[Form 4] Maplebear Inc. Insider Trading Activity

Rhea-AI Filing Summary

Maplebear Inc. (CART) – Form 4 filed 29 Jul 2025

Investment vehicles controlled by GCM Grosvenor and its affiliates reported a sale of 4,864,272 Class A common shares on 25 Jul 2025 at $47.75 each, generating roughly $232 million in proceeds. The largest block—4,238,887 shares—was sold by GCM Grosvenor IC SPV, LLC, leaving that entity with 3,653,606 shares. GCM Grosvenor IC SPV 2, LLC disposed of 565,385 shares and now holds 487,318 shares. GCM Special Opportunities Master Fund, Ltd. exited its remaining 60,000-share position.

The reporting entities, which collectively exceeded the 10 % ownership threshold, remain above 10 % after the transactions but materially reduced their exposure. No derivative transactions were reported. Each filer disclaims beneficial ownership beyond its economic interest, and this filing is the first of two identical submissions because of SEC limits on joint filers.

Positive

• None.

Negative

• Large insider sale worth ~$232 M by entities previously owning >10 % of CART, reducing their aggregate stake by approximately 4.9 M shares and increasing potential share-supply overhang.

Insights

Sell-side Equity Analyst

TL;DR: >$232 M insider sale by 10 % holder; modest stake remains.

The coordinated sale represents roughly 55-60 % of GCM’s previously reported position (exact float not provided), signalling a strategic profit-taking move after CART’s post-IPO share appreciation. Large, market-priced sales through multiple vehicles suggest an orderly secondary placement rather than distress. While the group still holds 4.1 M shares, the magnitude of the disposal could weigh on near-term sentiment and raise supply concerns if additional blocks follow. With no derivatives or simultaneous purchases disclosed, the filing skews incrementally negative for valuation momentum.

Portfolio Risk Manager

TL;DR: Liquidity event by strategic holder; monitor further exits.

The size (>4.8 M shares) and cash value (~$232 M) make this filing impactful. Although executed at market, the transaction reduces alignment between a once-long-term sponsor and public shareholders. Remaining ownership (≈4.1 M shares) limits downside if no follow-on sales occur, yet persistent overhang risk rises. Absent offsetting insider buys, I assign a negative governance signal and would factor potential supply into position-sizing.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GCM Grosvenor L.P.

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Maplebear Inc. [ CART ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock(1)(2)	07/25/2025		S		4,238,887	D	$47.75	3,653,606	I	By GCM Grosvenor IC SPV, LLC(3)
Common Stock(1)(2)	07/25/2025		S		565,385	D	$47.75	487,318	I	By GCM Grosvenor IC SPV 2, LLC(4)
Common Stock(1)(2)	07/25/2025		S		60,000	D	$47.75	0	I	By GCM Special Opportunities Master Fund, Ltd.(5)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

GCM Grosvenor L.P.

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM GROSVENOR IC SPV, LLC

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM GROSVENOR IC SPV 2, LLC

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM Investments GP, LLC

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM, L.L.C.

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

Grosvenor Capital Management Holdings, LLLP

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM Grosvenor Holdings, LLC

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM V, LLC

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

GCM Special Opportunities Master Fund, Ltd.

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

1. Name and Address of Reporting Person^*

Sacks Michael Jay

(Last) (First) (Middle)

900 NORTH MICHIGAN AVE

SUITE 1100

(Street)

CHICAGO IL 60611

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			See Explanation of Responses

Explanation of Responses:

1. This Form 4 is filed jointly by GCM Grosvenor IC SPV, LLC ("GCM SPV"), GCM Grosvenor IC SPV 2, LLC ("GCM SPV2"), GCM Grosvenor L.P. ("GCM Grosvenor"), GCM, L.L.C., GCM Investments GP, LLC ("GCM GP"), Grosvenor Capital Management Holdings, LLLP ("Grosvenor Capital Holdings"), GCM Grosvenor Holdings, LLC ("GCM Holdings"), GCM Grosvenor Inc. ("GCM"), GCM V, L.L.C. ("GCM V"), GCM Special Opportunities Master Fund, Ltd. ("SOF"), and Michael J. Sacks (collectively, the "Reporting Persons"). Each of the Reporting Persons may be deemed to be a member of a group for purposes of Section 13(d) of the Securities Exchange Act of 1934 (the "Exchange Act") that may be deemed to collectively beneficially own over 10% of the Issuer's outstanding shares of Common Stock.

2. This filing shall not be deemed to be an affirmation that such a group exists for purposes of the Exchange Act or for any other purpose or that any such Reporting Person is a beneficial owner of securities of the Issuer. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein. To enable the Reporting Persons to gain access to the Securities and Exchange Commission's electronic filing system (which only accepts a maximum of 10 joint filers per report), this report is the first of two identical reports relating to the same transactions being filed with the Securities and Exchange Commission.

3. Securities owned directly by GCM SPV. GCM GP, as the managing member of GCM SPV, may be deemed to beneficially own such securities. GCM Grosvenor, as the investment manager of GCM SPV, may be deemed to beneficially own such securities. GCM, L.L.C., as general partner of GCM Grosvenor, may be deemed to beneficially own such securities. Grosvenor Capital Holdings, as the sole member of GCM GP and GCM, L.L.C., may be deemed to beneficially own such securities. GCM Holdings, as the general partner of Grosvenor Capital Holdings, may be deemed to beneficially own such securities. GCM, as the sole member of GCM Holdings, may be deemed to beneficially own such securities. GCM V, as a shareholder of GCM, may be deemed to beneficially own such securities. Mr. Sacks, as manager of GCM V, may be deemed to beneficially own such securities.

4. Securities owned directly by GCM SPV2. GCM GP, as the managing member of GCM SPV2, may be deemed to beneficially own such securities. GCM Grosvenor, as the investment manager of GCM SPV2, may be deemed to beneficially own such securities. GCM, L.L.C., as general partner of GCM Grosvenor, may be deemed to beneficially own such securities. Grosvenor Capital Holdings, as the sole member of GCM GP and GCM, L.L.C., may be deemed to beneficially own such securities. GCM Holdings, as the general partner of Grosvenor Capital Holdings, may be deemed to beneficially own such securities. GCM, as the sole member of GCM Holdings, may be deemed to beneficially own such securities. GCM V, as a shareholder of GCM, may be deemed to beneficially own such securities. Mr. Sacks, as manager of GCM V, may be deemed to beneficially own such securities.

5. Securities owned directly by SOF. GCM Grosvenor, as the investment manager of SOF, may be deemed to beneficially own such securities. GCM, L.L.C., as general partner of GCM Grosvenor, may be deemed to beneficially own such securities. Grosvenor Capital Holdings, as the sole member of GCM, L.L.C., may be deemed to beneficially own such securities. GCM Holdings, as the general parter of Grosvenor Capital Holdings, may be deemed to beneficially own such securities. GCM, as the sole member of GCM Holdings, may be deemed to beneficially own such securities. GCM V, as a shareholder of GCM, may be deemed to beneficially own such securities. Mr. Sacks, as manager of GCM V, may be deemed to beneficially own such securities.

	GCM Grosvenor L.P., By: GCM, L.L.C., its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM Grosvenor IC SPV, LLC, By: Grosvenor Capital Management, L.P., its investment manager, By: GCM, L.L.C., its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM Grosvenor IC SPV 2, LLC, By: Grosvenor Capital Management, L.P., its investment manager, By: GCM, L.L.C., its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM Investments GP, LLC, By: Grosvenor Capital Management Holdings, LLLP, its sole member, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM, L.L.C., By: GCM Grosvenor Holdings, LLC, its managing member, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	Grosvenor Capital Management Holdings, LLLP, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM Grosvenor Holdings, LLC, By: GCM Grosvenor Inc., its sole member, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM V, L.L.C., By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	GCM Special Opportunities Master Fund, Ltd., By: Grosvenor Capital Management, L.P., its investment manager, By: GCM, L.L.C., its general partner, By: /s/ Burke J. Montgomery, Authorized Signatory	07/29/2025
	/s/ Michael J. Sacks	07/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many Maplebear (CART) shares did GCM Grosvenor affiliates sell?

They sold 4,864,272 common shares on 25 Jul 2025.

What was the sale price disclosed in the Form 4?

All shares were sold at $47.75 per share.

What is the remaining stake of GCM Grosvenor IC SPV, LLC after the transaction?

GCM Grosvenor IC SPV, LLC now holds 3,653,606 shares.

Did GCM Special Opportunities Master Fund retain any CART shares?

No. It sold its entire 60,000-share position and now holds zero shares.

Why are there two identical Form 4 filings for the same transactions?

SEC’s EDGAR system allows only 10 joint filers per report, so the group filed two identical reports to include all affiliates.