General Atlantic Q4 2025: Chime +38%, Akero Exit, Biotech Adds

General Atlantic, L.P. filed a Q4 2025 13F covering 13 holdings with a reported value of $2.87 billion. The number itself is a footnote — General Atlantic is one of the largest private growth-equity firms in the world; this 13F is the slim public-equity tail of a portfolio that lives mostly in private positions, IPO lockups, and direct deals not subject to SEC 13F reporting. The reading we get from this slice is qualitative more than quantitative: which post-IPO bets are getting added, which are getting harvested, and what the next year's exit / hold posture looks like.

The Q4 2025 tape gives a clear answer in two directions. Chime Financial — the recent neobank IPO — was added 38.1% by value (+10.7% by shares) and jumped from a 12.57% to 18.63% weight, becoming the second-largest position behind DLocal. At the same time, Webull was effectively liquidated (−99.6% by value, share count down 99.3%) and Akero Therapeutics was exited entirely after closing Q3 as an 8.83% top-five position. Two opposite-direction trades, both decisive.

Top of the Book

The portfolio is intensely concentrated: top 1 = 23.0%, top 5 = 73.2%, top 10 = 99.0%. The remaining three positions (Riskified, Grove Collaborative, Webull) total roughly 1% combined. This is not the shape of an institutional public-equity manager — it's the shape of a private-equity firm using the 13F slot to hold post-IPO equity stakes from former portfolio companies. The names that sit at the top are a curated list of GA growth investments that went public.

The Q3 → Q4 Rotation

The QoQ tape splits into a fintech axis and a biotech axis, with each axis seeing both decisive adds and decisive exits.

Fintech axis. Chime added 38% on a real share-count add (not a price-mark gain). XP trimmed 22.5% (11% fewer shares). Webull went from 3.45% weight to 0.01% — effectively closed. Riskified held flat at $26.5M. Alkami flat by share count (the value drop is purely price). The signal: Chime got upweighted from a recent IPO position; XP and Webull, both Brazilian / Asian fintech stories that have been in the GA book longer, got cut. There is a narrowing of the fintech basket toward Chime, not a broadening.

Biotech axis. Revolution Medicines doubled (+93.9%, +13.7% shares). Pharvaris held shares flat — value moved with price. Centessa Pharmaceuticals and Nurix Therapeutics are new positions (initial fund entries this quarter). Akero Therapeutics — an 8.83% top-five resident in Q3 — was exited entirely, and Royalty Pharma was let go. The biotech basket isn't being trimmed; it's being rotated: out of Akero (presumably after AKRO's MASH data outcome window), into earlier-stage names where GA can sit longer.

One inference worth marking: GA exits like Akero and Royalty Pharma typically follow lockup expiry plus a clean exit window. The Webull near-zero is more interesting — that share count went from 14.69M to 0.10M in one quarter, which usually means a private secondary, an in-kind LP distribution, or a structured exit, not a public-market sell into liquidity.

Position-Count Stability

13 names in, 13 names out. Akero exited and Royalty Pharma exited; Centessa and Nurix entered. This is the GA pattern in 13F over the past six quarters — the position count has compressed from 22 (Q1 2024) to 13 (Q1 2025) and held flat at 13–15 since. They are not adding diversification; they are concentrating into a tighter list of public-equity convictions and rotating one or two names per quarter.

AUM Trajectory

The reported 13F value swings between $2.8B and $3.6B over the past six quarters. Reported AUM in 13F is not GA's firm AUM — General Atlantic manages roughly $80B+ across private equity, growth equity, and credit per its public marketing. The 13F number reflects only public US-listed positions held above the SEC reporting threshold. Quarterly swings in this number are dominated by mark-to-market on a tiny number of positions, plus occasional IPOs of GA portfolio companies (Chime is a Q3 2025 example) and exits of others. Do not read the 13F line as if it were a hedge fund's live AUM.

What To Watch

Three signals from this filing are worth tracking forward:

• Chime weight ceiling. 18.63% is a large weight in a 13-name book. If GA continues adding into Q1 2026, the position is on track to test 25% and crowd out DLocal at the top. If they trim, it suggests harvesting begins.
• Biotech basket integrity. RVMD, Pharvaris, CNTA, and NRIX collectively add to 24.12%. Watch whether the new entries (CNTA, NRIX) hold position and whether RVMD continues to absorb capital.
• Position count drift. 13 holdings has been the floor for three consecutive quarters. Adds without exits would signal a softer concentration discipline; exits without adds would signal a continued pull-back.

For peer-comparable concentrated growth-equity tape, see other research articles. To track new 13D/G activity on these tickers as it lands, the institutional signal feed surfaces filings within hours of publication. Source filing on EDGAR via General Atlantic's SEC company filings page.