WARBURG PINCUS LLC

2. Key Holdings

The portfolio is dominated by three specific positions, each representing a distinct strategic allocation:

• Sotera Health Company (SHC) – 73.13% Allocation: This is the unequivocal anchor of the portfolio, valued at approximately $972.48 million. Despite a reduction of 16.3% in share count (a divestment of roughly $151.56 million), SHC remains the overwhelming focus. This indicates that while the firm may be taking some profits or managing risk exposure, their fundamental conviction in Sotera Health remains the primary driver of the fund's performance.
• Banc of California, Inc. (BANC) – 19.41% Allocation: The second-largest holding is valued at $258.06 million. The position remained unchanged during the quarter at 15.59 million shares, signaling stability in the firm's view of the financial services sector. This holding provides significant exposure to regional banking and serves as a major counterweight to the healthcare concentration.
• Docebo Inc. – 7.46% Allocation: The smallest position, valued at $99.23 million, was also held unchanged. This position adds technology exposure to the portfolio, rounding out the top three without requiring significant capital allocation.