DFX Intelligence
RIA Intelligence
Registered investment advisers, the advisors registered through them, the capital they report, the private vehicles they run and the people who own them, as a graph with a filing date behind every number. RAUM is what the adviser filed, a move is two registration dates, and a class is a rule you can read.
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SEC-registered adviser
T••••••
Legal name T•••••• P••••••• L••
Latest filing Jun 18, 2026
First filing on the tape Oct 27, 2016 · 30 filings
SEC status approved since Nov 4, 2016
RAUM
$1.0B
reported, Item 5.F
Discretionary
100%
of RAUM
Private clients
0.0%
$0 individuals and HNW
Advisors
0
registered through the firm on IAPD
RAUM per advisor
n/a
derived; firm RAUM over IAPD count
Employees
121
3 advisory (5.B.1)
Offices
0
beyond the principal office
Private funds
3
reported on Schedule D
History
30 filings and snapshots on the tape
RAUM$1.0B as of Jun 18, 2026
Mar 31, 2017$214M then
HNW client RAUM: no history
State-registered IARs (5.B.3)0 as of Jun 18, 2026
Mar 31, 20170 then
Employees (5.A)121 as of Jun 18, 2026
Mar 31, 20178 then
Private funds3 as of Jun 18, 2026
Mar 31, 20171 then
RAUM -39% over the last fiscal year-28% a year over threeIARs 0 to 0
Practice profile
derived from the filing of Jun 18, 2026; every figure names its basis
- RAUM per advisor
- unknownderivedRAUM over IAPD advisors; not a book size
- Clients per advisor
- unknownderivedindividual and HNW clients (5.D) over advisors
- Average HNW client
- unknownderivedHNW RAUM over HNW clients
- Average account
- $258MderivedRAUM over accounts (5.F.2.f)
- Discretionary
- 100%derivedof RAUM
- Institutional
- 0.6%derivedpensions, charities, corporations, government, insurance, banks, other advisers
- Employees per advisor
- unknownderivedItem 5.A over advisors
- Advisors per office
- unknownderived1 offices incl. principal (1.F.5)
- RAUM growth, one year
- -39%derivedbetween the last two annual amendments
- Advisor growth, one year
- unknownderivedItem 5.B.3 between annual amendments
- Client growth, one year
- unknownderived
- Compensation
- percentage of assets, performance-basedreportedItem 5.E
- Advisory activities
- portfolio management for businesses and institutions, portfolio management for pooled vehiclesreportedItem 5.G
- Custody
- $1.0B, 3 clientsreportedItem 9.A
- Ownership
- no PE, bank or public-company owner found on Schedule Aderived
- Advisor book size
- not public; not estimatedreported
Also answered yes on Form ADV
- buys or sells securities as principal to or from clients (8.A.2)
- has discretionary authority over which securities are bought or sold (8.C.1)
- has custody of client cash or bank accounts (9.A.1.a)
- has custody of client securities (9.A.1.b)
- a related person has custody of client cash (9.B.1.a)
- a related person has custody of client securities (9.B.1.b)
- marketing includes hypothetical performance (5.L.3)
Where the RAUM sits
Form ADV Item 5.D, latest filing
- Pooled investment vehicles$1.0B99%
- Charitable organizations$6.6M0.6%
- Individual clients
- n/areported
- HNW clients
- n/areported
- Pension plan clients
- n/areported
- Charitable clients
- n/areported
- Accounts
- 4reported
- Financial planning clients
- reported
- Wrap fee programs
- noreported
- Custody of client assets
- $1.0B for 3 clientsreported
- Compensation
- % of AUM, performancereported
- Class basis
- private_client_share=0.0 fund_share=0.99 institutional_share=0.01 related_bd=false related_bank=true bd_reps=0.0derived
Advisors registered through the firm
0 on IAPD today, longest tenure first
No representative is registered through this CRD on IAPD.
Advisor movement
Left, latest
none on the tape
Joined, latest
none on the tape
Private funds
7 reported on Schedule D 7.B.(1)
| Fund | Type | Gross assets | Owners | First reported |
|---|---|---|---|---|
| T•••••• M••• M••••• F••• L• | Hedge Fund | $1.5B | 115 | Oct 27, 2016 |
| T•••••• P•••• P••• Y•••• F••• M••••• L• | Hedge Fund | $458M | 38 | Mar 29, 2018 |
| T•••••• M••• F••• L•no longer reported | Hedge Fund | $74.0M | 99 | Jan 5, 2016 |
| T•••••• S•••• D••••••• L•••••••• F•••• L•••no longer reported | Hedge Fund | $70.0M | 1 | Mar 26, 2021 |
| T•••••• O••••••••• F•••• L••• | Private Equity Fund | $20.5M | 3 | Mar 29, 2024 |
| T•••••• I••••••••• M•••••• E•••••• L•• | Other Private Fund | $1.8M | 26 | Mar 29, 2024 |
| T•••••• C••••• O••••••••• F••• I• • A••• L•••no longer reported | Hedge Fund | $0 | 0 | Apr 30, 2021 |
Owners and control persons
Schedule A and B, latest filing
- E••••••••• H•••• D• L• V••••• · Chief Investment Officercontrolsince 09/2013 · owns less than 5%
- P•••••• E•••••••• · Chief Financial Officercontrolsince 10/2024 · owns less than 5%
- P•••••••• R•••• T• · Chief Executive Officercontrolsince 07/2020 · owns less than 5%
- W•••••• E•••• J••• · Chief Legal Officercontrolsince 10/2024 · owns less than 5%
- W•••••• N•••••••• A• · Chief Compliance Officercontrolsince 07/2023 · owns less than 5%
Entity owners
- T•••••• T••••••••• I••• · Sole Memberdirect · owns 75% or more
- P••••• T••••••••• L••• · Memberindirect · owns 75% or more of P••••• U• H•••••• C•••••• L•• · public reporting company
- P••••• U• H•••••• C•••••• L•• · Memberindirect · owns 75% or more of T•••••• T••••••••• I•••
Related persons
Schedule D 7.A
- T•••••• O••••••••• F••• G•• L••pooled vehicle sponsory
- T•••••• S•••• D••••••• L•••••••• F••• G•• L••pooled vehicle sponsory
Offices
Schedule D 1.F, the 25 largest
- New York, NY13 employees
ADV anomalies
1 against comparable advisers; where to look, not conclusions
- RAUM down 25 %Change between filings · filing Mar 30, 2026RAUM (Item 5.F) moved from $1,683,790,473 to $1,032,394,333 (-39.0%) between the annual amendments of 2025-03-31 and 2026-03-30; the peer median change was +11.0% (1368 comparable advisers, 2.0th percentile of changes)peers: asset managers, $1B to $5B (1,368) · 1.8% percentile
What changed
consecutive filings, newest first
- Accounts · 5 to 4May 14, 2025 to Mar 30, 2026
- Advisory employees · 5 to 3May 14, 2025 to Mar 30, 2026
- Pooled vehicle clients · 4 to 3May 14, 2025 to Mar 30, 2026
- Assets in custody · $1.6B to $1.0BMay 14, 2025 to Mar 30, 2026
- Employees · 133 to 121May 14, 2025 to Mar 30, 2026
- Private funds · 4 to 3May 14, 2025 to Mar 30, 2026
- Discretionary RAUM · $1.7B to $1.0BMay 14, 2025 to Mar 30, 2026
- Pooled vehicle RAUM · $1.7B to $1.0BMay 14, 2025 to Mar 30, 2026
- RAUM · $1.7B to $1.0BMay 14, 2025 to Mar 30, 2026
- Financial planning clients · unset to Mar 31, 2025 to May 14, 2025
- Accounts · 10 to 5Feb 19, 2025 to Mar 31, 2025
- Advisory employees · 29 to 5Feb 19, 2025 to Mar 31, 2025
- Pooled vehicle clients · 9 to 4Feb 19, 2025 to Mar 31, 2025
- Assets in custody · $1.9B to $1.6BFeb 19, 2025 to Mar 31, 2025
- Employees · 62 to 133Feb 19, 2025 to Mar 31, 2025
- Financial planning clients · 0 to unsetFeb 19, 2025 to Mar 31, 2025
- HQ city · SAN MATEO to NEW YORKFeb 19, 2025 to Mar 31, 2025
- HQ state · CA to NYFeb 19, 2025 to Mar 31, 2025
- Other offices · 1 to 0Feb 19, 2025 to Mar 31, 2025
- Discretionary RAUM · $2.0B to $1.7BFeb 19, 2025 to Mar 31, 2025
- Pooled vehicle RAUM · $2.0B to $1.7BFeb 19, 2025 to Mar 31, 2025
- RAUM · $2.0B to $1.7BFeb 19, 2025 to Mar 31, 2025
- Related adviser · false to trueFeb 19, 2025 to Mar 31, 2025
- Related bank · false to trueFeb 19, 2025 to Mar 31, 2025
- Accounts · 9 to 10Jul 26, 2023 to Mar 29, 2024
- Advisory employees · 21 to 29Jul 26, 2023 to Mar 29, 2024
- Pooled vehicle clients · 7 to 9Jul 26, 2023 to Mar 29, 2024
- Assets in custody · $2.6B to $1.9BJul 26, 2023 to Mar 29, 2024
- Employees · 64 to 62Jul 26, 2023 to Mar 29, 2024
- Other offices · 0 to 1Jul 26, 2023 to Mar 29, 2024
- Private funds · 2 to 4Jul 26, 2023 to Mar 29, 2024
- Discretionary RAUM · $2.8B to $2.0BJul 26, 2023 to Mar 29, 2024
- Pooled vehicle RAUM · $2.6B to $2.0BJul 26, 2023 to Mar 29, 2024
- RAUM · $2.8B to $2.0BJul 26, 2023 to Mar 29, 2024
- Accounts · 8 to 9Feb 25, 2022 to Mar 27, 2023
- Advisory employees · 16 to 21Feb 25, 2022 to Mar 27, 2023
- Assets in custody · $2.0B to $2.6BFeb 25, 2022 to Mar 27, 2023
- Employees · 34 to 64Feb 25, 2022 to Mar 27, 2023
- Discretionary RAUM · $2.1B to $2.8BFeb 25, 2022 to Mar 27, 2023
- Pooled vehicle RAUM · $2.0B to $2.6BFeb 25, 2022 to Mar 27, 2023
Signals
14 dated events
- Theorem reported RAUM $1.0B, down 39% from $1.7B (2025-05-14 to 2026-03-30)Mar 30, 2026 · RAUM change · derived
- John Eric Watson (Chief Legal Officer) appeared on Schedule A of TheoremOct 31, 2024 · Control person joined · fact
- Evangelos Perros (Chief Financial Officer) appeared on Schedule A of TheoremOct 31, 2024 · Control person joined · fact
- D•••• B•••• B••• (General Counsel) no longer on Schedule A of Theorem (listed 2024-09-26, absent 2024-10-31)Oct 31, 2024 · Control person left · inference
- Theorem reported RAUM $2.0B, down 27% from $2.8B (2023-07-26 to 2024-03-29)Mar 29, 2024 · RAUM change · derived
- A Nicholas Wilson (Chief Compliance Officer) appeared on Schedule A of TheoremJul 26, 2023 · Control person joined · fact
- Theorem reported RAUM $2.8B, up 29% from $2.1B (2022-02-25 to 2023-03-27)Mar 27, 2023 · RAUM change · derived
- Theorem reported RAUM $2.1B, up 41% from $1.5B (2022-01-28 to 2022-02-25)Feb 25, 2022 · RAUM change · derived
- T Ryan Podolsky (Chief Operating Officer) appeared on Schedule A of TheoremMar 26, 2021 · Control person joined · fact
- Theorem reported RAUM $1.2B, up 70% from $730.5M (2019-10-02 to 2020-03-13)Mar 13, 2020 · RAUM change · derived
- D•••• B•••• B••• (Chief Compliance Officer, General Counsel) appeared on Schedule A of TheoremOct 2, 2019 · Control person joined · fact
- Theorem reported RAUM $730.5M, up 50% from $485.4M (2018-08-09 to 2019-03-27)Mar 27, 2019 · RAUM change · derived
- Theorem reported RAUM $485.4M, up 127% from $213.8M (2017-06-19 to 2018-03-29)Mar 29, 2018 · RAUM change · derived
- Theorem filed its initial SEC registration (Form ADV)Oct 27, 2016 · First SEC registration · fact
Across DFX
shared identifiers only, never a name match
- Theorem · Private Equityshared crd · organization
How to reach
public business contact points only, each with its source
- Firm profile
- linkedin.com/company/pagayareportedpublic record, Form ADV, Sep 19, 2026
- Website
- p•••••.comreportedpublic record, Form ADV, Sep 19, 2026
- Principal office phone
- 646-214-8587reportedpublic record, Form ADV, Jun 18, 2026
Provenance
- Form ADV
- SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
- Advisors
- IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
- Class
- Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
- RAUM per advisor
- n/aderivedfirm RAUM over the IAPD count; not a book size
- Loaded
- Sep 14, 2026