--- title: "General Atlantic Q4 2025: Chime +38%, Akero Exit, Biotech Adds" type: research slug: general-atlantic-q4-2025-13f-chime-add-akero-exit-biotech-rotation canonical_url: https://13finsight.com/research/general-atlantic-q4-2025-13f-chime-add-akero-exit-biotech-rotation published_at: 2026-05-11T14:11:44.828Z updated_at: 2026-05-11T14:11:50.572Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 827 locale: en source: 13F Insight --- # General Atlantic Q4 2025: Chime +38%, Akero Exit, Biotech Adds > General Atlantic's Q4 2025 13F runs 13 names and $2.87B — a thin slice of a much larger PE book. The quarter's signal: Chime added 38%, Akero exited, biotech deepens, Webull near-zero. 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 BookThe 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.#HoldingQ4 2025 ValueWeightQoQ Value1DLocal Limited$659.7M22.97%−1.0%2Chime Financial$535.1M18.63%+38.1%3XP Inc$371.6M12.93%−22.5%4Alkami Technology$276.6M9.63%−7.1%5Alignment Healthcare$260.1M9.05%−38.6%6Revolution Medicines$224.0M7.80%+93.9%7Pharvaris$222.9M7.76%+11.2%8Centessa Pharmaceuticals$153.0M5.33%NEW9Nurix Therapeutics$92.9M3.23%NEW10European Wax Center$47.2M1.64%−9.8%The Q3 → Q4 RotationThe 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 Stability13 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 TrajectoryThe 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 WatchThree 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. ## FAQ ### Why is General Atlantic's 13F so small at $2.87 billion? General Atlantic manages roughly $80 billion across private equity, growth equity, and credit. The 13F only captures public US-listed equity positions above the SEC reporting threshold. The $2.87 billion is the public-equity tail of a much larger private portfolio, mostly composed of post-IPO holdings of GA's growth-equity portfolio companies. ### What were General Atlantic's biggest moves in Q4 2025? Chime Financial added 38.1% by value (+10.7% by shares) to become the second-largest position at 18.63%. Revolution Medicines was nearly doubled (+93.9%). Two new biotech positions entered: Centessa Pharmaceuticals and Nurix Therapeutics. On the exit side, Akero Therapeutics (an 8.83% top-five Q3 holding) was fully exited; Webull was cut from 3.45% to 0.01% weight; XP and Alignment Healthcare were materially trimmed. ### How concentrated is General Atlantic's Q4 2025 portfolio? Top 1 (DLocal) is 22.97% of the book. Top 5 cumulative is 73.2%. Top 10 cumulative is 99.0%. The remaining three positions total roughly 1%. This is the shape of a private-equity firm using 13F as a vehicle for post-IPO holdings, not a diversified institutional public-equity manager. ### What does the Webull near-exit tell us? Webull share count fell from 14.69 million to 0.10 million — a 99.3% reduction in one quarter. That magnitude in a single quarter typically reflects a private secondary, an in-kind LP distribution, or a structured exit, rather than open-market selling into liquidity. The remaining 0.01% weight is essentially a residual. ### What should we watch in General Atlantic's next 13F? Three things. First, whether Chime continues to absorb capital and crosses 25% weight, or whether GA begins harvesting. Second, whether the new biotech entries (Centessa, Nurix) hold position. Third, whether the position count stays at 13 or starts to drift higher — Q1 2025 through Q4 2025 has held a remarkable 13-name floor, and any breach signals a softer concentration discipline. --- Source: 13F Insight — https://13finsight.com/research/general-atlantic-q4-2025-13f-chime-add-akero-exit-biotech-rotation Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-11T14:11:50.572Z