Who owns LIBERTY Dental Plan Corporation

Liberty Dental (Project Freedom Holdings, LLC / LIBERTY Dental Plan Corporation) - Profile

LIBERTY Dental Plan Corporation is a dental benefits administrator based in Irvine, California that runs dental coverage for health plans and state programs rather than selling much insurance under its own name. Its business is weighted towards government sponsored populations, covering members through Medicaid, the Children's Health Insurance Program, Medicare Advantage, commercial employer plans and the health insurance exchanges, and it contracts a nationwide network of dentists to deliver the care. The dentist Amir Neshat started it in January 2002 by buying a small California dental insurance company with a few hundred members; it reached roughly 5.7 million members across all 50 states by 2021 and more than 7 million by the time of its 2022 recapitalisation, and it works from operational centres in New York, New Jersey, Florida, Oklahoma and Nevada alongside the California head office. Project Freedom Holdings, LLC is the holding vehicle through which the ownership of that business is held.

The disclosed stakes

One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.

Where each figure comes from

A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.

• Elevance Health, Inc.. FY2025 10-K, Note 5 Investments: 'In January 2023, we made an equity investment in Liberty Dental, a joint venture with Welsh, Carson, Anderson & Stowe which engages in dental insurance and dental health care administration. The investment is accounted for as an equity method investment.' Neither the FY2025 10-K nor the Q2 2026 10-Q discloses the dollar amount of that January 2023 equity investment, so value_usd is left null rather than sourced from the combined 'Equity method investments and joint ventures' balance, which per the brief covers multiple investees (Mosaic Health, Liberty Dental and other unnamed LPs) and cannot be individually assigned. A different, individually-sized figure IS disclosed but is a SEPARATE instrument from the 40% common equity-method stake: in December 2024 Elevance committed to fund mandatorily redeemable preferred equity shares in Liberty Dental of up to $250 million, of which $165 million was disbursed as of December 31, 2025 ($87 million as of December 31, 2024); the resulting mandatorily redeemable preferred equity carrying value was $137 million at December 31, 2025 ($87 million at December 31, 2024), included under 'Other invested assets.' Per the brief's one-instrument-one-basis rule this preferred equity commitment is not used as value_usd for the common equity-method stake; it is recorded here only for context. Elevance also holds a Level III net put option LIABILITY on Liberty Dental of $396 million at June 30, 2026 (an obligation to eventually sell blocks of equity to the majority owner as early as Q3 2026, not an asset), excluded from this holding's value. source