<SEC-DOCUMENT>0001011438-25-000315.txt : 20250515
<SEC-HEADER>0001011438-25-000315.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515142938
ACCESSION NUMBER:		0001011438-25-000315
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Evolent Health, Inc.
		CENTRAL INDEX KEY:			0001628908
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				320454912
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89390
		FILM NUMBER:		25951486

	BUSINESS ADDRESS:	
		STREET 1:		1812 NORTH MOORE ST, SUITE 1705
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209
		BUSINESS PHONE:		571-389-6000

	MAIL ADDRESS:	
		STREET 1:		1812 NORTH MOORE ST, SUITE 1705
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22209

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIAN CAPITAL MANAGEMENT, LP
		CENTRAL INDEX KEY:			0001423686
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		535 MADISON AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-792-8800

	MAIL ADDRESS:	
		STREET 1:		535 MADISON AVENUE, 36TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIAN CAPITAL MANAGEMENT, LLC
		DATE OF NAME CHANGE:	20080111
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<submissionType>SCHEDULE 13G</submissionType>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001423686</cik>
<ccc>XXXXXXXX</ccc>
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<liveTestFlag>LIVE</liveTestFlag>



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<formData>
<coverPageHeader>
<securitiesClassTitle>Class A Common Stock, par value $0.01 per share</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001628908</issuerCik>
<issuerName>Evolent Health, Inc.</issuerName>
<issuerCusip>30050B101</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>1812 North Moore Street, Suite 1705</com:street1>
<com:city>Arlington</com:city>
<com:stateOrCountry>VA</com:stateOrCountry>
<com:zipCode>22209</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
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<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
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<reportingPersonName>Cadian Capital Management, LP</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>10794606</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>10794606</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10794606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.3</classPercent>
<typeOfReportingPerson>IA</typeOfReportingPerson>
<typeOfReportingPerson>PN</typeOfReportingPerson>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Cadian Capital Management GP, LLC</reportingPersonName>
<citizenshipOrOrganization>DE</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>10794606</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>10794606</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10794606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.3</classPercent>
<typeOfReportingPerson>OO</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
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<coverPageHeaderReportingPersonDetails>

<reportingPersonName>ERIC BANNASCH</reportingPersonName>
<citizenshipOrOrganization>X1</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>10794606</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>10794606</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10794606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.3</classPercent>
<typeOfReportingPerson>IN</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
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<items>
<item1>
<issuerName>Evolent Health, Inc.</issuerName>
<issuerPrincipalExecutiveOfficeAddress>1812 North Moore Street, Suite 1705, Arlington, Virginia, 22209</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>(i) Cadian Capital Management, LP, (ii) Cadian Capital Management GP, LLC, and (iii) Eric Bannasch (collectively, the "Reporting Persons")</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>For each of the Reporting Persons:  535 Madison Avenue, 36th Floor, New York, New York 10022</principalBusinessOfficeOrResidenceAddress>
<citizenship>(i) Cadian Capital Management, LP is a Delaware limited partnership, (ii) Cadian Capital Management GP, LLC is a Delaware limited liability company, and (iii) Eric Bannasch is a United States citizen.</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>IA</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>As of March 31, 2025, each of the Reporting Persons may have been deemed to have beneficially owned 10,794,606 shares of Class A Common Stock, par value $0.01 per share ("Class A Common Stock"), of Evolent Health, Inc. (the "Issuer").  All securities reported in this Schedule 13G were directly held by Cadian Master Fund L.P. and Cadian Opportunities Master Fund LP (collectively, the "Advisory Clients"), advisory clients of Cadian Capital Management, LP (the "Adviser").  Pursuant to Investment Management Agreements between the Advisory Clients and the Adviser, the Adviser exercises exclusive voting and investment power over securities directly held by the Advisory Clients.  Cadian Capital Management GP, LLC is the general partner of the Adviser.  Eric Bannasch is the sole managing member of Cadian Capital Management GP, LLC.</amountBeneficiallyOwned>
<classPercent>As of March 31, 2025, each of the Reporting Persons may have been deemed to have beneficially owned approximately 9.3% of the shares of Class A Common Stock of the Issuer outstanding, based on 116,591,148 shares of Class A Common Stock outstanding as of February 14, 2025, as disclosed in the Issuer's Form 10-K filed with the Securities and Exchange Commission on February 21, 2025.</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>As of March 31, 2025, each of the Reporting Persons may have been deemed to have had sole power to vote or to direct the vote of 0 shares of Class A Common Stock.</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>As of March 31, 2025, each of the Reporting Persons may have been deemed to have had shared power to vote or to direct the vote of 10,794,606 shares of Class A Common Stock.</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>As of March 31, 2025, each of the Reporting Persons may have been deemed to have had sole power to dispose or to direct the disposition of 0 shares of Class A Common Stock.</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>As of March 31, 2025, each of the Reporting Persons may have been deemed to have had shared power to dispose or to direct the disposition of 10,794,606 shares of Class A Common Stock.</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>N</notApplicableFlag>
<ownershipMoreThan5PercentOnBehalfOfAnotherPerson>All securities reported in this Schedule 13G were directly held by the Advisory Clients.  Cadian Master Fund L.P. individually directly holds Class A Common Stock representing more than 5% of the Issuer's Class A Common Stock.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
</item6>
<item7>
<notApplicableFlag>N</notApplicableFlag>
<subsidiaryIdentificationAndClassification>The disclosure regarding the relationships among the Reporting Persons in Item 4 is incorporated by reference herein.</subsidiaryIdentificationAndClassification>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
</item10>
</items>
<exhibitInfo>99.1 Joint Filing Agreement, dated as of May 15, 2025, by and among the Reporting Persons</exhibitInfo>
<signatureInformation>
<reportingPersonName>Cadian Capital Management, LP</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Managing Member, Cadian Capital Management GP, LLC, its General Partner</title>
<date>05/15/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Cadian Capital Management GP, LLC</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Managing Member</title>
<date>05/15/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>ERIC BANNASCH</reportingPersonName>
<signatureDetails>
<signature>/s/ Eric Bannasch</signature>
<title>Eric Bannasch/Self</title>
<date>05/15/2025</date>
</signatureDetails>
</signatureInformation>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
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    <div style="text-align: right;">Exhibit 99.1</div>
    <div>&#160;</div>
    <div style="text-align: center;">AGREEMENT</div>
    <div>&#160;</div>
    <div>In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of Schedule 13G (including additional amendments thereto) with respect to the
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    <div>&#160;Dated:&#160;&#160;May 15, 2025</div>
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            <div>By: Cadian Capital Management GP, LLC, its General Partner</div>
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            <div>&#160;</div>
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            <div>By:&#160; <u>/s/ Eric Bannasch</u></div>
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