Read First
The one idea
A private fund is a pool of money most people cannot buy into, sell out of, or even see clearly. Its risk carries no public price, so a lender holds it quietly, one deal at a time, with no way to trade out.
We publish PARI, one honest loss number anyone can read, for each cohort of similar funds. That same number turns a gated private asset into PARIX, a contract that trades on the published loss.
Today
After
Illiquid
No public price
Wealthy or pro buyers only
Risk stuck on one lender
One verified number
A standard line
A contract on the index
Priced and tradable
The journey, five steps
1
Start with a private fund
Begin with a private credit, buyout, or infrastructure fund, the asset whose risk we want to price.
2
Read its cohort history
We place the fund in its peer group and study how that strategy has paid out and lost across the years.
from public filings
3
Set the LTV, the safe loan size
LTV, or loan to value, is how much a lender can advance against a dollar of fund value. We read the cohort losses and the peer managers and set one safe LTV, the line a credit market can trade around.
from cohort data, not the fund
4
Verify the real loss
The lenders who made the loans report their own audited loss, not the fund, and a lender that took a loss files it fast, because that filing is what its coverage pays out on.
from the lender audit
5
It becomes a product
The line and the verified loss become PARIX, where one side takes the credit and the other holds coverage, settled in a digital dollar. The next page walks through that trade.
on chain
The same thing, in one line
The fund
Risk with no price.
→
Cohort data
Sets the LTV line. Public filings.
→
Lender audits
Verify the real loss.
→
One number
The line and the loss, published.
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It becomes PARIX, two sides a holder can take
PARIX trades on the PARI number, rising and falling with how much these loans are actually losing. A holder takes one of two sides, and either one trades the way any other instrument does.
Earn the yield
Take the credit and you collect the interest these loans pay, giving some back when losses rise. It is the credit side that limited partners carry, expressed as a collateralized contract on the cohort index.
Buy coverage
Buy coverage and the position pays out when losses climb. It is the hedge a lender takes against its own loan book, or the side anyone takes who expects private credit to worsen.
Earn the yield
Own the credit, collect the yield.
→
The PARI number
The verified loss both sides settle on.
→
Buy coverage
Paid if losses rise.
Where Ravariant sits
A gated, opaque private asset becomes a priced and tradable open market, built from cohort data anyone can find and the lenders' own audited losses, without any cooperation from the fund. We publish the line and the verified number, and we resolve the disputes over them. We do not run the market, hold the loans, or take a side, and everyone else builds on what we publish.
The rest of the room
01
The Oracle for Private Funds. How the number is produced and kept honest, and how a dispute resolves.
02
How the Numbers Are Made. The steps and the formula, from one fund document to one number.
03
Case Study: Fasanara. A real fund where the marketing was wrong and the lender audit had the truth.
04
The Settlement Market. The entire venue: PARIX, the two sides you can buy, the trading screen, and how it settles in a digital dollar.
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