# EDGAR Filing Document

**Accession Number:** 0001982325
**File Stem:** 0000950103-25-014793
**Filing Date:** 2025-11
**Character Count:** 18990
**Document Hash:** ae6c6a1bd9dc77715f134987cfdaf204
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-014793.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000950103-25-014793

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Evolent Health, Inc.
- **CENTRAL INDEX KEY:** 0001628908
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MANAGEMENT SERVICES [8741]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 320454912
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89390
- **FILM NUMBER:** 251488335

**BUSINESS ADDRESS:**
- **STREET 1:** 1812 NORTH MOORE ST, SUITE 1705
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209
- **BUSINESS PHONE:** 571-389-6000

**MAIL ADDRESS:**
- **STREET 1:** 1812 NORTH MOORE ST, SUITE 1705
- **CITY:** ARLINGTON
- **STATE:** VA
- **ZIP:** 22209
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Boehler Adam
- **CENTRAL INDEX KEY:** 0001982325

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**MAIL ADDRESS:**
- **STREET 1:** 1215 5TH AVE N,
- **CITY:** NASHVILLE
- **STATE:** TN
- **ZIP:** 37208

## Ex-99.A

**EXHIBIT A TO SCHEDULE 13G**

**JOINT FILING AGREEMENT**

IN ACCORDANCE WITH Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Class A Common Stock, par value $0.01 per share, of Evolent Health, Inc. and that this Joint Filing Agreement be included as an exhibit to such joint filing, provided that, as contemplated by Section 13d-1(k)(2), no person shall be responsible for the completeness and accuracy of the information concerning the other persons making the filing unless such person knows or has reason to know such information is inaccurate.

IN WITNESS WHEREOF, the undersigned hereby execute this Joint Filing Agreement as of this 14th day of November, 2025.

---

| |
|:---|
| Rubicon FUND II LP |
| By: /s/ Cory Reno |
| Name: Cory Reno<br>Title: General Counsel<br>|
| Rubicon Fund II PF LP |
| By: /s/ Cory Reno |
| Name: Cory Reno<br>Title: General Counsel<br>|
| Rubicon OP GP II LP  |
| By: /s/ Cory Reno |
| Name: Cory Reno<br>Title: General Counsel<br>|
| Rubicon OP GP II LLC  |
| By: /s/ Cory Reno |
| Name: Cory Reno<br>Title: General Counsel<br>|
| Rubicon Founders LLC |
| By: /s/ Cory Reno |
| Name: Cory Reno<br>Title: General Counsel<br>|
| ADAM BOEHLER |
| By: /s/ Adam Boehler |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Evolent Health

**Title of Class of Securities:** Class A Common Stock

**CUSIP Number:** 30050B101

**Date of Event Which Requires Filing of this Statement:** 11/13/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [x] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Rubicon Fund II LP | Names of Reporting Persons<br>Rubicon Fund II LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5032468.70 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5032468.70 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5032468.70 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5032468.70 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.51% | Percent of Class Represented by Amount in Row (9)<br>4.51% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Rubicon Fund II PF LP | Names of Reporting Persons<br>Rubicon Fund II PF LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>783654.30 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>783654.30 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>783654.30 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>783654.30 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>0.7% | Percent of Class Represented by Amount in Row (9)<br>0.7% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Rubicon OP GP II LP | Names of Reporting Persons<br>Rubicon OP GP II LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5816123.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5816123.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.21% | Percent of Class Represented by Amount in Row (9)<br>5.21% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** (1) Consists of shares owned by Rubicon Fund II LP and Rubicon Fund II PF LP. Rubicon Founders OP GP II LP is the general partner of Rubicon Fund II LP and Rubicon Fund II PF LP.

---

| 1. | Names of Reporting Persons<br>Rubicon OP GP II LLC | Names of Reporting Persons<br>Rubicon OP GP II LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5816123.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5816123.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.21% | Percent of Class Represented by Amount in Row (9)<br>5.21% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** (1) Consists of shares owned by Rubicon Fund II LP and Rubicon Fund II PF LP. Rubicon Founders OP GP 2, LLC is the general partner of Rubicon Founders OP GP II LP, the general partner of Rubicon Fund II LP and Rubicon Fund II PF LP.

---

| 1. | Names of Reporting Persons<br>Rubicon Founders LLC | Names of Reporting Persons<br>Rubicon Founders LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5816123.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5816123.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.21% | Percent of Class Represented by Amount in Row (9)<br>5.21% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** (1) Consists of shares owned by Rubicon Fund II LP and Rubicon Fund II PF LP. Rubicon Founders LLC is the sole member of Rubicon Founders OP GP 2, LLC, the general partner of Rubicon Founders OP GP II, LP, the general partner of Rubicon Fund II LP and Rubicon Fund II PF LP.

---

| 1. | Names of Reporting Persons<br>Boehler Adam | Names of Reporting Persons<br>Boehler Adam |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>5816123.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>5816123.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>5816123.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.21% | Percent of Class Represented by Amount in Row (9)<br>5.21% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

**Comment for Type of Reporting Person:** (1) Consists of shares owned by Rubicon Fund II LP and Rubicon Fund II PF LP. Mr. Boehler is the managing member of Rubicon Founders LLC, the sole member of Rubicon Founders OP GP 2, LLC, the general partner of Rubicon Founders GP II LP, the general partner of Rubicon Fund II LP and Rubicon Fund II PF LP.

---

**Item 1(a). Name of Issuer:**
Evolent Health

**Item 1(b). Address of Issuer's Principal Executive Offices:**
1812 NORTH MOORE ST,SUITE 1705,ARLINGTON,VA,USA,22209

**Item 2(a). Name of Person Filing:**
Rubicon Fund II LP, a Delaware limited partnership, Rubicon Fund II PF LP, a Delaware limited partnership, Rubicon Founders OP GP II, LP, a Delaware limited partnership, Rubicon Founders OP GP 2 LLC, a Delaware limited liability company, Rubicon Founders LLC, a Delaware limited liability company and Adam Boehler

**Item 2(b). Address of Principal Business Office:**
1215 5th Ave N, Nashville, TN 37208

**Item 2(c). Citizenship:**
The Reporting Persons (other than Mr. Boehler). are organized under the laws of the state of Delaware. Mr. Boehler is a United States citizen.

**Item 2(d). Title of Class of Securities:**
Class A Common Stock

**Item 2(e). CUSIP Number:**
30050B101

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

As of the close of business on November 13, 2025, the Reporting Persons beneficially own 5,816,123 shares of the Class A Common Stock of the Issuer, through their investment in Puma Growth Holdings, LLC, which directly holds such shares of Class A Common Stock, representing 5.21% of the Issuer's total outstanding shares of Class A Common Stock, based on a total of 111,600,856 shares of Class A Common Stock outstanding as of October 31, 2025 as reported by the Issuer in the Issuer's Quarterly Report on Form 10-Q filed on November 7, 2025

**(b) Percent of class:**

See Item 4(a) hereof.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

5,816,123 shares of Class A Common Stock

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

5,816,123 shares of Class A Common Stock

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

See Item 4(a) above. To the best knowledge of the Reporting Persons, no one other than the Reporting Persons and the limited partners, members, affiliates and shareholders, investors of the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, shares of Class A Common Stock. Such right to proceeds does not relate to more than five percent of the Class A Common Stock for any person.

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

—

### 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.

**Rubicon Fund II LP**

**Date:** 11/14/2025

**By:** /s/ Cory Reno

**Name & Title:** Cory Reno/General Counsel

**Rubicon Fund II PF LP**

**Date:** 11/14/2025

**By:** /s/ Cory Reno

**Name & Title:** Cory Reno/General Counsel

**Rubicon OP GP II LP**

**Date:** 11/14/2025

**By:** /s/ Cory Reno

**Name & Title:** Cory Reno/General Counsel

**Rubicon OP GP II LLC**

**Date:** 11/14/2025

**By:** /s/ Cory Reno

**Name & Title:** Cory Reno/General Counsel

**Rubicon Founders LLC**

**Date:** 11/14/2025

**By:** /s/ Cory Reno

**Name & Title:** Cory Reno/General Counsel

**Boehler Adam**

**Date:** 11/14/2025

**By:** /s/ Adam Boehler

**Name & Title:** Adam Boehler