General Atlantic and affiliated funds report beneficial ownership of 24,287,227 shares of Alignment Healthcare Class A common stock, representing 12.3% of the outstanding shares. The filing states the percentage is calculated using 198,031,417 shares outstanding as reported by the company in its quarterly report filed July 30, 2025. The shares are held by General Atlantic (ALN HLTH), L.P. (GA ALN) and beneficial ownership is shared across multiple General Atlantic entities and funds, with shared voting and dispositive power reported for 24,287,227 shares and no sole voting or dispositive power reported. The filing explains the intercompany relationships (general partners and managing members) that give rise to shared control and notes Michael Gosk signed on behalf of the reporting persons on September 24, 2025.
Positive
Material disclosure of a 12.3% stake—the filing reports 24,287,227 shares, providing clarity to the market.
Clear ownership structure—the filing explains the relationships among General Atlantic entities and the Partnership Committee, improving transparency.
Compliance with reporting rules—timely Schedule 13G/A filing and signature by an authorized representative (Michael Gosk).
Negative
Concentrated block ownership—a 12.3% stake could materially influence shareholder votes or strategic outcomes.
Shared voting/dispositive power—coordination among multiple entities may complicate assessments of control and future actions.
Insights
TL;DR: General Atlantic group now discloses a material 12.3% position in ALHC, a meaningful strategic ownership stake.
The disclosed 24,287,227-share position equals 12.3% of Alignment Healthcare based on 198,031,417 shares outstanding, which exceeds common 5% reporting thresholds and is therefore material to shareholders and governance. The filing shows shared voting and dispositive power across multiple General Atlantic entities rather than sole control by a single entity, implying coordinated influence through fund and management structures. This ownership could affect shareholder votes or strategic outcomes, depending on alignment with management and other large holders. The filing is procedural and does not disclose transactions or intentions beyond ownership and organizational relationships.
TL;DR: The schedule clarifies control pathways and potential coordinated voting via General Atlantic’s fund structure.
The Schedule 13G/A details the ownership chain—GA ALN holds the shares while multiple affiliated entities and a Partnership Committee exercise shared decision-making—providing transparency on who may influence governance. The absence of sole voting or dispositive power and the explicit statement that the GA Funds share beneficial ownership indicate a group filing and a coordinated position. For governance purposes, this is material: a 12.3% block can be decisive on contested votes or significant corporate actions when combined with other holders. The filing, however, does not state any specific plans or proposals tied to the stake.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Alignment Healthcare, Inc.
(Name of Issuer)
Class A common stock, par value $0.001 per share
(Title of Class of Securities)
01625V104
(CUSIP Number)
09/17/2025
(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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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
24,287,227.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
24,287,227.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
24,287,227.00
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)
12.3 %
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 September 17, 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 24,287,227 shares of common stock or 12.3% 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 24,287,227 shares of common stock.
(b)
Percent of class:
All calculations of percentage ownership herein are based on an aggregate of 198,031,417 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 July 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.
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:
09/24/2025
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:
09/24/2025
GAPCO GmbH & Co. KG
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of GAPCO Management GmbH, its general partner
Date:
09/24/2025
GAP Coinvestments III, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
09/24/2025
GAP Coinvestments IV, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
09/24/2025
GAP Coinvestments V, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its managing member
Date:
09/24/2025
GAP Coinvestments CDA, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:
09/24/2025
General Atlantic (SPV) GP, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its sole member
Date:
09/24/2025
GAPCO Management GmbH
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director
Date:
09/24/2025
General Atlantic GenPar, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic, L.P., its general partner
Date:
09/24/2025
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:
09/24/2025
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
How many ALHC shares does General Atlantic disclose owning?
The filing reports 24,287,227 shares of Alignment Healthcare Class A common stock.
What percentage of ALHC does General Atlantic own according to the filing?
General Atlantic and affiliated reporting persons state they beneficially own 12.3% of ALHC based on 198,031,417 shares outstanding.
Which General Atlantic entity holds the shares directly?
The shares are reported as held by General Atlantic (ALN HLTH), L.P., with beneficial ownership shared across affiliated funds and entities.
Does any reporting person claim sole voting or dispositive power?
No. The filing shows 0 sole voting power and 0 sole dispositive power for each reporting person and reports 24,287,227 shared voting and dispositive power.
On what record date is ownership reported?
Ownership is reported as of September 17, 2025 in this Schedule 13G/A.
Who signed the filing for the reporting persons?
The filing was signed by Michael Gosk, Managing Director, on behalf of the reporting persons on September 24, 2025.
