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Pasqal Holding SA (PSQL) was the subject of a beneficial-ownership report by Runa Capital Fund III, L.P. and its general partner, Runa Capital III (GP), covering 18,961,944 ordinary shares, or 8.9% of the class. The shares are held by the fund, while both reporting persons reported shared voting and dispositive power. The percentage is based on 212,293,691 ordinary shares outstanding as of September 2, 2026.
Key Figures
Beneficially owned ordinary shares:18,961,944 sharesPercent of class:8.9%Ordinary shares outstanding:212,293,691 shares+1 more
4 metrics
Beneficially owned ordinary shares18,961,944 sharesHeld by Runa Capital Fund III, L.P.; shared voting and dispositive power reported by the fund and its general partner
Percent of class8.9%Based on ordinary shares outstanding as of September 2, 2026
Ordinary shares outstanding212,293,691 sharesAs of September 2, 2026
Nominal value per ordinary shareEUR 0.02 per sharePasqal Holding SA ordinary shares
Key Terms
Beneficially Owned, Shared Voting Power, Shared Dispositive Power, rule of three
4 terms
Beneficially Ownedregulatory
"Aggregate Amount Beneficially Owned by Each Reporting Person"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared Voting Powerregulatory
"Shared Voting Power 18,961,944.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 18,961,944.00"
rule of threeregulatory
"in reliance on the "rule of three""
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many Pasqal (PSQL) shares does Runa Capital report owning?
Runa Capital Fund III, L.P. reported beneficial ownership of 18,961,944 ordinary shares, representing 8.9% of the class. The fund and its general partner, Runa Capital III (GP), each reported shared voting and dispositive power over that amount.
Who makes voting decisions for Runa Capital's PSQL shares?
The fund's general partner, Runa Capital III (GP), makes voting and investment decisions through a committee comprising Andrey Bliznyuk, Dmitry Chikhachev, Dmitry Galperin and Ilon Paley (formerly known as Ilya Zubarev). At least three members must vote affirmatively, and each member disclaims beneficial ownership.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Pasqal Holding SA
(Name of Issuer)
Ordinary Shares, nominal value EUR 0.02 per share
(Title of Class of Securities)
F70289107
(CUSIP Number)
09/30/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
F70289107
1
Names of Reporting Persons
Runa Capital Fund III, 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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,961,944.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,961,944.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,961,944.00
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)
8.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Note to Row (2): Reporting Person expressly disclaims status as a group for purposes of this Schedule 13G.
Note to Row (9): Represents ordinary shares, nominal value EUR 0.02 per share ("Ordinary Shares"), of Pasqal Holding SA (the "Issuer") held by Runa Capital Fund III, L.P.
Note to Row (13): This percentage is calculated based upon 212,293,691 Ordinary Shares outstanding as of September 2, 2026.
SCHEDULE 13G
CUSIP Number(s):
F70289107
1
Names of Reporting Persons
Runa Capital III (GP)
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
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
18,961,944.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
18,961,944.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
18,961,944.00
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)
8.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Note to Row (2): Reporting Person expressly disclaims status as a group for purposes of this Schedule 13G.
Note to Row (9): Represents Ordinary Shares held by Runa Capital Fund III, L.P.
Note to Row (13): This percentage is calculated based upon 212,293,691 Ordinary Shares outstanding as of September 2, 2026.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Pasqal Holding SA
(b)
Address of issuer's principal executive offices:
24, rue Emile Baudot, Palaiseau, France
Item 2.
(a)
Name of person filing:
This Schedule 13G is filed jointly on behalf of the following (collectively, the "Reporting Persons"):
(i) Runa Capital Fund III, L.P., a Cayman Islands exempted limited partnership ("Runa Fund III"); and
(ii) Runa Capital III (GP), a Cayman Islands exempted company ("Runa GP-3"), the general partner of Runa Fund III.
(b)
Address or principal business office or, if none, residence:
The principal business address of the Reporting Persons is:
4th Floor, Harbour Place
103 South Church Street
Grand Cayman KY1-1102, Cayman Islands
(c)
Citizenship:
See responses to Row 4 on each cover page.
(d)
Title of class of securities:
Ordinary Shares, nominal value EUR 0.02 per share
(e)
CUSIP Number(s):
F70289107
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:
See responses to Row 9 on each cover page.
All investment and voting decisions relating to the ordinary shares, nominal value EUR 0.02 per share ("Ordinary Shares"), of Pasqal Holding SA (the "Issuer") beneficially owned by the Reporting Persons are made by the investment committee of Runa GP-3, the general partner of Runa Fund III. The investment committee is comprised of Andrey Bliznyuk, Dmitry Chikhachev, Dmitry Galperin and Ilon Paley (formerly known as Ilya Zubarev). Voting and investment decisions of the investment committee requires an affirmative vote of at least three of the foregoing individuals. Accordingly, in reliance on the "rule of three," each member of the investment committee disclaims beneficial ownership over the Ordinary Shares beneficially owned by the Reporting Persons.
(b)
Percent of class:
See responses to Row 11 on each cover page.
The percentages set forth on the cover pages are calculated based on the Issuer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on September 2, 2026, reflecting 212,293,691 Ordinary Shares issued and outstanding as of September 2, 2026.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Row 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Row 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Row 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Row 8 on each cover page.
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.
Not Applicable
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.
Runa Capital Fund III, L.P.
Signature:
/s/ Gary Carr
Name/Title:
Gary Carr, Director, Runa Caiptal III (GP)
Date:
11/10/2026
Runa Capital III (GP)
Signature:
/s/ Gary Carr
Name/Title:
Gary Carr, Director
Date:
11/10/2026
Exhibit Information
99.1 Statement pursuant to Rule 13d-1(k)(1)(iii), filed herewith
