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Adviser Profile

As of Date 03/29/2024
Adviser Type - Large advisory firm
Number of Employees 2
of those in investment advisory functions 2
Registration SEC, Approved, 3/12/2012

Client Types

- Pooled investment vehicles
- Pension and profit sharing plans
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Recent News

Reported AUM

Discretionary
Non-discretionary
1B 878M 732M 585M 439M 293M 146M
2015 2016 2017 2018 2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeHedge Fund Count3 GAV$765,998,369
Fund TypePrivate Equity Fund Count2 GAV$31,135,505

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Brochure Summary

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.