Maplebear (CART) Insider Cuts Stake by 4.9M Shares, Raises $232M

Rhea-AI Filing Summary

GCM Grosvenor Inc., identified as a 10% beneficial owner of Maplebear Inc. (ticker CART), disclosed significant insider sales executed on 07/25/2025.

• GCM Grosvenor IC SPV, LLC sold 4,238,887 shares at $47.75; remaining indirect holdings: 3,653,606 shares.
• GCM Grosvenor IC SPV 2, LLC sold 565,385 shares at $47.75; remaining indirect holdings: 487,318 shares.
• GCM Special Opportunities Master Fund, Ltd. sold 60,000 shares at $47.75; remaining holdings: 0 shares.

Total disposition equals 4,864,272 shares, representing roughly $232 million in proceeds. Post-transaction, the reporting group retains an aggregate 4,140,924 shares through the two SPVs. No derivative securities were involved.

The filing notes the entities may be deemed a Section 13(d) group but each disclaims beneficial ownership except for its pecuniary interest. This is the second identical Form 4 submitted to accommodate SEC limits on joint filers.

Positive

• Increased public float may improve CART’s trading liquidity after release of nearly 5 m shares.
• Transparent, timely Form 4 filing demonstrates compliance with Section 16 reporting obligations.

Negative

• Large insider sale of 4.86 m shares by a 10% owner can be interpreted as reduced confidence.
• Stake cut by more than half, lowering insider alignment with public shareholders.

Insights

Financial Analyst

TL;DR: 10% owner sold $232 m in CART shares, cutting position by ~54%.

The magnitude of the 4.86 m-share sale at a uniform $47.75 suggests an opportunistic liquidity event rather than routine diversification. Although the group still owns 4.14 m shares, its aggregate stake declined sharply, potentially signalling reduced long-term conviction or rebalancing. No offsetting purchases or derivatives hedge were disclosed, and the sale price was near CART’s recent trading range, giving limited indication of valuation disagreement. Investors often view large insider disposals by control holders as a bearish sentiment indicator, especially when exceeding 50 % of prior holdings.

Corporate Governance Specialist

TL;DR: Significant sale by 13(d) group heightens float but trims insider alignment.

The transaction removes nearly five million locked-up shares from insider control, increasing public float and potentially easing liquidity constraints. However, governance watchdogs may flag the reduced ownership as weakening alignment between management-related entities and minority shareholders. The orderly disclosure—filed within two business days and detailing complex ownership chains—meets Section 16 requirements, but investors should monitor for any subsequent registration or further dispositions.

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 Inc.

(Last) (First) (Middle)

900 NORTH MICHIGAN AVENUE

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)

X	Form filed by One Reporting Person
	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

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 second 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 Inc., By: GCM V, L.L.C., its shareholder, By: /s/ Burke J. Montgomery, Authorized Signatory	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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

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

The group disposed of 4,864,272 common shares on 07/25/2025.

At what price were the CART shares sold?

All shares were sold at $47.75 per share.

Does GCM Grosvenor still own CART shares after the sale?

Yes. After the transactions it indirectly holds 4,140,924 shares through two SPVs.

Were any derivative securities involved in this Form 4?

No. The filing reports no derivative securities acquired or disposed of.

Why were two identical Form 4s filed?

SEC EDGAR accepts only 10 joint filers per Form 4; the group filed a second, identical report to include all reporting persons.