DFX Intelligence

RIA Intelligence

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SEC-registered adviser

P••••• I••••••••• U• L••

Asset manager (funds and pooled vehicles)New York, New YorkCRD 299672SEC 801-121084website IAPD

Latest filing Jun 18, 2026

First filing on the tape Mar 31, 2021 · 20 filings

SEC status approved since May 3, 2021

RAUM

$985M

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

121

4 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

20 filings and snapshots on the tape

RAUM$985M as of Jun 18, 2026

Mar 30, 2022$1.6B then

HNW client RAUM: no history

State-registered IARs (5.B.3)0 as of Jun 18, 2026

Mar 30, 20220 then

Employees (5.A)121 as of Jun 18, 2026

Mar 30, 2022176 then

Private funds11 as of Jun 18, 2026

Mar 30, 20225 then

RAUM -46% over the last fiscal year-27% 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: $89.6MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%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: -46%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 pooled vehiclesreportedItem 5.G
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)
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$985M100%

Individual clients: n/areported
HNW clients: n/areported
Pension plan clients: n/areported
Charitable clients: n/areported
Accounts: 11reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: noreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 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

Every departure Every arrival

Private funds

13 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
P••••• O••••••••• M••••• F••• L•••	Hedge Fund	$1.5B	1,228	Sep 24, 2021
P••••• O••••••••• F•••• L•no longer reported	Hedge Fund	$370M	411	Jun 11, 2019
P••••• A••• L•••• M••••• F••• L•••	Hedge Fund	$280M	352	Mar 30, 2022
P••••• S•••••••• F• F••••• 3• L•	Real Estate Fund	$142M	98	Sep 24, 2021
P••••• A••• L•••• F•••• L•no longer reported	Hedge Fund	$141M	274	Mar 25, 2020
P••••• S•••••••• F• F••••• 1• L•	Real Estate Fund	$111M	100	Sep 24, 2021
P••••• S•••••••• F• F••••• 2• L•	Real Estate Fund	$55.4M	83	Sep 24, 2021
P••••• S•••••••• F• F••••• 4• L•	Real Estate Fund	$5.8M	2	Mar 28, 2023
P••••• S•••••••• F••• I• •••• F••••• L•	Real Estate Fund	$5.4M	6	Mar 28, 2023
P••••• S•••••••• F••• I• ••••• F••••• L•	Real Estate Fund	$4.8M	21	Mar 28, 2023
P••••• S•••••••• F••• I• ••••• F••••• L•	Real Estate Fund	$4.0M	13	Mar 28, 2023
P••••• S•••••••• F••• I• ••••••• F••••• L•	Real Estate Fund	$3.6M	16	Mar 28, 2023
P••••• S•••••••• F••• I• ••• F••••• L•	Real Estate Fund	$0	0	Mar 28, 2023

Owners and control persons

Schedule A and B, latest filing

D••• S••••• · Presidentcontrol
since 10/2023 · owns less than 5%
E••••••••• M•••••• B•••• · Chief Compliance Officercontrol
since 06/2023 · owns less than 5%
K•••••••• G•• · Chief Executive Officercontrol
since 07/2017 · owns less than 5%
L••••• R••••• L•• F• · Chief Operating Officer And Chief Commercial Officercontrol
since 08/2024 · owns less than 5%
M•••••• E•••••• J••• · Chief Investment Officercontrol
since 04/2019 · owns less than 5%
P•••••• E•••••••• · Chief Financial Officercontrol
since 11/2023 · owns less than 5%
W•••••• E•••• J••• · Chief Legal Officercontrol
since 06/2023 · owns less than 5%

Entity owners

P••••• U• H•••••• C•••••• L•• · Member
direct · owns 75% or more
P••••• T••••••••• L••• · Member
indirect · owns 75% or more of P••••• U• H•••••• C•••••• L•• · public reporting company

Related persons

Schedule D 7.A

A•••• P••••••• M••••••••• L••
investment companyn
D••••• H•••• F••••••• L••
investment companyn
D••••• H•••• G••••••• L••
investment companyn
D••••• H•••• M•••••••• L••
investment companyn
D••••• H•••• T••••• L••
investment companyn
D••••• H••••• I•••
investment companyn
D••••• H••••• L••
investment companyn
P••••• R• M••••••••• G• L••
pooled vehicle sponsory
P••••• A••• L•••• M•••••• L•
bankpooled vehicle sponsory
P••••• O••••••••• M•••••• L•••
pooled vehicle sponsory
P••••• S••••••••• P••••••• L••
pooled vehicle sponsorn
P••••• U• H•••••• C•••••• L••
pooled vehicle sponsory
S•• F••• I• G• L••
pooled vehicle sponsory

Offices

Schedule D 1.F, the 25 largest

No branch office listed.

ADV anomalies

1 against comparable advisers; where to look, not conclusions

RAUM down 25 %Change between filings · filing Mar 30, 2026
RAUM (Item 5.F) moved from $1,813,199,161 to $985,384,731 (-46.0%) between the annual amendments of 2025-03-31 and 2026-03-30; the peer median change was +8.0% (672 comparable advisers, 1.0th percentile of changes)
peers: ASSET_M••••••, $500M to $1B (672) · 1.5% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Employees · 133 to 121
May 22, 2025 to Mar 30, 2026
Discretionary RAUM · $1.7B to $985M
May 22, 2025 to Mar 30, 2026
Pooled vehicle RAUM · $1.7B to $985M
May 22, 2025 to Mar 30, 2026
RAUM · $1.7B to $985M
May 22, 2025 to Mar 30, 2026
Financial planning clients · unset to
Mar 31, 2025 to May 22, 2025
Discretionary RAUM · $1.8B to $1.7B
Mar 31, 2025 to May 22, 2025
Pooled vehicle RAUM · $1.8B to $1.7B
Mar 31, 2025 to May 22, 2025
RAUM · $1.8B to $1.7B
Mar 31, 2025 to May 22, 2025
Employees · 117 to 133
Jan 31, 2025 to Mar 31, 2025
Discretionary RAUM · $2.1B to $1.8B
Jan 31, 2025 to Mar 31, 2025
Pooled vehicle RAUM · $2.1B to $1.8B
Jan 31, 2025 to Mar 31, 2025
RAUM · $2.1B to $1.8B
Jan 31, 2025 to Mar 31, 2025
Related adviser · false to true
Jan 31, 2025 to Mar 31, 2025
Employees · 166 to 117
Dec 14, 2023 to Mar 28, 2024
Discretionary RAUM · $2.5B to $2.1B
Dec 14, 2023 to Mar 28, 2024
Pooled vehicle RAUM · $2.5B to $2.1B
Dec 14, 2023 to Mar 28, 2024
RAUM · $2.5B to $2.1B
Dec 14, 2023 to Mar 28, 2024
Discretionary RAUM · $2.5B to $2.5B
Mar 28, 2023 to Jun 1, 2023
Pooled vehicle RAUM · $2.5B to $2.5B
Mar 28, 2023 to Jun 1, 2023
RAUM · $2.5B to $2.5B
Mar 28, 2023 to Jun 1, 2023
Accounts · 5 to 11
Jul 5, 2022 to Mar 28, 2023
Pooled vehicle clients · 5 to 11
Jul 5, 2022 to Mar 28, 2023
Employees · 176 to 166
Jul 5, 2022 to Mar 28, 2023
Private funds · 5 to 11
Jul 5, 2022 to Mar 28, 2023
Discretionary RAUM · $1.6B to $2.5B
Jul 5, 2022 to Mar 28, 2023
Pooled vehicle RAUM · $1.6B to $2.5B
Jul 5, 2022 to Mar 28, 2023
RAUM · $1.6B to $2.5B
Jul 5, 2022 to Mar 28, 2023
Related adviser · true to false
Jul 5, 2022 to Mar 28, 2023
Other offices · 1 to 0
May 6, 2022 to Jul 5, 2022
Discretionary RAUM · $1.6B to $1.6B
Mar 30, 2022 to May 6, 2022
Pooled vehicle RAUM · $1.6B to $1.6B
Mar 30, 2022 to May 6, 2022
RAUM · $1.6B to $1.6B
Mar 30, 2022 to May 6, 2022
Advisory employees · 3 to 4
Nov 17, 2021 to Mar 30, 2022
Employees · 112 to 176
Nov 17, 2021 to Mar 30, 2022
Other offices · 0 to 1
Nov 17, 2021 to Mar 30, 2022
Discretionary RAUM · $1.0B to $1.6B
Nov 17, 2021 to Mar 30, 2022
Pooled vehicle RAUM · $1.0B to $1.6B
Nov 17, 2021 to Mar 30, 2022
RAUM · $1.0B to $1.6B
Nov 17, 2021 to Mar 30, 2022
Related bank · false to true
Nov 17, 2021 to Mar 30, 2022
Succession · false to true
Sep 24, 2021 to Nov 17, 2021

Signals

20 dated events

P••••• I••••••••• U• L•• reported RAUM $985.4M, down 42% from $1.7B (2025-05-22 to 2026-03-30)
Mar 30, 2026 · RAUM change · derived
Lok Fu Ralph Leung (Chief Operating Officer And Chief Commercial Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Aug 15, 2024 · Control person joined · fact
Sagun Amol Naik (Chief Operating Officer) no longer on Schedule A of P••••• I••••••••• U• L•• (listed 2024-06-18, absent 2024-08-15)
Aug 15, 2024 · Control person left · inference
Evan Michael Kurlander (Chief Financial Officer) no longer on Schedule A of P••••• I••••••••• U• L•• (listed 2023-10-25, absent 2023-12-14)
Dec 14, 2023 · Control person left · inference
Evangelos Perros (Interim Chief Financial Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Dec 14, 2023 · Control person joined · fact
V•••••• A•••• V•••••• (President) no longer on Schedule A of P••••• I••••••••• U• L•• (listed 2023-06-06, absent 2023-10-25)
Oct 25, 2023 · Control person left · inference
Sanjiv Das (President) appeared on Schedule A of P••••• I••••••••• U• L••
Oct 25, 2023 · Control person joined · fact
E••• W••••• (Chief Legal Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Jun 1, 2023 · Control person joined · fact
R••••• R••••••• G•••••• (General Counsel) no longer on Schedule A of P••••• I••••••••• U• L•• (listed 2023-03-28, absent 2023-06-01)
Jun 1, 2023 · Control person left · inference
Michael J•••• Ban (Deputy General Counsel, Funds And Chief Compliance Officer - P••••• I••••••••• U• L••) no longer on Schedule A of P••••• I••••••••• U• L•• (listed 2023-03-28, absent 2023-06-01)
Jun 1, 2023 · Control person left · inference
B•••• M••••• E••••••••• (Chief Compliance Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Jun 1, 2023 · Control person joined · fact
P••••• I••••••••• U• L•• reported RAUM $2.5B, up 54% from $1.6B (2022-07-05 to 2023-03-28)
Mar 28, 2023 · RAUM change · derived
V•••••• A•••• V•••••• (President) appeared on Schedule A of P••••• I••••••••• U• L••
Jul 5, 2022 · Control person joined · fact
J•••• Ban (Chief Funds Counsel & Chief Compliance Officer - P••••• I••••••••• U• L••) appeared on Schedule A of P••••• I••••••••• U• L••
Mar 30, 2022 · Control person joined · fact
P••••• I••••••••• U• L•• reported RAUM $1.6B, up 63% from $1.0B (2021-11-17 to 2022-03-30)
Mar 30, 2022 · RAUM change · derived
P••••• I••••••••• U• L•• reported succeeding to the business of Another Adviser (Form ADV Item 4)
Nov 17, 2021 · Succession (Item 4) · fact
P••••• I••••••••• U• L•• reported RAUM $1.0B, up 136% from $423.9M (2021-03-31 to 2021-09-24)
Sep 24, 2021 · RAUM change · derived
Sagun Amol Naik (Chief Operating Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Sep 24, 2021 · Control person joined · fact
Evan Michael Kurlander (Chief Financial Officer) appeared on Schedule A of P••••• I••••••••• U• L••
Sep 24, 2021 · Control person joined · fact
P••••• I••••••••• U• L•• filed its initial SEC registration (Form ADV)
Mar 31, 2021 · First SEC registration · fact

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/pagayareportedpublic record, Form ADV, Sep 21, 2026
Website: p•••••.comreportedpublic record, Form ADV, Sep 21, 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

Across the graphs

P••••• I••••••••• U• L•• is the same institution as 1 record in Real Estate Funds.

Real Estate Funds1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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