Rubicon-Linked Group Discloses 6.28M PRVA Shares (5.14%)

Rhea-AI Filing Summary

Privia Health Group, Inc. Schedule 13G discloses that a Rubicon-linked group holds a material passive stake in the company's common stock. The Reporting Persons beneficially own 6,278,522 shares, representing 5.14% of the outstanding class based on the issuer's reported total of 122,673,254 shares. All voting and dispositive power over these shares is reported as shared (no sole voting or dispositive power). The shares are held through Puma Growth Holdings, LLC, with a clear chain of control: Puma owns the shares, RF OP GP acts as manager, RF OP GP 2 is the general partner of RF OP GP, and Rubicon Founders is the ultimate member; Adam Boehler is identified among the Reporting Persons. The filing is submitted on Schedule 13G and includes a certification that the stake is not held to influence control of the issuer.

Insights

Financial Analyst

TL;DR: A Rubicon-linked group reports a passive 5.14% stake (6.28M shares) in Privia, notable but non-activist per the filing.

The Schedule 13G discloses a significant minority position that surpasses the 5% reporting threshold, which can draw market attention even when the filer asserts passive intent. Key metrics—6,278,522 shares and 5.14% of a 122.67M-share base—are large enough to affect float and perception of insider/supporting holders. Because all voting and dispositive power is reported as shared, the position appears collective rather than controlled by a single individual. The passive certification reduces immediate governance risk, but the stake size merits monitoring for any future amendments or conversions to Schedule 13D.

Corporate Governance Expert

TL;DR: Disclosure shows coordinated ownership via managed entities, with shared control and a formal attestation of non-control intent.

The filing maps a clear ownership chain: Puma Growth Holdings directly holds the shares while multiple Rubicon-related entities serve as manager, general partner and ultimate member, and an individual (Adam Boehler) is named among Reporting Persons. That structure explains why voting and dispositive powers are reported as shared across entities. The Schedule 13G format and explicit certification indicate the group currently states passive intent and not seeking to change issuer control. From a governance standpoint, the structure is transparent in the filing but could concentrate influence if the parties later change intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Privia Health Group, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

74276R102

(CUSIP Number)

08/07/2025

(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. 74276R102

1

Names of Reporting Persons

Puma Growth Holdings, 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,278,522.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,278,522.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,278,522.00

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)

5.14 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 74276R102

1

Names of Reporting Persons

Rubicon Founders OP GP, LP

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,278,522.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,278,522.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,278,522.00

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)

5.14 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) Consists of shares owned by Puma Growth Holdings, LLC, of which Rubicon Founders OP GP, LP is the manager.

SCHEDULE 13G

CUSIP No. 74276R102

1

Names of Reporting Persons

Rubicon Founders OP GP 2 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,278,522.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,278,522.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,278,522.00

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)

5.14 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) Consists of shares owned by Puma Growth Holdings, LLC. Rubicon Founders OP GP, LP, of which Rubicon Founders OP GP 2, LLC is the general partner, is the manager of Puma Growth Holdings, LLC.

SCHEDULE 13G

CUSIP No. 74276R102

1

Names of Reporting Persons

Rubicon Founders 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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,278,522.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,278,522.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,278,522.00

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)

5.14 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: (1) Consists of shares owned by Puma Growth Holdings, LLC. Rubicon Founders OP GP 2, LLC, of which Rubicon Founders LLC is the sole member, is the general partner of Rubicon Founders OP GP, LP, which is the manager of Puma Growth Holdings, LLC.

SCHEDULE 13G

CUSIP No. 74276R102

1

Names of Reporting Persons

Adam Boehler

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,278,522.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,278,522.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,278,522.00

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)

5.14 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) Consists of shares owned by Puma Growth Holdings, LLC. Rubicon Founders LLC, of which Mr. Boehler is the managing member, is the sole member of Rubicon Founders OP GP 2, LLC, which is the general partner of Rubicon Founders OP GP, LP, which is the manager of Puma Growth Holdings, LLC.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Privia Health Group, Inc.
(b)	Address of issuer's principal executive offices: 950 N. GLEBE RD., SUITE 700, ARLINGTON, VIRGINIA, 22203
Item 2.
(a)	Name of person filing: Puma Growth Holdings, LLC, a Delaware limited liability company ("Puma"), Rubicon Founders OP GP, LP, a Delaware limited partnership ("RF OP GP"), Rubicon Founders OP GP 2 LLC, a Delaware limited liability company ("RF OP GP 2"), Rubicon Founders LLC, a Delaware limited liability company ("Rubicon Founders"), and Adam Boehler
(b)	Address or principal business office or, if none, residence: 1316 Adams Street, Ste 400, Nashville, TN 37208
(c)	Citizenship: The Reporting Persons (other than Mr. Boehler). are organized under the laws of the state of Delaware. Mr. Boehler is a United States citizen.
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 74276R102
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: As of the close of business on August 7, 2025, the Reporting Persons beneficially own 6,278,522 shares of the Common Stock of the Issuer, through their investment in Puma Growth Holdings, LLC, which directly holds such shares of Common Stock, representing 5.14% of the Issuer's total outstanding shares of Common Stock, based on a total of 122,673,254 shares of Common Stock outstanding as of June 30, 2025 as reported by the Issuer in the Issuer's Quarterly Report on Form 10-Q filed on August 7, 2025
(b)	Percent of class: See Item 4(a) hereof.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 6,278,522 shares of Common Stock
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 6,278,522 shares of Common Stock
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 4(a) above. To the best knowledge of the Reporting Persons, no one other than the Reporting Persons and the limited partners, members, affiliates and shareholders, investors of the Reporting Persons has the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, shares of Common Stock. Such right to proceeds does not relate to more than five percent of the Common Stock for any person.
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.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Puma Growth Holdings, LLC

Signature:	/s/ Cory Reno
Name/Title:	Cory Reno/General Counsel
Date:	08/11/2025

Rubicon Founders OP GP, LP

Signature:	/s/ Cory Reno
Name/Title:	Cory Reno/General Counsel
Date:	08/11/2025

Rubicon Founders OP GP 2 LLC

Signature:	/s/ Cory Reno
Name/Title:	Cory Reno/General Counsel
Date:	08/11/2025

Rubicon Founders LLC

Signature:	/s/ Cory Reno
Name/Title:	Cory Reno/General Counsel
Date:	08/11/2025

Adam Boehler

Signature:	/s/ Adam Boehler
Name/Title:	Adam Boehler
Date:	08/11/2025

Exhibit Information

Exhibit A, Joint Filing Agreement

FAQ

How many Privia Health (PRVA) shares does the Rubicon-linked group report owning?

The Reporting Persons report beneficial ownership of 6,278,522 shares of Privia Health common stock.

What percentage of PRVA does the disclosed stake represent?

The position represents 5.14% of the outstanding common stock, based on the issuer's reported total of 122,673,254 shares.

Is the stake reported as active or passive for Privia (PRVA)?

The position is reported on Schedule 13G with a certification that the shares were not acquired to change or influence control, indicating declared passive intent.

Who holds voting and dispositive power over the disclosed PRVA shares?

The filing reports no sole voting or dispositive power; instead, there is shared voting and shared dispositive power over all 6,278,522 shares.

Which entities and individuals are listed as Reporting Persons for this PRVA filing?

The Reporting Persons are Puma Growth Holdings, LLC, Rubicon Founders OP GP, LP, Rubicon Founders OP GP 2 LLC, Rubicon Founders LLC, and Adam Boehler.