Radcliffe Capital Management, L.P.
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Radcliffe Capital Management, L.P. reported 8 stock positions worth $8.4 million. Its top holding was Ares Acquisition Corp. II at 26.2% of the portfolio, followed by Rigel Resource Acquisit Class A (RRACF, 23.7%) and GSR III Acquisition (GSRT, 20.5%). Compared with Q3 2024, it opened 2 new positions, sold out of 4 and added to 1. The biggest buy was a new position in GSR III Acquisition (GSRT) and the biggest sale an exit from Aa Mission Acquisition Cor-A (AAM).
- Most Recent 13F
- Q2 2026
- Location
- BALA CYNWYD, PA
- CIK
- 0001218275
- Portfolio Value
- $8.4M (Q4 2024)
- SEC Filing
- 0001104659-25-013527 ↗ filed Feb 14, 2025
Holdings Value
Holdings 8 stocks · $8.4M
| ARES ACQUISITION CORP II | 26.16% | 200,000 | $2.2M | No change |
| RRACF Rigel Resource Acquisit Class A | 23.67% | 172,362 | $2.0M | No change |
| GSRT GSR III Acquisition Corp. | 20.48% | 173,900 | $1.7M | New |
| TDACU Translational Development Ac | 14.27% | 119,539 | $1.2M | New |
| BITCOIN DEPOT INC | 5.52% | 285,835 | $463K | Add +134.3% |
| HAYMAKER ACQUISITION CORP 4 | 4.85% | 37,821 | $407K | No change |
| VCIC Vine Hill Capital Class A | 3.46% | 28,896 | $290K | No change |
| IMSR Terrestrial Energy Inc. filed as HCM II ACQUISITION CORP | 1.60% | 13,400 | $134K | No change |
Other holdings (41): bonds, preferreds, convertibles and warrants · $867.5M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | 176,235,008 | $156.4M | Add +1.4% |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | 93,004,000 | $90.9M | Add +173.5% |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | 91,000,000 | $79.4M | Add +12.3% |
| MAGNITE INC (MGNI 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 69,767,000 | $64.5M | No change |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | 53,721,000 | $53.8M | Add +7.4% |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | 54,619,000 | $49.8M | Add +20.7% |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | 35,677,000 | $33.8M | Add +72.5% |
| EXACT SCIENCES CORP (EXAS 1 01/15/25) | NOTE 1.000% 1/1 · principal | 31,770,000 | $31.7M | New |
| ETSY INC (ETSY 0.25 06/15/28) | NOTE 0.250% 6/1 · principal | 38,000,000 | $31.1M | No change |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | 31,730,000 | $29.5M | New |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | 35,139,000 | $28.8M | Add +84.9% |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | 25,822,000 | $23.3M | Add +464.8% |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | 20,940,000 | $21.2M | Reduce -32.3% |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | 19,662,000 | $19.5M | Add +42.2% |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | 24,400,000 | $19.5M | New |
| REPAY HOLDINGS (RPAY 0 02/01/26 *) | NOTE 2/0 · principal | 20,084,000 | $18.7M | New |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | 19,329,000 | $18.7M | New |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | 15,600,000 | $14.4M | Add +2500.0% |
| PACIRA BIOSCIENCES INC (PCRX 0.75 08/01/25) | NOTE 0.750% 8/0 · principal | 10,988,000 | $10.6M | No change |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | 10,100,000 | $8.7M | Add +150.9% |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | 7,300,000 | $6.8M | New |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | 7,000,000 | $6.6M | New |
| ZSCALER INC. (ZS 0.125 07/01/25) | NOTE 0.125% 7/0 · principal | 5,000,000 | $6.2M | No change |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | 6,000,000 | $5.9M | Add +20.0% |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | 5,963,000 | $5.9M | New |
| BLACKLINE INC (BL 0 03/15/26) | NOTE 3/1 · principal | 5,500,000 | $5.2M | No change |
| DROPBOX INC (DBX 0 03/01/28) | NOTE 3/0 · principal | 5,000,000 | $5.1M | No change |
| AKAMAI TECHNOLOGIES INC (AKAM 0.375 09/01/27) | NOTE 0.375% 9/0 · principal | 5,000,000 | $5.0M | No change |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | 5,000,000 | $4.5M | Add +100.0% |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | 2,500,000 | $2.4M | New |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | 2,500,000 | $2.3M | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 2,500,000 | $2.3M | New |
| BILL HOLDINGS INC (BILL 0 04/01/27) | NOTE 4/0 · principal | 2,302,000 | $2.0M | No change |
| OKTA INC (OKTA 0.125 09/01/25) | NOTE 0.125% 9/0 · principal | 1,600,000 | $1.5M | No change |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | 1,000,000 | $928K | New |
| DAYFORCE INC (DAY 0.25 03/15/26) | NOTE 0.250% 3/1 · principal | 500,000 | $481K | No change |
| USARW Inflection Point Acquis-C-28 | *W EXP 08/31/202 | 32,962 | $16K | No change |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 52,042 | $8K | No change |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | 87,238 | $6K | Reduce -77.4% |
| ALCWF Alchemy Investments Acqui-28 | *W EXP 11/30/202 | 30,000 | $3K | No change |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | 14,448 | $2K | New |
Total filed on the 13F, all lines: $875.9M.
Portfolio Sells Q3 2024 → Q4 2024
Portfolio Buys Q3 2024 → Q4 2024
| GSRT GSR III Acquisition Corp. | New | 20.48% | +20.48 |
| TDACU Translational Development Ac | New | 14.27% | +14.27 |
| BITCOIN DEPOT INC | Add +134.3% | 5.52% | +4.05 |
Notes & Other Activity Q3 2024 → Q4 2024
| DIGITALOCEAN HOLDINGS (DOCN 0 12/01/26) | NOTE 12/0 · principal | Add +1.4% | 176,235,008 | $156.4M |
| LIVONGO HEALTH (TDOC 0.875 06/01/25) | NOTE 0.875% 6/0 · principal | Add +173.5% | 93,004,000 | $90.9M |
| TELADOC HEALTH INC (TDOC 1.25 06/01/27) | NOTE 1.250% 6/0 · principal | Add +12.3% | 91,000,000 | $79.4M |
| NEW MOUNTAIN FINANCE COR (NMFC 7.5 10/15/25) | NOTE 7.500%10/1 · principal | Add +7.4% | 53,721,000 | $53.8M |
| UNITY SOFTWARE INC (U 0 11/15/26) | NOTE 11/1 · principal | Add +20.7% | 54,619,000 | $49.8M |
| FIVERR INTERNATIONAL LTD (FVRR 0 11/01/25) | NOTE 11/0 · principal | Add +72.5% | 35,677,000 | $33.8M |
| EXACT SCIENCES CORP (EXAS 1 01/15/25) | NOTE 1.000% 1/1 · principal | New | 31,770,000 | $31.7M |
| RINGCENTRAL INC (RNG 0 03/15/26) | NOTE 3/1 · principal | New | 31,730,000 | $29.5M |
| ENPHASE ENERGY INC (ENPH 0 03/01/28) | NOTE 3/0 · principal | Add +84.9% | 35,139,000 | $28.8M |
| AFFIRM HOLDINGS INC (AFRM 0 11/15/26) | NOTE 11/1 · principal | Add +464.8% | 25,822,000 | $23.3M |
| JAZZ INVESTMENTS I LTD (JAZZ 2 06/15/26) | NOTE 2.000% 6/1 · principal | Reduce -32.3% | 20,940,000 | $21.2M |
| PROSPECT CAPITAL CORP (PSEC 6.375 03/01/25) | NOTE 6.375% 3/0 · principal | Add +42.2% | 19,662,000 | $19.5M |
| BANDWIDTH INC (BAND 0.5 04/01/28) | NOTE 0.500% 4/0 · principal | New | 24,400,000 | $19.5M |
| REPAY HOLDINGS (RPAY 0 02/01/26 *) | NOTE 2/0 · principal | New | 20,084,000 | $18.7M |
| FIVE9 INC (FIVN 0.5 06/01/25) | NOTE 0.500% 6/0 · principal | New | 19,329,000 | $18.7M |
| UPWORK INC (UPWK 0.25 08/15/26) | NOTE 0.250% 8/1 · principal | Add +2500.0% | 15,600,000 | $14.4M |
| ETSY INC (ETSY 0.125 09/01/27) | NOTE 0.125% 9/0 · principal | Add +150.9% | 10,100,000 | $8.7M |
| ENPHASE ENERGY INC (ENPH 0 03/01/26) | NOTE 3/0 · principal | New | 7,300,000 | $6.8M |
| ALARM.COM HLDGS INC (ALRM 0 01/15/26) | NOTE 1/1 · principal | New | 7,000,000 | $6.6M |
| LYFT INC (LYFT 1.5 05/15/25) | NOTE 1.500% 5/1 · principal | Add +20.0% | 6,000,000 | $5.9M |
| RINGCENTRAL INC (RNG 0 03/01/25) | NOTE 3/0 · principal | New | 5,963,000 | $5.9M |
| VISHAY INTERTECHNOLOGY (VSH 2.25 09/15/30) | NOTE 2.250% 9/1 · principal | Add +100.0% | 5,000,000 | $4.5M |
| NICE LTD (NICEIT 0 09/15/25) | NOTE 9/1 · principal | New | 2,500,000 | $2.4M |
| AIRBNB INC (ABNB 0 03/15/26) | NOTE 3/1 · principal | New | 2,500,000 | $2.3M |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | New | 2,500,000 | $2.3M |
| CHEGG INC (CHGG 0.125 03/15/25) | NOTE 0.125% 3/1 · principal | Sold out | 1,732,000 | $1.7Mbefore exit |
| CABLE ONE INC (CABO 0 03/15/26) | NOTE 3/1 · principal | New | 1,000,000 | $928K |
| AAM.WS Aa Mission Acquisition -30 | *W EXP 08/01/203 | Reduce -77.4% | 87,238 | $6K |
| VCICW Vine Hill Capital Class A-2 | *W EXP 07/01/203 | New | 14,448 | $2K |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 251 | $971.9M | AAC.U, GUACU, DBCA, EVAC, MTNE.U |
| Q1 2026 | 231 | $884.6M | DBCA, EVAC, MESH, WENN, ALOV |
| Q4 2025 | 186 | $706.4M | EVAC, MESHU, EVOX, HCMA, SDHI |
| Q3 2025 | 146 | $488.9M | MRLN, EVAC, GTEN, AACB, ATII |
| Q2 2025 | 92 | $217.8M | GTEN, COPL, ONEN, OYSEU, JACS |
| Q1 2025 | 6 | $5.6M | ARES ACQUISITION CORP II, GSRT, MGNI, HAYMAKER ACQUISITION CORP 4, BITCOIN DEPOT INC |
| Q4 2024 | 8 | $8.4M | ARES ACQUISITION CORP II, RRACF, GSRT, TDACU, BITCOIN DEPOT INC |
| Q3 2024 | 10 | $13.1M | AAM, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF |
| Q2 2024 | 8 | $9.7M | ZLSSF, ARES ACQUISITION CORP II, RRACF, USAR, ALCYF |
| Q1 2024 | 39 | $129.6M | SCRM, RRACF, USAR, ARES ACQUISITION CORP II, PLAOF |