12 West Capital Management LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), 12 West Capital Management LP reported 18 stock positions worth $839.7 million. Its top holding was Shake Shack Class A (SHAK) at 19.0% of the portfolio, followed by GDS Holdings Ltd. - ADR (GDS, 17.8%) and Roblox Class A (RBLX, 10.1%). Compared with Q3 2025, it opened 3 new positions, sold out of 2, added to 2 and reduced 9. The biggest buy was a new position in Hawaiian Electric Inds (HE) and the biggest sale Roblox Class A (RBLX, shares −1%).
- Most Recent 13F
- Q2 2026
- Location
- NEW YORK, NY
- CIK
- 0001540531
- Portfolio Value
- $839.7M (Q4 2025)
- SEC Filing
- 0001540531-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 18 stocks · $839.7M
| SHAK Shake Shack Inc. Class A | 18.98% | 1,963,595 | $159.4M | Add +12.0% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 17.80% | 4,283,776 | $149.5M | Reduce -5.3% |
| RBLX Roblox Corp. Class A | 10.13% | 1,050,000 | $85.1M | Reduce -1.4% |
| TBBB BBB Foods Inc. Class A | 9.40% | 2,362,770 | $78.9M | Reduce -30.1% |
| TOST Toast Inc. Class A | 7.81% | 1,847,840 | $65.6M | Add +3.6% |
| KVYO Klaviyo Inc. Class A | 7.11% | 1,838,000 | $59.7M | No change |
| RGEN Repligen Corp. | 4.71% | 241,233 | $39.5M | No change |
| NET Cloudflare Inc. Class A | 3.87% | 165,000 | $32.5M | No change |
| MRVI Maravai Lifesciences Hldgs-A | 3.45% | 8,921,335 | $29.0M | Reduce -28.8% |
| KRUS Kura Sushi USA Inc. Class A | 3.37% | 541,415 | $28.3M | Reduce -2.7% |
| AFRM Affirm Holdings Inc. | 3.10% | 350,000 | $26.1M | No change |
| HE Hawaiian Electric Inds | 2.71% | 1,850,000 | $22.8M | New |
| WING Wingstop Inc. | 2.24% | 79,000 | $18.8M | Reduce -30.7% |
| BBNX Beta Bionics Inc. | 2.09% | 575,000 | $17.5M | New |
| FWRG First Watch Restaurant Group | 1.92% | 1,070,701 | $16.1M | Reduce -28.2% |
| CPNG Coupang Inc. | 0.70% | 250,000 | $5.9M | New |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.37% | 185,000 | $3.1M | Reduce -32.7% |
| OSCR Oscar Health Inc. Class A | 0.22% | 126,855 | $1.8M | Reduce -32.1% |
Portfolio Sells Q3 2025 → Q4 2025
| RBLX Roblox Corp. Class A | Reduce -1.4% | 10.13% | −5.17 |
| U Unity Software Inc. | Sold out | 0.00% | −4.01 |
| SDHC Smith Douglas Homes Corp. | Sold out | 0.00% | −0.98 |
| WING Wingstop Inc. | Reduce -30.7% | 2.24% | −0.73 |
| FWRG First Watch Restaurant Group | Reduce -28.2% | 1.92% | −0.50 |
| GDS GDS Holdings Ltd. - ADR | Reduce -5.3% | 17.80% | −0.35 |
| MRVI Maravai Lifesciences Hldgs-A | Reduce -28.8% | 3.45% | −0.27 |
| OSCR Oscar Health Inc. Class A | Reduce -32.1% | 0.22% | −0.15 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -32.7% | 0.37% | −0.09 |
| TBBB BBB Foods Inc. Class A | Reduce -30.1% | 9.40% | −0.06 |
| KRUS Kura Sushi USA Inc. Class A | Reduce -2.7% | 3.37% | −0.05 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 18 | $534.7M | GDS, TBBB, RBLX, SHAK, MRVI |
| Q1 2026 | 20 | $592.4M | SHAK, GDS, TBBB, RBLX, TOST |
| Q4 2025 | 18 | $839.7M | SHAK, GDS, RBLX, TBBB, TOST |
| Q3 2025 | 17 | $964.1M | GDS, SHAK, RBLX, TBBB, TOST |
| Q2 2025 | 17 | $945.5M | SHAK, GDS, RBLX, TOST, TBBB |
| Q1 2025 | 17 | $677.6M | SHAK, GDS, RBLX, TBBB, TOST |
| Q4 2024 | 16 | $954.6M | SHAK, GDS, RBLX, TOST, MRVI |
| Q3 2024 | 16 | $975.1M | SHAK, RBLX, MRVI, GDS, TOST |
| Q2 2024 | 18 | $970.3M | SHAK, GO, RBLX, PCOR, TOST |
| Q1 2024 | 23 | $1.1B | SHAK, PCOR, MRVI, GO, TOST |