Theorem Capital

Public records show no separation. Theorem Capital uses the Pagaya domain as its website, shares the same Beverly Hills address, and lists an investment strategy that mirrors Pagaya's loan-purchase and securitization activities. No independent registration, principals, or filing history has surfaced for Theorem Capital as of mid-2026.

Its stated strategy spans buyouts, growth, venture, and recapitalizations, but all visible investment activity flows through Pagaya's network — acquiring consumer loans across personal, auto, and point-of-sale credit, then warehousing and distributing those assets to institutional investors. This suggests Theorem functions as the capital-commitment vehicle that funds Pagaya's loan purchases.

No named investment professionals have been disclosed for Theorem Capital. The entity is tied to Pagaya's Beverly Hills office, and day-to-day credit purchasing and securitization decisions appear to be governed by Pagaya's corporate management and board rather than a separate private equity investment committee.

Through Pagaya's API-based network, which integrates directly into lenders' origination systems. When a lender declines a loan application, Pagaya's AI evaluates it instantly; if approved, the loan is funded and purchased by Pagaya's capital partners — a role Theorem Capital occupies within the network's capital stack.

Rather than raising traditional committed blind-pool private equity funds, Theorem's capital likely supports Pagaya's forward-flow agreements and warehouse lines that precede securitization. The institutional investors that ultimately hold the credit risk participate through Pagaya-issued asset-backed securities, not through direct LP stakes in Theorem Capital.