DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP

Darlington Partners' $2.50B Q4 2025 13F is a concentrated, quality-software-and-media portfolio that made one dramatic rotation: its two largest reductions — Lineage Inc and Six Flags Entertainment — were reversed into four new positions totaling $761M. TPG, the private-equity franchise, entered at $314.7M; Warner Music Group at $204.0M; Global-E Online, an international-commerce enablement platform, at $147.8M; and Liberty Media's tracking stock FWONK at $94.5M. The only outright sale was MeridianLink at $130.7M, funding part of the redeployment. Fourteen holdings remain, with Shift4, Salesforce, TKO Group, and LPL Financial each between 11% and 14% of assets. The portfolio is a coherent bet on payments infrastructure, enterprise software, media intellectual property, and financial-intermediation businesses.