i3 Verticals
IIIV
155 hedge funds and large institutions have $671M invested in i3 Verticals in 2025 Q4 according to their latest regulatory filings, with 16 funds opening new positions, 57 increasing their positions, 60 reducing their positions, and 24 closing their positions.
0% more funds holding in top 10
Funds holding in top 10: 2 → 2 (0)
0.84% less ownership
Funds ownership: 111.92% → 111.08% (-0.84%)
5% less repeat investments, than reductions
Existing positions increased: 57 | Existing positions reduced: 60
6% less funds holding
Funds holding: 165 → 155 (-10)
33% less first-time investments, than exits
New positions opened: 16 | Existing positions closed: 24
36% less capital inflows, than outflows
Capital inflows: $36.4M | Capital outflows: $56.6M
Top Buyers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
William Blair Investment Management
Chicago,
Illinois
|
+$10.9M |
| 2 |
UBS Group
Zurich,
Switzerland
|
+$4.96M |
| 3 |
Jennison Associates
New York
|
+$4.36M |
| 4 |
NRCM
North Reef Capital Management
Laguna Beach,
California
|
+$2.13M |
| 5 |
Thrivent Financial for Lutherans
Minneapolis,
Minnesota
|
+$2.07M |
Top Sellers
| Rank | Fund | Capital Flow |
|---|---|---|
| 1 |
Bank of Montreal
Toronto,
Ontario, Canada
|
-$13M |
| 2 |
Geneva Capital Management
Milwaukee,
Wisconsin
|
-$5.6M |
| 3 |
MHP
Manatuck Hill Partners
Westport,
Connecticut
|
-$4.22M |
| 4 |
FCM
Forager Capital Management
Birmingham,
Alabama
|
-$3.25M |
| 5 |
Geode Capital Management
Boston,
Massachusetts
|
-$3.17M |
IIIV Hedge Fund Activity: Q4 2025 in Review
155 of the 8,288 institutional investors tracked by Wall St. Rank reported a position in i3 Verticals (IIIV) for Q4 2025, worth a combined $671M — down 24% from $886M a quarter earlier.
Sellers outnumbered buyers: 24 funds closed out of IIIV and 16 opened new positions — a net loss of 8 holders — while 60 trimmed existing stakes and 57 added.
The largest buyer was William Blair Investment Management, opening a new position worth an estimated $10.9M. The largest seller was Bank of Montreal, exiting entirely with an estimated $13M sold.
- 155 institutional investors held i3 Verticals (IIIV) as of Q4 2025, down from 165 in Q3 2025.
- Funds reported $671M of i3 Verticals stock for Q4 2025, down 24% quarter-over-quarter.
- 16 funds opened new i3 Verticals positions in Q4 2025 and 24 closed out, a net change of -8 holders.
- The largest i3 Verticals buyer in Q4 2025 was William Blair Investment Management, an estimated $10.9M added.
- The largest i3 Verticals seller in Q4 2025 was Bank of Montreal, an estimated $13M sold.
Based on aggregated 13F filings for Q4 2025.