Darlington Partners Capital Management, LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Darlington Partners Capital Management, LP reported 14 stock positions worth $2.5 billion. Its top holding was SHIFT4 Payments Class A (FOUR) at 14.0% of the portfolio, followed by Salesforce (CRM, 13.3%) and TPG (TPG, 12.6%). Compared with Q3 2025, it opened 1 new position, sold out of 1, added to 1 and reduced 5. The biggest buy was a new position in Global-E Online (GLBE) and the biggest sale Warner Music Class A (WMG, shares −45%).
- Most Recent 13F
- Q2 2026
- Location
- GREENBRAE, CA
- CIK
- 0001854440
- Portfolio Value
- $2.5B (Q4 2025)
- SEC Filing
- 0001854440-26-000002 ↗ filed Feb 17, 2026
Holdings Value
Holdings 14 stocks · $2.5B
| FOUR SHIFT4 Payments Inc. Class A | 14.03% | 5,571,725 | $350.9M | Add +9.9% |
| CRM Salesforce Inc. | 13.27% | 1,251,852 | $331.6M | No change |
| TPG TPG Inc. | 12.59% | 4,930,047 | $314.7M | No change |
| TKO Tko Group Holdings Inc. | 11.29% | 1,350,367 | $282.2M | No change |
| LPLA LPL Financial Holdings Inc. | 11.19% | 783,006 | $279.7M | Reduce -0.3% |
| WMG Warner Music Group Corp. Class A | 8.16% | 6,651,884 | $204.0M | Reduce -44.5% |
| GLBE Global-E Online Ltd. | 5.91% | 3,760,279 | $147.8M | New |
| LNG Cheniere Energy Inc. | 4.13% | 530,815 | $103.2M | No change |
| FWONK Liberty Media Corp. Class C | 3.78% | 959,329 | $94.5M | Reduce -25.0% |
| ACEL Accel Entertainment Inc. | 3.70% | 8,098,349 | $92.4M | No change |
| BX Blackstone Inc. | 3.69% | 599,227 | $92.4M | No change |
| FUN Six Flags Entertainment Corp. | 3.19% | 5,200,000 | $79.8M | Reduce -40.2% |
| OS Onestream Inc. | 2.82% | 3,839,405 | $70.6M | No change |
| LINE Lineage Inc. | 2.25% | 1,605,810 | $56.2M | Reduce -68.7% |
Portfolio Sells Q3 2025 → Q4 2025
| WMG Warner Music Group Corp. Class A | Reduce -44.5% | 8.16% | −5.63 |
| LINE Lineage Inc. | Reduce -68.7% | 2.25% | −4.45 |
| MLNK Meridianlink Inc. | Sold out | 0.00% | −4.41 |
| FUN Six Flags Entertainment Corp. | Reduce -40.2% | 3.19% | −3.48 |
| FWONK Liberty Media Corp. Class C | Reduce -25.0% | 3.78% | −0.73 |
| LPLA LPL Financial Holdings Inc. | Reduce -0.3% | 11.19% | +2.36 |
Portfolio Buys Q3 2025 → Q4 2025
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 10 | $2.3B | TPG, FOUR, LPLA, TKO, CRM |
| Q1 2026 | 10 | $2.2B | TPG, CRM, FOUR, TKO, LPLA |
| Q4 2025 | 14 | $2.5B | FOUR, CRM, TPG, TKO, LPLA |
| Q3 2025 | 14 | $3.0B | WMG, FOUR, CRM, TPG, TKO |
| Q2 2025 | 14 | $3.1B | FOUR, TKO, WMG, LPLA, CRM |
| Q1 2025 | 14 | $3.0B | FOUR, WMG, TKO, LPLA, CRM |
| Q4 2024 | 14 | $2.7B | TKO, CRM, WMG, LPLA, LNG |
| Q3 2024 | 13 | $2.5B | TKO, CRM, WMG, COLD, LPLA |
| Q2 2024Amended | 11 | $2.0B | TKO, CRM, LNG, WMG, COLD |
| Q1 2024 | 12 | $1.7B | TKO, CRM, COLD, LPLA, WMG |