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Pai Partners: investment adviser
Pai Sas, doing business as Pai Partners, is an investment adviser registered with the SEC (file 802-132573, CRD 335169). What it reports on Form ADV: assets and clients, fees, owners, disciplinary history and its client brochure. From the SEC's Investment Adviser Public Disclosure site; read Oct 21, 2026.
- Assets managed
- –
- Discretionary
- –
- Accounts
- –
- Employees
- –
- In advisory roles
- –
- Disclosures
- 0
SEC adviser record · Full Form ADV (PDF)
The firm reports no custody of client cash or securities.
Form ADV Part 1A, Item 5, as filed on the SEC Investment Adviser Public Disclosure site; read Oct 21, 2026.
Who owns it
Schedule A lists direct owners of 5% or more (and officers who own a stake); Schedule B lists the owners of those owners.
Direct owners (Schedule A)
| Owner | Type | Role | Stake | Since | Control | Public company |
|---|---|---|---|---|---|---|
| Pai Partners | Company (outside the U.S.) | Shareholder | E 75% or more | Oct 2021 | Yes | |
| Frederic Jacques Marie Stevenin | Person | Managing | B 10% to 25% | Jan 2024 | Yes | |
| Richard David Howell | Person | Managing partner | A 5% to 10% | Jan 2024 | Yes |
Indirect owners (Schedule B)
| Owner | Owns a stake in | Type | Stake | Control | Public company |
|---|---|---|---|---|---|
| Gaelle Anne Laure D'Engremont | Pai Partners | Person | F General partner, trustee or managing member | ||
| DCP Holdings Icav (Dyal) | Pai Partners | Company (outside the U.S.) | F General partner, trustee or managing member | ||
| Stefano NMN Drago | Pai Partners | Person | F General partner, trustee or managing member | ||
| Richard David Howell | Pai Partners | Person | F General partner, trustee or managing member | Yes | |
| Colm Paul O'Sullivan | Pai Partners | Person | F General partner, trustee or managing member | ||
| Laurent Jeanlouis Rivoire | Pai Partners | Person | F General partner, trustee or managing member | ||
| Frederic Jacques Marie Paul Stevenin | Pai Partners | Person | F General partner, trustee or managing member | Yes | |
| Raffaele Robert Vitale | Pai Partners | Person | F General partner, trustee or managing member |
Form ADV reports ownership in bands, not exact stakes: A means 5% to 10%, B 10% to 25%, C 25% to 50%, D 50% to 75%, E 75% or more. F marks a general partner, trustee or managing member, a role that controls the firm without a percentage. Owners of less than 5% are not listed.
Form ADV Schedules A and B, via the SEC Investment Adviser Public Disclosure site.
Disciplinary history
The firm answered No to every disciplinary question on Form ADV (Item 11).
The brochure
No brochure text was read for this firm.
Form ADV Part 2A, via the SEC Investment Adviser Public Disclosure site.