Silver Lake Group, L.L.C.

Silver Lake's $3.68 billion U.S.-listed public portfolio for March 2026 is not a conventional investment portfolio and should not be read as one. The filing represents the publicly-traded holdings of the world's largest technology-focused private equity firm, and the positions shown are largely stakes in Silver Lake portfolio companies that have gone public or remain publicly traded — not independent security selections made within a diversified long-only mandate. The AUM contracted from $5.03 billion to $3.68 billion in Q1, a 27% decline that was driven principally by two mark-to-market events: Unity Software (SBE / U), Silver Lake's largest public position at year-end, fell from $1.53 billion to $762 million as the game-engine and metaverse platform company's stock continued its multi-quarter decline; and First Advantage, the background-check and HR technology company backed by Silver Lake, fell from $1.30 billion to $1.05 billion. Together these two positions account for $1.0 billion of the $1.35 billion reported AUM decline. The portfolio remained otherwise remarkably stable — ten of the thirteen positions were held at unchanged share counts across the quarter — which is consistent with the holding-company nature of these investments: Silver Lake does not trade these positions on a quarterly basis, it holds them as representations of its PE portfolio companies' public equity. The one meaningful trading action was a major reduction in Klarna, the Swedish buy-now-pay-later company in which Silver Lake has been a major backer: the position was cut from $418 million to $189 million, a 55% reduction, reflecting either a partial exit at a gain or a rebalancing within Silver Lake's aggregate Klarna exposure across public and private holdings. Three token-sized new positions in REITs — Dell Technologies, Realty Income Corp, and HealthPeak Properties — appeared at share counts so small (less than $500K combined) that they are more consistent with overhang-or-settlement receipt than deliberate portfolio construction. For readers using this filing, the appropriate interpretation is not 'what does Silver Lake's public portfolio tell us about its investment views?' but rather 'what is the current market value of Silver Lake's liquid public stakes in its portfolio companies?' — the answer being $3.68 billion, down from $5.03 billion, reflecting broader tech-market weakness rather than any new conviction signal.