Irvine-based Dhandho Holdings LP has agreed to pay $35 million for Stonetrust Commercial Mutual Insurance Holding Co. in Baton Rouge, La.

Stonetrust operates through various units, including Stonetrust Commercial Insurance Co., Stonetrust Realty LLC and Stonetrust Management Services LLC.

It will remain in Baton Rouge and be headed by current Chief Executive Tim Dietrich.

Dhandho was founded last year by investor and philanthropist Mohnish Pabrai, who serves as the holding company's managing partner.

The firm has about $850 million in assets under management.

Pabrai also runs the Dakshana Foundation, based in Irvine, which is focused on providing education opportunities to children in rural India.