Sea Cliff Partners Management, LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Sea Cliff Partners Management, LP reported 15 stock positions worth $278.4 million. Its top holding was Brightspring Health Services (BTSG) at 13.2% of the portfolio, followed by Udemy (UDMY, 10.5%) and Azek (AZEK, 10.3%). Compared with Q4 2024, it opened 4 new positions, sold out of 4, added to 8 and reduced 3. The biggest buy was a new position in PTC (PTC) and the biggest sale an exit from Coty Class A (COTY).
- Most Recent 13F
- Q2 2026
- Location
- SAN FRANCISCO, CA
- CIK
- 0002011655
- Portfolio Value
- $278.4M (Q1 2025)
- SEC Filing
- 0001420506-25-001069 ↗ filed May 14, 2025
Holdings Value
Holdings 15 stocks · $278.4M
| BTSG Brightspring Health Services | 13.21% | 2,033,247 | $36.8M | Add +17.2% |
| UDMY Udemy Inc. | 10.52% | 3,775,059 | $29.3M | Add +12.7% |
| AZEK The Azek Co. Inc. | 10.26% | 584,376 | $28.6M | Add +21.7% |
| GDDY GoDaddy Inc. Class A | 10.10% | 156,117 | $28.1M | Add +44.5% |
| HXL Hexcel Corp. | 9.07% | 461,202 | $25.3M | Add +25.3% |
| JBTM JBT Marel Corp. | 6.83% | 155,543 | $19.0M | Reduce -23.0% |
| PTC PTC Inc. | 6.74% | 121,000 | $18.7M | New |
| OKTA Okta Inc. | 6.47% | 171,200 | $18.0M | Reduce -25.6% |
| CNM Core & Main Inc. Class A | 6.09% | 351,100 | $17.0M | Add +52.6% |
| MTCH Match Group Inc. | 6.00% | 535,000 | $16.7M | Add +13.1% |
| CZR Caesars Entertainment Inc. | 5.63% | 626,916 | $15.7M | New |
| EVH Evolent Health Inc. Class A | 4.25% | 1,250,158 | $11.8M | Add +50.6% |
| PLAY Dave & Buster's Entertainmen | 2.98% | 472,656 | $8.3M | Reduce -11.7% |
| PLNT Planet Fitness Inc. Class A | 1.33% | 38,255 | $3.7M | New |
| CXM Sprinklr Inc. Class A | 0.51% | 170,000 | $1.4M | New |
Portfolio Sells Q4 2024 → Q1 2025
| COTY Coty Inc. Class A | Sold out | 0.00% | −6.87 |
| TNET Trinet Group Inc. | Sold out | 0.00% | −6.78 |
| NICE Nice Ltd. - Spon ADR | Sold out | 0.00% | −6.48 |
| NABL N-Able Inc. | Sold out | 0.00% | −3.48 |
| PLAY Dave & Buster's Entertainmen | Reduce -11.7% | 2.98% | −2.43 |
| JBTM JBT Marel Corp. | Reduce -23.0% | 6.83% | −2.08 |
| OKTA Okta Inc. | Reduce -25.6% | 6.47% | +0.18 |
Portfolio Buys Q4 2024 → Q1 2025
| PTC PTC Inc. | New | 6.74% | +6.74 |
| CZR Caesars Entertainment Inc. | New | 5.63% | +5.63 |
| BTSG Brightspring Health Services | Add +17.2% | 13.21% | +2.96 |
| GDDY GoDaddy Inc. Class A | Add +44.5% | 10.10% | +2.71 |
| AZEK The Azek Co. Inc. | Add +21.7% | 10.26% | +2.36 |
| CNM Core & Main Inc. Class A | Add +52.6% | 6.09% | +2.03 |
| PLNT Planet Fitness Inc. Class A | New | 1.33% | +1.33 |
| HXL Hexcel Corp. | Add +25.3% | 9.07% | +1.07 |
| EVH Evolent Health Inc. Class A | Add +50.6% | 4.25% | +1.01 |
| UDMY Udemy Inc. | Add +12.7% | 10.52% | +0.96 |
| MTCH Match Group Inc. | Add +13.1% | 6.00% | +0.63 |
| CXM Sprinklr Inc. Class A | New | 0.51% | +0.51 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 14 | $225.5M | BTSG, LTH, WCC, OKTA, JHX |
| Q1 2026 | 13 | $193.7M | BTSG, WCC, LTH, OKTA, ITGR |
| Q4 2025 | 13 | $237.3M | BTSG, WCC, PLNT, HXL, JHX |
| Q3 2025 | 15 | $261.4M | BTSG, PLNT, UDMY, CWAN, OKTA |
| Q2 2025 | 15 | $293.3M | BTSG, JHX, HXL, UDMY, PTC |
| Q1 2025 | 15 | $278.4M | BTSG, UDMY, AZEK, GDDY, HXL |
| Q4 2024 | 15 | $288.3M | BTSG, UDMY, JBTM, HXL, AZEK |
| Q3 2024 | 15 | $298.3M | NABL, NICE, UDMY, COTY, AZEK |
| Q2 2024 | 14 | $292.2M | NABL, UDMY, GDDY, RCM, COTY |
| Q1 2024 | 15 | $304.4M | NICE, UDMY, GDDY, COTY, MSGS |