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Terms of Service

Version 2026-05-09·Effective May 9, 2026

These Terms of Service ("Terms") govern your access to and use of Paladin (the "Platform"), operated by Ragnarok or its affiliates ("Paladin", "we", "us", "our"). By creating an account or using the Platform you agree to these Terms. If you do not agree, do not use the Platform.

1. Eligibility

The Platform is offered exclusively to verified accredited investors within the meaning of Rule 501(a) of Regulation D under the U.S. Securities Act of 1933. To use the Platform you must:

  • be at least 18 years old and legally able to enter into contracts;
  • have received an invitation from Paladin or an authorized operator;
  • complete identity verification (KYC), accreditation verification, and tax-residency screening; and
  • provide accurate and current information at all times.

Paladin is invite-only. We may, at our sole discretion, decline to approve, suspend, or revoke any user's access at any time and for any reason.

2. Nature of the Platform

Paladin is a private deal-flow and reporting platform that surfaces investment opportunities — typically interests in special purpose vehicles ("SPVs"), private funds, or direct private placements — that Paladin or its affiliates have selected for diligence and curation.

Paladin is not:

  • a broker-dealer or municipal securities dealer;
  • a registered investment adviser providing personalized investment advice;
  • a custodian of your funds or securities;
  • a fiduciary to you in connection with any investment, unless explicitly stated in a separate written agreement.

All securities transactions are conducted through registered intermediaries, qualified custodians, or pursuant to exemptions from registration. Information presented on the Platform is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security except as expressly stated in deal-specific subscription documents.

3. Ragnarok Co-Investment

Paladin is operated by, or affiliated with, Ragnarok. Ragnarok and its principals frequently co-invest alongside Platform users in deals surfaced on the Platform. This creates inherent conflicts of interest, including in deal selection, allocation, pricing, and timing. Ragnarok's economic interests are described in each deal's subscription documents. By using the Platform you acknowledge and accept these conflicts.

4. Your Account

You are responsible for maintaining the confidentiality of your account credentials and for all activity under your account. You agree to notify us immediately of any unauthorized access. You may not share, sell, or transfer your account.

5. Acceptable Use

You agree not to:

  • reproduce, distribute, or publish any deal materials, diligence memos, or other confidential information made available on the Platform;
  • introduce malware, scrape data, or interfere with the Platform's operation;
  • use the Platform on behalf of any person who has not been individually approved by Paladin;
  • solicit other Platform users for any purpose not authorized by Paladin;
  • misrepresent your identity, accreditation status, or source of funds.

6. Confidentiality

All information made available to you through the Platform — including deal materials, financial models, portfolio company data, investor identities, and Paladin's diligence — is confidential and proprietary. You agree to use such information solely to evaluate or manage your own investments and not to disclose it to any third party other than your professional advisors who are themselves bound by duties of confidentiality.

7. Communications

By using the Platform you consent to receive communications from us electronically, including operational notices, transactional messages related to your investments, and (if opted in) marketing messages. Our Electronic Delivery & E-Signature Consent governs the legal effect of electronic communications and signatures.

8. Fees

The Platform itself does not charge user fees. Individual deals, SPVs, and funds offered through the Platform carry their own fees, carried interest, and expenses, which are disclosed in each deal's subscription documents. Paladin or its affiliates may receive compensation in connection with deals (management fees, carried interest, syndication economics) — disclosed deal-by-deal.

9. Intellectual Property

The Platform, including its design, code, content, and trademarks, is owned by Paladin or its licensors. We grant you a limited, non-transferable, non-exclusive license to use the Platform for its intended purpose. Nothing in these Terms transfers any intellectual property rights to you.

10. Disclaimers

THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. WE DO NOT WARRANT THAT THE PLATFORM WILL BE UNINTERRUPTED, SECURE, OR ERROR-FREE.

WE MAKE NO REPRESENTATIONS REGARDING THE FUTURE PERFORMANCE OF ANY INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. PRIVATE INVESTMENTS ARE SPECULATIVE, ILLIQUID, AND CAN RESULT IN THE TOTAL LOSS OF CAPITAL. SEE OUR RISK DISCLOSURE FOR FURTHER DETAIL.

11. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY LAW, PALADIN AND ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, OR ANY LOSS OF PROFITS OR REVENUES, ARISING OUT OF OR RELATED TO YOUR USE OF THE PLATFORM. OUR AGGREGATE LIABILITY FOR ALL CLAIMS RELATING TO THE PLATFORM WILL NOT EXCEED ONE HUNDRED U.S. DOLLARS ($100). NOTHING IN THESE TERMS EXCLUDES OR LIMITS LIABILITY FOR FRAUD OR FOR ANY OTHER LIABILITY THAT CANNOT BE EXCLUDED BY LAW.

12. Indemnification

You agree to indemnify, defend, and hold harmless Paladin and its affiliates from and against any claims, damages, losses, liabilities, and expenses (including reasonable legal fees) arising out of your breach of these Terms, your misuse of the Platform, or your violation of applicable law.

13. Termination

We may suspend or terminate your access at any time, with or without notice, including for breach of these Terms, regulatory requirements, or operational reasons. Provisions that by their nature should survive termination — including confidentiality, intellectual property, disclaimers, limitations of liability, indemnification, and dispute resolution — will survive.

14. Governing Law; Disputes; Class Action Waiver

These Terms are governed by the laws of the State of Delaware, without regard to its conflicts-of-law principles. Any dispute arising out of or relating to these Terms or the Platform will be resolved exclusively by binding arbitration administered by JAMS in Wilmington, Delaware, under its Comprehensive Arbitration Rules. You and Paladin each waive the right to a trial by jury and the right to participate in any class, collective, or representative action.

15. Changes

We may modify these Terms from time to time. Material changes will be communicated to you, and updated Terms will display a new effective date. Continued use of the Platform after a modification constitutes acceptance of the new Terms. Each version of these Terms is recorded on the Platform; the version in effect at the time of each acceptance is logged against your account.