Legal & Governance
Last updated: Janary 16, 2026
This Legal & Governance page governs use of the CLARVS™ platform, including all current and future products, services, applications, software, reporting tools, portals, analytics, and features provided by CLARVS (collectively, the “Platform”).
By accessing or using the Platform, you agree to the terms described below.
1. Platform Purpose & Scope
CLARVS™ provides artificial intelligence–enabled software designed to assist private equity firms, fund managers, administrators, and related organizations with Limited Partner reporting, investor communications, data organization, workflow support, and operational efficiency.
The Platform is intended to support reporting and operational processes. It is not designed to replace professional judgment, fiduciary responsibility, regulatory compliance obligations, or required approvals.
2. AI Disclosure & Human Oversight
CLARVS™ uses artificial intelligence technologies solely to assist with the organization, structuring, summarization, analysis, and presentation of investor-related and fund-related information provided by users or integrated systems.
AI functionality:
Operates under human direction and oversight
Does not function autonomously
Does not make final decisions
Does not act independently of user control
All outputs generated by the Platform must be reviewed, validated, and approved by users prior to use or distribution. Users remain solely responsible for interpretation of information, communications with Limited Partners, and any actions taken based on Platform outputs.
3. No Professional Advice
The Platform does not provide legal, tax, accounting, investment, valuation, fiduciary, or regulatory advice, recommendations, certifications, or decisions.
Any outputs, summaries, analyses, calculations, or automated workflows generated by the Platform are provided for informational, operational, and reporting support purposes only. Users should consult qualified legal, tax, accounting, and investment professionals before making decisions involving regulatory, fiduciary, or compliance considerations.
4. AI Governance & Responsible Use
CLARVS™ is developed in alignment with responsible AI principles, including:
Transparency
Human oversight
Accountability
Data protection
User control
Where applicable, development considers relevant U.S. laws and emerging regulatory frameworks related to artificial intelligence, including applicable state-level AI governance requirements.
AI capabilities are designed to augment reporting workflows and internal processes, not to replace professional judgment, fiduciary responsibility, or accountability. Users are responsible for ensuring that use of the Platform complies with applicable laws, regulations, fund governing documents, and internal policies.
5. User Responsibilities
Users agree to:
Use the Platform only for lawful and authorized purposes
Review and validate all outputs prior to use or distribution
Maintain appropriate internal controls, approvals, and review processes
Ensure compliance with applicable laws, regulations, and fund governing documents
Safeguard login credentials and access rights
Users may not:
Misuse the Platform
Attempt to reverse engineer, decompile, or exploit Platform systems
Access systems or data without authorization
Use the Platform to generate unlawful, misleading, or harmful content
6. Data Ownership & Usage
Users retain ownership of all data, documents, reports, and content they upload to or generate through the Platform, subject to applicable agreements and legal obligations.
CLARVS™ may process data solely for the purposes of:
Operating and maintaining the Platform
Providing contracted services
Supporting reporting workflows
Maintaining security, reliability, and auditability
Improving system performance (in aggregate or anonymized form)
CLARVS™ does not sell user data.
7. Privacy Policy
7.1 Information Collected
The Platform may collect:
Account and contact information
Uploaded documents and user-provided content
Investor and fund-related reporting data
Usage metadata and system logs
Technical and diagnostic information
7.2 Use of Information
Information is used only to:
Provide and maintain the Platform
Support customer reporting and communications
Ensure security, integrity, and performance
Meet legal, contractual, and regulatory obligations
7.3 Data Sharing
Data may be shared with authorized service providers solely to support Platform functionality, infrastructure, hosting, and security. Such providers are contractually obligated to protect data and use it only for permitted purposes.
7.4 Data Security
Reasonable administrative, technical, and organizational safeguards are implemented to protect data against unauthorized access, disclosure, alteration, or loss. However, no system can guarantee absolute security.
8. Confidentiality
CLARVS™ treats customer data, fund information, and investor materials as confidential and uses commercially reasonable efforts to protect confidentiality, subject to legal requirements and authorized disclosures.
9. Intellectual Property
The Platform, including its software, architecture, workflows, models, reporting structures, branding, and documentation, is the intellectual property of CLARVS™ or its licensors.
Nothing in these terms grants users ownership of Platform intellectual property beyond the limited right to use the Platform in accordance with these terms.
10. Limited Partner (LP)–Specific Disclosures
CLARVS™ is designed to support fund managers and administrators in preparing, organizing, and distributing information to Limited Partners (“LPs”). The Platform does not act on behalf of LPs and does not owe fiduciary duties to LPs.
CLARVS™ does not verify, audit, certify, or opine on the accuracy or completeness of fund data
All information made available to LPs originates from the fund manager, administrator, or authorized third parties
CLARVS™ does not provide investment recommendations, suitability assessments, or performance guarantees
LPs remain responsible for independent review and due diligence
Any access provided to LPs is read-only unless expressly authorized, and all LP communications remain the responsibility of the fund manager or administrator.
11. Reliance on Fund Manager & Administrator Data
CLARVS™ relies entirely on data, documents, calculations, and representations supplied by fund managers, General Partners, administrators, auditors, and authorized third-party systems.
CLARVS™ does not independently validate capital accounts, NAVs, valuations, waterfalls, or allocations unless expressly agreed in writing. Users remain responsible for final approval and release of all investor-facing materials.
12. Open-End Fund Disclosure Rider
For open-end funds, evergreen vehicles, interval funds, or similar structures:
NAVs and investor balances may be preliminary, estimated, or subject to adjustment
Period-over-period changes may reflect subscriptions, redemptions, fees, expenses, or valuation updates
Data may be updated retroactively
CLARVS™ presents information as provided and does not guarantee finality or immutability of reported figures.
13. Closed-End Fund Disclosure Rider
For closed-end or drawdown funds:
Capital calls, distributions, IRRs, multiples, and waterfalls are based on user-provided inputs
Metrics may be unaudited or provisional
Final allocations are governed by fund governing documents
CLARVS™ does not interpret partnership agreements or side letters.
14. Reporting Status & Audit Disclosure
Unless explicitly stated otherwise:
Reports generated through CLARVS™ are unaudited
Audit opinions and certifications are not provided by CLARVS™
LPs should rely on official audited financial statements where required.
15. Forward-Looking Statements
Certain information may include projections or estimates. Such statements are inherently uncertain and subject to change. CLARVS™ does not guarantee outcomes or performance.
16. LP Access & Permissions
LP access is governed by permissions set by the fund manager or administrator. CLARVS™ does not determine disclosure scope, timing, or eligibility.
17. No Fiduciary Relationship
Use of the Platform does not create a fiduciary, advisory, or agency relationship between CLARVS™ and any LP, fund, or investor.
18. Disclaimers
The Platform is provided “as is” and “as available.”
CLARVS™ disclaims all warranties to the maximum extent permitted by law.
19. Limitation of Liability
Total liability, if any, is limited to amounts paid to CLARVS™ during the preceding twelve (12) months.
20. Changes to This Page
CLARVS™ may update this page from time to time. Continued use constitutes acceptance.
21. Governing Law
These terms are governed by the laws specified in applicable customer agreements.
22. Applicability Across Products
This Legal & Governance page applies to all CLARVS™ products, modules, and future offerings.