The oracle for private funds.

Private funds report their losses only in audited books, invisible in the public record, so the risk has no price. Ravariant is the oracle that turns those audited losses into PARI, one honest loss number anyone can read, the realized loss per cohort, a cohort being a group of similar funds, with a determination process that resolves any dispute. That number is the core technology, and lending and settlement build on it. The system is designed so no single fund is leaked: it settles on a pooled cohort, not a named fund, so a fund's specific losses stay inside the pool while the cohort number is public.

We are not a fund. We hold no loans, take no side, and operate no venue. A party that holds the risk cannot also be the impartial number both sides settle on, which is exactly why the seat is ours to take.

We do not forecast. We define the conforming standard, including the conforming loan to value, how much is lent per dollar of fund value, by asset class, and we report the realized audited loss, a fact struck by third party auditors, not an opinion that can be wrong. PARIX, a fully collateralized contract built on the number, settles in USDC, a digital dollar, and gives no claim on the underlying fund. It pays only against the published cohort loss, so the exposure is to the index, not to a fund interest. A holder takes one of two sides, carrying the credit or holding coverage against it, with the return coming from the contract rather than from anyone managing a fund. The settlement market document covers that, along with what a pooled book of private risk can power.