Who owns Mosaic Health (Augusta Topco Holdings, L.P.)

Mosaic Health (Augusta Topco Holdings, L.P.) - Profile

Mosaic Health is a United States primary care delivery platform launched in August 2024 by Elevance Health and the private equity firm Clayton, Dubilier & Rice, which combined their respective care delivery assets under a single holding company. The platform brought together the CD&R companies Apree Health, an advanced primary care and navigation business serving employers, and Millennium Physician Group, a large independent physician group in Florida, with Carelon Health, the Elevance clinic business that operated dozens of sites across eight states and Washington, D.C., subject to regulatory approvals. Mosaic Health runs value based primary care for consumers covered by commercial, Medicare, Medicaid and employer sponsored plans, and at launch said it would reach close to one million patients across 19 states. Clay Richards, an operating partner at CD&R, serves as executive chair.

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., as of 1 Jan 2025. Not share-denominated: an LP equity-method interest. FY2025 10-K, Note 5 Investments: 'On August 6, 2024, we made an equity investment of $2,580, consisting of cash and the net put option discussed in Note 6, Derivative Financial Instruments, in Mosaic Health. Mosaic Health is a joint venture with Clayton, Dubilier & Rice (CD&R) that is designed to accelerate innovation in care delivery... bringing together certain care delivery and enablement assets of Carelon Management Services, LLC (CMSI Assets), a Carelon Health business, and two CD&R portfolio businesses, apree health and Millennium Physician Group. The investment is accounted for as an equity method investment. Our additional contribution of the CMSI Assets to Mosaic Health was completed on January 1, 2025, for which we received an additional $300 of equity (approximately 5% ownership) in Mosaic Health.' The Q2 2026 10-Q, Note 4 Investments, repeats the resulting stake as 'approximately 40%'. value_usd here is the sum of the two individually-disclosed contribution amounts ($2,580 million plus $300 million = $2,880 million), which is COST AT CONTRIBUTION, not a current fair or carrying value: it is recorded per the brief's rule against never assigning a combined balance to one investee, because the only current-dated figure in either filing is a combined line, 'Equity method investments and joint ventures $3,112 (Jun 30, 2026) / $3,136 (Dec 31, 2025)' million, that explicitly covers both Mosaic Health and Liberty Dental together plus other unnamed LPs and investee companies, and cannot be split between them. Separately, in connection with this investment Elevance entered into a financing agreement (a $200 million term loan and up to $500 million line of credit to Mosaic Health, of which $100 million was drawn in December 2025; $282 million net receivable at both June 30, 2026 and December 31, 2025) and holds a Level III net put option LIABILITY on Mosaic Health of $1,330 million at June 30, 2026 (an obligation to eventually sell blocks of equity back to the majority owners as early as 2028, not an asset), both excluded from this holding's value as they are different instruments. sourcesource 2