PERSONAL AND NON-COMMERCIAL USE LIMITATION
NO SECURITIES OFFERING OR INVESTMENT ADVICE
The funds advised by PAI are not offered through the Site. An offer regarding any such fund may be made only after you have received a Confidential Offering Circular or Private Offering Memorandum concerning that fund and have had the opportunity to discuss all matters concerning any prospective investment that you desire. The Site does not provide all information material to an investor’s decision to invest in any such fund, including, but not limited to, risk factors. For more information, please refer to a fund’s Confidential Offering Circular or Private Offering Memorandum and read it carefully before you invest.
The information on the Site is intended to enable investors to understand the nature of PAI’s financial advisory services. It is not intended as and does not constitute investment advice or legal or tax advice or an offer to sell any securities to any person or a solicitation of any person of any offer to purchase any securities. The information in the Site should not be construed as any endorsement, recommendation or sponsorship of any company or security by PAI. There are inherent risks in relying on, using or retrieving any information found on the Site, and PAI urges you to make sure you understand these risks before relying on, using or retrieving any information on the Site. You should evaluate the information made available through the Site, and you should seek the advice of professionals, as appropriate, to evaluate any opinion, advice, product, service or other information.
PAI’s services are designed to integrate with the services provided by its clients’ other financial, legal and tax advisers, not to replace their services. PAI advises its clients from time to time on non-investment related matters, but clients must rely on their other professional advisers for final approval and/or implementation of non-investment matters.
You acknowledge that any requests for information are unsolicited and any information provided shall neither constitute nor be construed as investment advice by PAI to you or constitute the formation of an investment advisory relationship, or any other client relationship. It is strongly recommended that you seek outside advice from a qualified securities professional. PAI does not guarantee the suitability or potential value of any particular investment or information source. PAI may invest or otherwise hold an interest in companies or securities that may be discussed on the Site.
PAST PERFORMANCE IS NOT COMPARABLE
The performance data presented in the Site reflect the reinvestment of dividends and other earnings, and net figures reflect the deduction of expenses, management fees and incentive fees and allocations.
PAI believes that the performance shown in the Site was generated with an investment philosophy and methodology similar to that described in the funds’ respective Confidential Offering Circulars and Private Offering Memoranda, which it would expect to use in the future. Future investments, however, will be made under different economic conditions and in different securities and may be made using different investment strategies than were used during the times discussed herein. Furthermore, the performance discussed herein reflects investment of limited funds for a limited period of time and does not reflect performance in different economic or market cycles. It should not be assumed that any fund advised by PAI will experience returns, if any, comparable to those described herein. Past performance is not indicative of future returns. The performance results have not been compiled, reviewed or audited by an independent accountant. Results for the current year are based on the internal books and records of each fund and are subject to adjustment when that fund’s financial statements for the current year are audited.
PAI believes that the comparison of each fund’s performance to any single market index is inappropriate. These indices are provided for comparative purposes, but only as examples of general market performance. Unlike these indices, each fund’s portfolio may contain options (including covered and uncovered puts and calls) and other derivative securities, may include short sales of securities, margin trading and securities of smaller capitalization companies than those reflected in these indices, and is not as diversified as these indices. Due to the differences between the composition of a fund’s portfolio and these indices, PAI cautions potential investors that no such index is directly comparable to any fund
As a condition to your use of the Site, you represent and warrant to, and agree with PAI that, all of the information that you provide shall be truthful, accurate and complete.
DISCLAIMERS AND LIMITATION OF LIABILITY
THE INFORMATION, SOFTWARE AND SERVICES PUBLISHED ON THIS WEBSITE MAY INCLUDE INACCURACIES OR TYPOGRAPHICAL ERRORS. DUE TO VARIOUS FACTORS, INCLUDING THE INHERENT POSSIBILITY OF HUMAN AND MECHANICAL ERROR, THE ACCURACY, COMPLETENESS, TIMELINESS AND CORRECT SEQUENCING OF SUCH INFORMATION, SOFTWARE AND SERVICES AND THE RESULTS OBTAINED FROM THEIR USE ARE NOT GUARANTEED BY PAI OR ANY PERSONS CREATING OR TRANSMITTING SUCH INFORMATION, SOFTWARE AND SERVICES.
PAI AND/OR ITS RESPECTIVE SUPPLIERS MAY MAKE IMPROVEMENTS AND/OR CHANGES IN THE CONTENT AND OPERATION OF THE SITE AT ANY TIME WITHOUT NOTICE. THE SITE MAY BE TEMPORARILY UNAVAILABLE FROM TIME TO TIME DUE TO REQUIRED MAINTENANCE, TELECOMMUNICATIONS INTERRUPTIONS OR OTHER REASONS.
PAI AND/OR ITS RESPECTIVE SUPPLIERS MAKE NO REPRESENTATIONS ABOUT THE SUITABILITY OF THE INFORMATION, SOFTWARE, PRODUCTS AND SERVICES CONTAINED ON THIS WEBSITE FOR ANY PURPOSE. ALL SUCH INFORMATION, SOFTWARE, PRODUCTS AND SERVICES ARE PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND. PAI AND/OR ITS RESPECTIVE SUPPLIERS HEREBY DISCLAIM ALL WARRANTIES AND CONDITIONS WITH REGARD TO THIS INFORMATION, SOFTWARE, PRODUCTS AND SERVICES, INCLUDING ALL IMPLIED WARRANTIES AND CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OF IMPLIED WARRANTIES, THE ABOVE EXCLUSION MAY NOT APPLY TO YOU.
YOUR USE OF THE SITE IS AT YOUR OWN RISK. YOU ARE SOLELY RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER SYSTEM, LOSS OF DATA OR ANY OTHER DAMAGE OR LOSS THAT RESULTS FROM THE DOWNLOAD OF ANY CONTENT FROM THE SITE. IN NO EVENT SHALL PAI AND/OR ITS SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF OR IN ANY WAY CONNECTED WITH OR RELATING TO THE USE OF OR ACCESS TO THIS WEBSITE OR WITH THE DELAY OR INABILITY TO USE THIS WEBSITE, OR FOR ANY INFORMATION, SOFTWARE, PRODUCTS OR SERVICES OBTAINED THROUGH THIS WEBSITE, WHETHER BASED ON CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF PAI OR ANY OF ITS SUPPLIERS HAS BEEN ADVISED OF THE POSSIBILITY OF DAMAGES. BECAUSE SOME STATES/JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, THE ABOVE LIMITATION MAY NOT APPLY TO YOU.
OWNERSHIP OF CONTENT
NO UNLAWFUL OR PROHIBITED USE
REFERENCES TO PUBLICATIONS AND OTHER COMPANIES
References to any publication or any other company in the Site are for reference and informational purposes only and are not intended to suggest that any of such companies endorse, recommend or approve of the services, analysis or recommendations of PAI or that PAI endorses, recommends or approves the services or products of such companies. News stories reflect only the author’s opinion and not necessarily that of PAI.
LINKS TO THIRD PARTY WEBSITES
The Site may contain hyperlinks to websites operated by parties other than PAI, which may not have been screened or reviewed by PAI and which may contain inaccurate, inappropriate or offensive material, products or services. PAI does not control such websites, and PAI assumes no responsibility or liability with regard to the accuracy, reliability, legality or decency of such third-party websites, content, products or services. Such hyperlinks are provided for your convenience only. PAI’s inclusion of hyperlinks to such websites does not imply any endorsement of the material on such websites or any association with their operators.
MODIFICATION AND MONITORING OF WEBSITE
TERMINATION AND CANCELLATION
PAI reserves the right to modify or terminate the Site and to terminate your access to the Site, without notice at any time and for any reason.
JURISDICTIONAL ISSUES AND APPLICABLE LAW
Unless otherwise specified, PAI controls and operates the Site from its offices within the State of California, United States of America.
- PAI does not claim that materials in the Site are appropriate or available for use in locations other than California. If you choose to access the Site from other locations, you do so on your own initiative, and you are responsible for compliance with any applicable local laws.
- Software from the Site is further subject to United States export controls. Software from the Site may not be downloaded or otherwise exported or re-exported outside the United States. By downloading or using such software, you represent and warrant that you are not located in, under the control of, or a national or resident of any country or territory outside of the United States.
You agree to be bound by any agreement or consent you transmit to or through the Site via any media or electronic device, including internet, telephone and wireless devices. You agree that when you click on any “I Agree” or “I Consent” or other similarly worded “button” or entry field with your mouse, keystroke or other device, your agreement shall be legally binding and enforceable and a legal equivalent of your handwritten signature.