
- **FILM NUMBER:** 23599189

**BUSINESS ADDRESS:**
- **STREET 1:** 333 NORTH CANYONS PARKWAY
- **CITY:** Livermore
- **STATE:** CA
- **ZIP:** 94551
- **BUSINESS PHONE:** 925-960-4800

**MAIL ADDRESS:**
- **STREET 1:** 333 NORTH CANYONS PARKWAY
- **CITY:** Livermore
- **STATE:** CA
- **ZIP:** 94551
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARTHENON INVESTORS II. L.P.
- **CENTRAL INDEX KEY:** 0001132655
- **IRS NUMBER:** 043527200
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** C/O PARTHENON CAPITAL PARTNERS
- **STREET 2:** 400 EMBARCADERO CENTER
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-913-3908

**MAIL ADDRESS:**
- **STREET 1:** C/O PARTHENON CAPITAL PARTNERS
- **STREET 2:** 400 EMBARCADERO CENTER
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PARTHENON INVESTORS II L P
- **DATE OF NAME CHANGE:** 20010117

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

------

**SCHEDULE 13G/A** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**(Amendment No. 5)\*** 

------

## Performant Financial Corporation
**(Name of Issuer)** 

**Common Stock, par value $0.0001 per share** 

**(Title of Class of Securities)** 

**71377E105** 

**(CUSIP Number)** 

**December 31, 2022** 

**(Date of Event Which Requires Filing of this Statement)** 

------

Check the Appropriate Box to Designate the Rule Pursuant to Which this Schedule Is Filed:

☐ Rule 13d-1(b)

☐ Rule 13d-1(c)

☒ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("<u>Act</u>") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the *Notes*).

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; Parthenon DCS Holdings, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; Parthenon Investors II, L.P.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; PN

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; PCap Partners II, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; PCap II, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; PCP Managers, L.P.

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; PN

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; PCP Managers GP, LLC

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; Delaware

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; OO

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; Brian P. Golson

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; USA

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; IN

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; David J. Ament

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; USA

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; IN

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

1. &nbsp;&nbsp;&nbsp;&nbsp; Names of Reporting Persons &nbsp;&nbsp;&nbsp;&nbsp; William C. Kessinger

2. &nbsp;&nbsp;&nbsp;&nbsp; Check The Appropriate Box
if a Member of a Group (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☒

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC Use Only

4. &nbsp;&nbsp;&nbsp;&nbsp; Citizenship or Place of
Organization &nbsp;&nbsp;&nbsp;&nbsp; USA

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 5. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 6. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Voting Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 7. | &nbsp;&nbsp;&nbsp;&nbsp;Sole Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Number of<br> Shares<br> Beneficially <br> Owned By<br> Each<br> Reporting<br> Person<br> With | 8. | &nbsp;&nbsp;&nbsp;&nbsp;Shared Dispositive Power<br>&nbsp;&nbsp;&nbsp;&nbsp;4,513,625 |

---

9. &nbsp;&nbsp;&nbsp;&nbsp; Aggregate Amount Beneficially Owned by Each Reporting Person &nbsp;&nbsp;&nbsp;&nbsp; 4,513,625

10. &nbsp;&nbsp;&nbsp;&nbsp; Check if the Aggregate
Amount in Row (9) Excludes Certain Shares (See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; Percent of Class
Represented by Amount in Row (9) &nbsp;&nbsp;&nbsp;&nbsp; 6.08%<sup>(1)</sup>

12. &nbsp;&nbsp;&nbsp;&nbsp; Type of Reporting Person
(See Instructions) &nbsp;&nbsp;&nbsp;&nbsp; IN

(1) Calculated based on 74,278,496 shares of Common Stock outstanding as of November 8, 2022, as disclosed on
the Issuer's Form 10-Q filed November 9, 2022.

------

---

| | |
|:---|:---|
| **Explanatory Note.** | This Amendment No. 5 is filed to amend and restate the initial statement on Schedule 13G, as amended by Amendment No. 1, Amendment No. 2, Amendment No. 3, and Amendment No. 4 thereto filed by the Reporting Persons with the Securities and Exchange Commission on February 13, 2013, March 25, 2014, February 6, 2015, February 12, 2016, and February 8, 2022, respectively, for the issuer Performant Financial Corporation. (the "Original Schedule 13G" and, as amended herein, the "Schedule 13G"). |
| **Item 1(a).** | **Name of Issuer:** |
|  | Performant Financial Corporation (the "Issuer") |
| **Item 1(b).** | **Address of Issuer's Principal Executive Offices:** |
|  | 333 North Canyons Parkway,<br> Livermore, CA 94551 |
| **Item 2(a).** | **Names of Persons Filing:** |
|  | This Schedule 13G is being jointly filed by each of the following persons pursuant to Rule 13d-1(k)(1) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Act:<br>(i) Parthenon DCS Holdings, LLC<br>(ii) Parthenon Investors II, L.P.<br>(iii) PCap Partners II, LLC<br>(iv) PCap II, LLC<br>(v) PCP Managers, L.P.<br>(vi) PCP Managers GP, LLC<br>(vii) Brian P. Golson<br>(viii) David J. Ament<br>(ix) William C. Kessinger<br>each of which is referred to as a "Reporting Person," or collectively, the "Reporting Persons." The Reporting Persons have entered into a Joint Filing Agreement, a copy of which is filed with this Schedule 13G as Exhibit A and is incorporated herein by reference, pursuant to which the Reporting Persons have agreed to file this Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. The execution and filing of the Joint Filing Agreement shall not be construed as an admission that the Reporting Persons are a group or have agreed to act as a group. |
| **Item 2(b).** | **Address of the Principal Business Office or, if None, Residence:** |
|  | c/o Parthenon Capital Partners,<br> 400 Embarcadero Center,<br> San Francisco, CA 94111 |
| **Item 2(c).** | **Citizenship:** |
|  | See responses to Item 4 on each cover page. |
| **Item 2(d).** | **Title of Class of Securities:** |
|  | Common Stock, par value $0.0001 per share |
| **Item 2(e).** | **CUSIP Number:** |
|  | 71377E105 |

---

------

---

| | |
|:---|:---|
| **Item 3.** | **If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a(n):** |
|  | Not Applicable. |
| **Item 4.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ownership.**<br>**(a) Amount beneficially owned:**<br>See responses to Item 9 on each cover page.<br>**(b) Percent of Class:**<br>See responses to Item 11 on each cover page.<br>**(c) Number of shares as to which the Reporting Person has:**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(i) Sole power to vote or to direct the vote:**<br>See responses to Item 5 on each cover page.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(ii) Shared power to vote or to direct the vote:**<br>See responses to Item 6 on each cover page.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iii) Sole power to dispose or to direct the disposition of:**<br>See responses to Item 7 on each cover page.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(iv) Shared power to dispose or to direct the disposition of:**<br>See responses to Item 8 on each cover page.<br>Parthenon DCS Holdings, LLC is the record owner of 4,513,625 shares of Common Stock of the Issuer. Parthenon Investors II, L.P., as the manager of Parthenon DCS Holdings, LLC; PCap Partners II, LLC, as the general partner of Parthenon Investors II, L.P.; PCap II, LLC, as the managing member of PCap Partners II, LLC; PCP Managers, L.P., as the managing member of PCap II, LLC; PCP Managers GP, LLC, as the general partner of PCP Managers, L.P.; and each of Messrs. Kessinger, Golson and Ament, as Managing Members of PCP Managers GP, LLC, may be deemed to beneficially own the shares of the Issuer's Common Stock owned of record by Parthenon DCS Holdings, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares of Common Stock of the Issuer owned of record by Parthenon DCS Holdings, LLC, except to the extent of such Reporting Person's pecuniary interest therein.<br>The shares reported in this Schedule 13G do not include 12,158 shares of Common Stock of the Issuer that are owned by Jeffrey S. Stein, an executive in residence of Parthenon Capital Partners, which are sold on his behalf on a pro rata basis as such times as Parthenon Investors II, L.P. effectuates sales of shares of Common Stock of the Issuer, but with respect to which, Mr. Stein maintains voting and investment power. The Reporting Persons do not have pecuniary interest with respect to these shares. |
| **Item 5.** | **Ownership of Five Percent or Less of a Class.** |
|  | Not Applicable. |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person.** |
|  | Not Applicable. |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.** |
|  | Not Applicable. |

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|:---|:---|
| **Item 8.** | **Identification and Classification of Members of the Group.** |
|  | Not Applicable. |
| **Item 9.** | **Notice of Dissolution of Group.** |
|  | Not Applicable. |
| **Item 10.** | **Certification.** |
|  | Not Applicable. |

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**SIGNATURE** 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 8, 2023

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| | |
|:---|:---|
| **Parthenon DCS Holdings, LLC** | **Parthenon DCS Holdings, LLC** |
| By: Parthenon Investors II, L.P., its Manager | By: Parthenon Investors II, L.P., its Manager |
| By: PCap Partners II, LLC, its General Partner | By: PCap Partners II, LLC, its General Partner |
| By: PCap II, LLC, its Managing Member | By: PCap II, LLC, its Managing Member |
| By: PCP Managers, L.P., its Managing Member | By: PCP Managers, L.P., its Managing Member |
| By: PCP Managers GP, LLC, its General Partner | By: PCP Managers GP, LLC, its General Partner |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| **Parthenon Investors II, L.P.** | **Parthenon Investors II, L.P.** |
| By: PCap Partners II, LLC, its General Partner | By: PCap Partners II, LLC, its General Partner |
| By: PCap II, LLC its Managing Member | By: PCap II, LLC its Managing Member |
| By: PCP Managers, L.P., its Managing Member | By: PCP Managers, L.P., its Managing Member |
| By: PCP Managers GP, LLC, its General Partner | By: PCP Managers GP, LLC, its General Partner |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| **PCap Partners II, LLC** | **PCap Partners II, LLC** |
| By: PCap II, LLC, its Managing Member | By: PCap II, LLC, its Managing Member |
| By: PCP Managers, L.P., its Managing Member | By: PCP Managers, L.P., its Managing Member |
| By: PCP Managers GP, LLC, its General Partner | By: PCP Managers GP, LLC, its General Partner |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| **PCap II, LLC** | **PCap II, LLC** |
| By: PCP Managers, L.P., its Managing Member | By: PCP Managers, L.P., its Managing Member |
| By: PCP Managers GP, LLC, its General Partner | By: PCP Managers GP, LLC, its General Partner |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| **PCP Managers, L.P.** | **PCP Managers, L.P.** |
| By: PCP Managers GP, LLC, its General Partner | By: PCP Managers GP, LLC, its General Partner |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| **PCP Managers GP, LLC** | **PCP Managers GP, LLC** |
| By: | /s/ Brian P. Golson |
| Name: Brian P. Golson | Name: Brian P. Golson |
| Title: Managing Member | Title: Managing Member |
| /s/ William C. Kessinger | /s/ William C. Kessinger |
| William C. Kessinger, Individually | William C. Kessinger, Individually |
| /s/ Brian P. Golson | /s/ Brian P. Golson |
| Brian P. Golson, Individually | Brian P. Golson, Individually |
| /s/ David J. Ament | /s/ David J. Ament |
| David J. Ament, Individually | David J. Ament, Individually |

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EXHIBIT LIST

Exhibit A Joint Filing Agreement, dated as of February 7, 2022 (incorporated by reference to Exhibit A to the Reporting Persons' Schedule 13G/A filed with the SEC on February 8, 2022)