# EDGAR Filing Document

**Accession Number:** 0001866368
**File Stem:** 0000950170-25-108122
**Filing Date:** 2025-8
**Character Count:** 17812
**Document Hash:** 3ea7354e4b236c46da999acc14d43807
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108122.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000950170-25-108122

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Clearwater Analytics Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001866368
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92913
- **FILM NUMBER:** 251212470

**BUSINESS ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
- **BUSINESS PHONE:** 208-918-2400

**MAIL ADDRESS:**
- **STREET 1:** 777 W. MAIN STREET, SUITE 900
- **CITY:** BOISE
- **STATE:** ID
- **ZIP:** 83702
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WCAS XIII CARBON ANALYTICS ACQUISITION, L.P.
- **CENTRAL INDEX KEY:** 0001879859

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WELSH, CARSON, ANDERSON & STOWE
- **STREET 2:** 599 LEXINGTON AVENUE, 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212) 893-9500

**MAIL ADDRESS:**
- **STREET 1:** C/O WELSH, CARSON, ANDERSON & STOWE
- **STREET 2:** 599 LEXINGTON AVENUE, 18TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**Issuer:** Clearwater Analytics Holdings, Inc

**Title of Class of Securities:** Class A common stock, par value $0.001 per share

**CUSIP Number:** 185123106

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**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>WCAS XIII Carbon Analytics Acquisition, L.P. | Names of Reporting Persons<br>WCAS XIII Carbon Analytics Acquisition, L.P. |
|:---|:---|:---|:---|
| 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4820856 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4820856 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 |
| 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>1.6% | Percent of Class Represented by Amount in Row (9)<br>1.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The reported securities include (i) 2,069,714 shares of Class A common stock ("Class A Shares"); and (ii) 2,751,142 Class A Shares issuable in respect of 2,751,142 shares of Class B common stock ("Class B Shares"), together with an equal number of limited liability company units of CWAN Holdings LLC ("LLC Interests").

The reported percentage is calculated using 292,445,162 Class A Shares outstanding based upon (i) 287,938,740 Class A Shares outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025 and (ii) 4,506,422 Class A Shares issuable in respect of 4,506,422 Class B Shares (together with an equal number of LLC Interests) outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025.

---

| 1. | Names of Reporting Persons<br>WCAS GP CW LLC | Names of Reporting Persons<br>WCAS GP CW 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4820856 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4820856 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 |
| 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>1.6% | Percent of Class Represented by Amount in Row (9)<br>1.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The reported securities include (i) 2,069,714 Class A Shares; and (ii) 2,751,142 Class A Shares issuable in respect of 2,751,142 Class B Shares (together with an equal number of LLC Interests).

The reported percentage is calculated using 292,445,162 Class A Shares outstanding based upon (i) 287,938,740 Class A Shares outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025 and (ii) 4,506,422 Class A Shares issuable in respect of 4,506,422 Class B Shares (together with an equal number of LLC Interests) outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025.

---

| 1. | Names of Reporting Persons<br>WCAS XIII Carbon Investors, L.P. | Names of Reporting Persons<br>WCAS XIII Carbon Investors, L.P. |
|:---|:---|:---|:---|
| 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>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4820856 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4820856 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 |
| 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>1.6% | Percent of Class Represented by Amount in Row (9)<br>1.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The reported securities include (i) 2,069,714 Class A Shares; and (ii) 2,751,142 Class A Shares issuable in respect of 2,751,142 Class B Shares (together with an equal number of LLC Interests).

The reported percentage is calculated using 292,445,162 Class A Shares outstanding based upon (i) 287,938,740 Class A Shares outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025 and (ii) 4,506,422 Class A Shares issuable in respect of 4,506,422 Class B Shares (together with an equal number of LLC Interests) outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025.

---

| 1. | Names of Reporting Persons<br>WCAS XIII Associates LLC | Names of Reporting Persons<br>WCAS XIII Associates 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>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>4820856 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>4820856 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>4820856 |
| 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>1.6% | Percent of Class Represented by Amount in Row (9)<br>1.6% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

**Comment for Type of Reporting Person:** The reported securities include (i) 2,069,714 Class A Shares; and (ii) 2,751,142 Class A Shares issuable in respect of 2,751,142 Class B Shares (together with an equal number of LLC Interests).

The reported percentage is calculated using 292,445,162 Class A Shares outstanding based upon (i) 287,938,740 Class A Shares outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025 and (ii) 4,506,422 Class A Shares issuable in respect of 4,506,422 Class B Shares (together with an equal number of LLC Interests) outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025.

---

**Item 1(a). Name of Issuer:**
Clearwater Analytics Holdings, Inc

**Item 1(b). Address of Issuer's Principal Executive Offices:**
777 W. Main Street, Suite 900 Boise, ID 83702

**Item 2(a). Name of Person Filing:**
This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons."
(i)	WCAS XIII Carbon Analytics Acquisition, L.P.
(ii)	WCAS GP CW LLC
(iii)	WCAS XIII Carbon Investors, L.P.
(iv)	WCAS XIII Associates LLC

**Item 2(b). Address of Principal Business Office:**
C/O Welsh, Carson, Anderson & Stowe
599 Lexington Avenue, 18th Floor
New York, New York 10022

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page.

**Item 2(d). Title of Class of Securities:**
Class A common stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
185123106

**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:**

See responses to Item 9 on each cover page.
LLC Interests are each convertible into one Class A Share. In connection with such conversion, an equal number of Class B Shares will be redeemed and cancelled for no consideration.
The reported securities includes 2,335,196 Class B Shares (together with an equal number of LLC Interests) directly held by WCAS XIII Carbon Analytics Acquisition, L.P., 153,472 Class B Shares (together with an equal number of LLC Interests) directly held by WCAS GP CW LLC, 1,885,283 Class A Shares directly held by WCAS XIII Carbon Investors, L.P., and 262,474 Class B Shares (together with an equal number of LLC Interests) and 184,431 Class A Shares directly held by WCAS XIII Associates LLC (together, the "WCAS Entities").
The general partner of WCAS XIII Carbon Analytics Acquisition, L.P. and WCAS XIII Carbon Investors, L.P. and the managing member of WCAS GP CW LLC is WCAS XIII Associates LLC. Investment and voting decisions with respect to the shares held by the WCAS Entities are made by a committee comprised of three or more individuals and all members of such committee disclaim beneficial ownership of the shares. The filing of this Schedule 13G shall not be construed as an admission that any Reporting Person is the beneficial owner of any or all of the reported securities for the purposes of Section 13 or for any other purpose.
The reported percentage is calculated using 292,445,162 Class A Shares outstanding based upon (i) 287,938,740 Class A Shares outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025 and (ii) 4,506,422 Class A Shares issuable in respect of 4,506,422 Class B Shares (together with an equal number of LLC Interests) outstanding as of August 4, 2025, as reported on the Form 10-Q filed with the SEC by the Issuer on August 6, 2025.
As a result of the Reporting Persons owning less than five percent of the Issuer's outstanding common stock, the Reporting Persons are no longer subject to Section 13 Reporting.

**(b) Percent of class:**

See responses to Item 11 on each cover page.

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

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

See responses to Item 5 on each cover page.

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

See responses to Item 6 on each cover page.

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

See responses to Item 7 on each cover page.

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

See responses to Item 8 on each cover page.

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

[ ] 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.**

Not Applicable

**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.

**WCAS XIII Carbon Analytics Acquisition, L.P.**

**Date:** 08/13/2025

**By:** /s/ Jennifer Martin

**Name & Title:** By: WCAS XII Associates LLC, its general partner

**WCAS GP CW LLC**

**Date:** 08/13/2025

**By:** /s/ Jennifer Martin

**Name & Title:** By: WCAS XIII Associates LLC, its managing member

**WCAS XIII Carbon Investors, L.P.**

**Date:** 08/13/2025

**By:** /s/ Jennifer Martin

**Name & Title:** By: WCAS XIII Associates LLC, its general partner

**WCAS XIII Associates LLC**

**Date:** 08/13/2025

**By:** /s/ Jennifer Martin

**Name & Title:** Jennifer Martin, Managing Member