The direct binding of human plasminogen (hPg), via its kringle‐2 domain (K2
hPg
), to streptococcal M‐protein (PAM), largely contributes to the pathogenesis of Pattern D Group A
Streptococcus pyogenes
(GAS). However, the mechanism of complex formation is unknown. In a system consisting of a Class II PAM from Pattern D GAS isolate NS88.2 (PAM
NS88.2
), with one K2
hPg
binding a‐repeat in its A‐domain, we employed biophysical techniques to analyze the mechanism of the K2
hPg
/PAM
NS88.2
interaction. We show that apo‐PAM
NS88.2
is a coiled‐coil homodimer (M.Wt. ~80 kDa) at 4°C–25°C, and is monomeric (M.Wt. ~40 kDa) at 37°C, demonstrating a temperature‐dependent dissociation of PAM
NS88.2
over a narrow temperature range. PAM
NS88.2
displayed a single tight binding site for K2
hPg
at 4°C, which progressively increased at 25°C through 37°C. We isolated the K2
hPg
/PAM
NS88.2
complexes at 4°C, 25°C, and 37°C and found molecular weights of ~50 kDa at each temperature, corresponding to a 1:1 (m:m) K2
hPg
/PAM
NS88.2
monomer complex. hPg activation experiments by streptokinase demonstrated that the hPg/PAM
NS88.2
monomer complexes are fully functional. The data show that PAM dimers dissociate into functional monomers at physiological temperatures or when presented with the active hPg module (K2
hPg
) showing that PAM is a functional monomer at 37°C.