Overview
A. General Description of Advisory Firm
Dalal Street, LLC, which does business as Pabrai Investment Funds, is a limited liability company
(the “Adviser”) that was formed on May 1, 2005 in California. Effective July 8, 2021, the Adviser
converted from a California limited liability company to a Texas limited liability company. There
was no practical change in control or management of the Adviser as a result of the conversion.
The owner of the Adviser is Mohnish Pabrai. The Adviser provides investment management
services to limited partnerships or companies (each, a “Client” or “Private Fund,” and, collectively,
the “Clients” or “Private Funds”) organized under the laws of the United States or the British
Virgin Islands. The Adviser serves as general partner to or manager of each Client and tailors its
advisory services as described in the relevant Client’s private placement memorandum and/or as
set forth in such Client’s organizational documents. Please refer to Item 8 for a more detailed
description of the Adviser’s management strategies as well as the securities and other
instruments purchased by the Adviser on behalf of the Clients.
As of the date hereof, the Adviser provides investment management services to the following
Clients: The Pabrai Investment Fund II, L.P., Pabrai Investment Fund 3, Ltd., The Pabrai
Investment Fund IV, L.P. (collectively “Pabrai Funds”), Dhandho Holdings Offshore Ltd.,
operating as a master-feeder structure, investing substantially all of its assets within Dhandho
Holdings, L.P.,
and Dhandho Holdings Qualified Purchaser, L.P., a parallel fund to Dhandho
Holdings L.P. (collectively “Dhandho Holdings”). The Adviser also manages two proprietary
accounts.
B. Description of Advisory Services
See Item 8.
C. Availability of Customized Services for Individual Clients
The Adviser tailors its advisory services as described in the relevant Client’s private placement
memorandum and/or as set forth in such Client’s organizational documents.
The Adviser may provide co-investment opportunities to certain underlying investors in Dhandho
Holdings (each, a “Dhandho Holdings Investor” and collectively with the underlying investors in
the Pabrai Funds, the “Investors”) but need not make such investment opportunities available
to all Dhandho Holdings Investors pro rata or on a uniform basis.
Advisory services for each Client are not tailored to the individual needs of Investors. Investors
may not impose restrictions on the Adviser with respect to the investments it makes on behalf
of the Clients.
Persons reviewing this Form ADV Part 2A should not construe this as an offering of any of the
Clients described herein, which will only be made pursuant to the delivery of a private placement
memorandum to prospective investors.
D. Wrap Fee Programs
The Adviser does not participate in wrap fee programs.
E. Assets Under Management
The Adviser’s collective Client regulatory assets under management as of December 31, 2023
were $798,274,634, all of which are managed on a discretionary basis.