General Atlantic-affiliated funds filed an amended Schedule 13G reporting a sizable stake in Alignment Healthcare, Inc. As of December 31, 2025, General Atlantic (ALN HLTH), L.P. held 13,167,733 shares of Alignment’s Class A common stock, representing 6.6% of the outstanding shares.
Various General Atlantic entities, including General Atlantic, L.P. and several GAPCO and coinvestment vehicles, may be deemed to share beneficial ownership and voting and disposition power over these shares through their control relationships, but GA ALN is the record holder.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 4)
Alignment Healthcare, Inc.
(Name of Issuer)
Class A common stock, par value $0.001 per share
(Title of Class of Securities)
01625V104
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GENERAL ATLANTIC, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
General Atlantic Partners 95, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAPCO GmbH & Co. KG
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GERMANY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAP Coinvestments III, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAP Coinvestments IV, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAP Coinvestments V, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAP Coinvestments CDA, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
General Atlantic (SPV) GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
GAPCO Management GmbH
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
GERMANY
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
General Atlantic GenPar, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
01625V104
1
Names of Reporting Persons
General Atlantic (ALN HLTH), L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
13,167,733.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
13,167,733.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
13,167,733.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Alignment Healthcare, Inc.
(b)
Address of issuer's principal executive offices:
1100 W. TOWN AND COUNTRY ROAD, SUITE1600, ORANGE, CA 92868
Item 2.
(a)
Name of person filing:
This Statement is being filed on behalf of each of the following persons (collectively, the "Reporting Persons"):
(i) General Atlantic, L.P. ("GA LP");
(ii) General Atlantic Partners 95, L.P. ("GAP 95");
(iii) GAPCO GmbH & Co. KG ("GAPCO GmbH");
(iv) GAP Coinvestments III, LLC ("GAPCO III");
(v) GAP Coinvestments IV, LLC ("GAPCO IV");
(vi) GAP Coinvestments V, LLC ("GAPCO V");
(vii) GAP Coinvestments CDA, L.P. ("GAPCO CDA");
(viii) General Atlantic (SPV) GP, LLC ("GA SPV");
(ix) GAPCO Management GmbH ("GAPCO Management");
(x) General Atlantic GenPar, L.P. ("GA GenPar"); and
(xi) General Atlantic (ALN HLTH), L.P. ("GA ALN").
GA 95, GAPCO GmbH, GAPCO III, GAPCO IV, GAPCO V, and GAPCO CDA are collectively referred to as the "GA Funds."
(b)
Address or principal business office or, if none, residence:
Address or principal business office or, if none, residence:
The address of GA LP, GAP 95, GAPCO III, GAPCO IV, GAPCO V, GAPCO CDA, GA SPV, GA GenPar, and GA ALN is c/o General Atlantic Service Company, L.P., 55 East 52nd Street, 33rd Floor, New York, NY 10055. The address of GAPCO GmbH and GAPCO Management is c/o General Atlantic GmbH, Luitpoldblock, Amiraplatz 3, 80333 Munchen, Germany.
(c)
Citizenship:
See Row (4) of each Reporting Person's cover page.
(d)
Title of class of securities:
Class A common stock, par value $0.001 per share
(e)
CUSIP No.:
01625V104
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:
Amount beneficially owned:
As of December 31, 2025, the Reporting Persons owned the following number of the Company's common stock:
(i) GA LP owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(ii) GAP 95 owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(iii) GAPCO GmbH owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(iv) GAPCO III owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(v) GAPCO IV owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(vi) GAPCO V owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(vii) GAPCO CDA owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(viii) GA SPV owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(ix) GAPCO Management owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(x) GA GenPar owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock
(xi) GA ALN owned of record 13,167,733 shares of common stock or 6.6% of the issued and outstanding shares of common stock
The GA Funds share beneficial ownership of the shares of common stock held by GA ALN. The general partner of GA ALN is GA SPV. The general partner of GAP 95 is GA GenPar and GA GenPar is ultimately controlled by GA LP. The general partner of GAPCO GmbH is GAPCO Management. GA LP, which is controlled by the Partnership Committee of GASC MGP, LLC (the "Partnership Committee"), is the managing member of GAPCO III, GAPCO IV and GAPCO V, the general partner of GAPCO CDA and GA GenPar, and the sole member of GA SPV. The Partnership Committee also controls the investment and voting decisions of GAPCO Management. There are six members of the Partnership Committee. By virtue of the foregoing, the Reporting Persons may be deemed to share voting power and the power to direct the disposition of the shares that each owns of record. Each of the members of the Partnership Committee disclaims ownership of the shares of common stock reported herein except to the extent that he has a pecuniary interest therein. The name, the address and the citizenship of each of the members of the Partnership Committee as of the date hereof is attached hereto as Schedule A and is hereby incorporated by reference.
Amount Beneficially Owned:
By virtue of the relationship described above, each of the Reporting Persons may be deemed to beneficially own 13,167,733 shares of common stock.
(b)
Percent of class:
All calculations of percentage ownership herein are based on an aggregate of 200,091,742 shares of common stock reported by the Company to be outstanding, as reflected in the Company's Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on October 30, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Each of the Reporting Persons may be deemed to have the sole power to direct the voting of the shares of common stock indicated on Row (5) of each such Reporting Person's cover page included herein.
(ii) Shared power to vote or to direct the vote:
Each of the Reporting Persons may be deemed to share the power to direct the voting of the shares of common stock indicated on Row (6) of each such Reporting Person's cover page included herein.
(iii) Sole power to dispose or to direct the disposition of:
Each of the Reporting Persons may be deemed to have the sole power to direct the dispositions of the shares of common stock indicated on Row (7) of each such Reporting Person's cover page included herein.
(iv) Shared power to dispose or to direct the disposition of:
Each of the Reporting Persons may be deemed to share the power to direct the dispositions of the shares of common stock indicated on Row (8) of each such Reporting Person's cover page included herein.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 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
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Item 2, which states the identity of the members of the group filing this Schedule 13G.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
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.
GENERAL ATLANTIC, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director
Date:
02/17/2026
General Atlantic Partners 95, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., the general partner of General Atlantic GenPar, L.P., its general partner
Date:
02/17/2026
GAPCO GmbH & Co. KG
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of GAPCO Management GmbH, its general partner
Date:
02/17/2026
GAP Coinvestments III, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
02/17/2026
GAP Coinvestments IV, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
02/17/2026
GAP Coinvestments V, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
02/17/2026
GAP Coinvestments CDA, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:
02/17/2026
General Atlantic (SPV) GP, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its sole member
Date:
02/17/2026
GAPCO Management GmbH
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director
Date:
02/17/2026
General Atlantic GenPar, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:
02/17/2026
General Atlantic (ALN HLTH), L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., the sole member of General Atlantic (SPV) GP, LLC, its general partner
Date:
02/17/2026
Exhibit Information
Exhibit 1 - Agreement relating to the filing of joint acquisition statements as required by Rule 13d-1(k)(1) under the Act (previously filed).
(https://www.sec.gov/Archives/edgar/data/1017645/000095014222000589/eh220223352_13g-alignment.htm)
What stake in Alignment Healthcare (ALHC) does General Atlantic report on this Schedule 13G/A?
General Atlantic-affiliated entities report beneficial ownership of 13,167,733 shares of Alignment Healthcare Class A common stock. This position represents 6.6% of the company’s outstanding common shares, based on 200,091,742 shares reported outstanding in a Form 10-Q filed October 30, 2025.
Which General Atlantic entity is the record holder of Alignment Healthcare shares?
General Atlantic (ALN HLTH), L.P. is the record holder of 13,167,733 Alignment Healthcare common shares. Other General Atlantic funds and entities are structured as controlling general partners or managing members and may be deemed to share beneficial ownership and voting and disposition power over this same share block.
How is the 6.6% ownership of Alignment Healthcare calculated in this filing?
The 6.6% ownership is calculated using 13,167,733 Alignment Healthcare shares held by General Atlantic (ALN HLTH), L.P. divided by 200,091,742 total shares outstanding. The outstanding share count comes from Alignment Healthcare’s Quarterly Report on Form 10-Q filed with the SEC on October 30, 2025.
Which entities are included as reporting persons in the General Atlantic Schedule 13G/A for ALHC?
Reporting persons include General Atlantic, L.P., General Atlantic Partners 95, L.P., several GAP Coinvestments entities, GAPCO GmbH & Co., GAPCO Management GmbH, General Atlantic GenPar, L.P., General Atlantic (SPV) GP, LLC, and General Atlantic (ALN HLTH), L.P., collectively reflecting the fund and management structure.
What type of Alignment Healthcare security is covered by this Schedule 13G/A?
The filing covers Alignment Healthcare’s Class A common stock with a par value of $0.001 per share. The security is identified by CUSIP 01625V104, and the reported 13,167,733 shares are all in this class of common equity, not preferred stock or other securities.
As of what date is General Atlantic’s Alignment Healthcare ownership information reported?
The ownership information is reported as of December 31, 2025, which is the event date triggering this Schedule 13G/A amendment. All beneficial ownership percentages and share amounts in the filing relate to holdings on that specific reporting date.
