SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

EQV Ventures Acquisition Corporation II

(Name of Issuer)

Class A ordinary shares, per value $0.0001 per share

(Title of Class of Securities)

G3106Q102

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

G3106Q102

Names of Reporting Persons

Wolverine Asset Management, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,416,036.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,416,036.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,416,036.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.15 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G3106Q102

Names of Reporting Persons

Wolverine Holdings, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,416,036.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,416,036.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,416,036.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.15 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

G3106Q102

Names of Reporting Persons

Christopher L. Gust

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,416,036.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,416,036.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,416,036.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.15 %

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No.

G3106Q102

Names of Reporting Persons

Robert R. Bellick

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,416,036.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,416,036.00

Aggregate Amount Beneficially Owned by Each Reporting Person

2,416,036.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

5.15 %

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

EQV Ventures Acquisition Corporation II

(b)

Address of issuer's principal executive offices:

1090 Center Drive, Park City, Utah 84098

Item 2.

(a)

Name of person filing:

Wolverine Asset Management, LLC Wolverine Holdings, LLC Christopher L. Gust Robert R. Bellick

(b)

Address or principal business office or, if none, residence:

c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604

(c)

Citizenship:

Wolverine Asset Management, LLC - Illinois Wolverine Holdings, LLC - Delaware Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen

(d)

Title of class of securities:

Class A ordinary shares, per value $0.0001 per share

(e)

CUSIP No.:

G3106Q102

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

Item 4.

Ownership

(a)

Amount beneficially owned:

Wolverine Asset Management, LLC ("WAM") is an investment adviser and has voting and dispositive power over 2,416,036 Class A ordinary shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, LLC ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust, may be deemed to control Wolverine Holdings in their roles as Managers of Wolverine Holdings. Each of Wolverine Holdings, Mr. Bellick, and Mr. Gust have voting and dispositive power over 2,416,036 Class A ordinary shares of the Issuer.

(b)

Percent of class:

WAM may be deemed the beneficial owner of 5.15% of the Issuer's outstanding Class A ordinary shares and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.15% of the Issuer's outstanding Class A ordinary shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 46,947,857 (the number of shares outstanding as of November 13, 2025 according to the Issuer's Form 10-Q filed November 14, 2025).

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

(ii) Shared power to vote or to direct the vote:

WAM has shared power to vote or direct the vote of 2,416,036 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to vote or direct the vote of 2,416,036 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.

(iii) Sole power to dispose or to direct the disposition of:

(iv) Shared power to dispose or to direct the disposition of:

WAM has shares power to dispose or direct the disposition of 2,416,036 Class A ordinary shares of the Issuer, and each of Wolverine Holdings, Mr. Bellick, and Mr. Gust has shared power to dispose or direct the disposition of 2,416,036 Class A ordinary shares of the Issuer, in each case as set forth in Item4(a) above.

Item 5.

Ownership of 5 Percent or Less of a Class.

Not Applicable

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.

Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the shares of the Issuer's Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Wolverine Asset Management, LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	01/29/2026

Wolverine Holdings, LLC

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Member
Date:	01/29/2026

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	01/29/2026

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	01/29/2026