> For the complete documentation index, see [llms.txt](https://qiro.gitbook.io/qiro-vaults/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://qiro.gitbook.io/qiro-vaults/stakeholders/risk-curator.md).

# Risk Curator

The role responsible for allocating vault capital: what it decides, and what it cannot.

The Risk Curator decides how a vault's capital is deployed: which approved borrower is funded, how much, and when capital is recalled. The curator also structures the facilities it opens and monitors them for the life of the loan.

Qiro acts as Risk Curator across the vaults at launch, and the architecture allows other qualified enterprise entities to hold the role on future vaults.

### Underwriting sits outside the role

**Underwriting is always performed by Qiro, whoever curates the vault.**

A curator selects from the set of borrowers Qiro has approved. It does not decide who enters that set. The process that produces that set is described in [The Borrowing Process](/qiro-vaults/stakeholders/borrowers/borrowing-process.md).

### What the curator does

*Allocation*

* Decides which approved borrowers are funded from which vault
* Sets position sizes and manages concentration across the portfolio
* Determines when capital is deployed and when it is recalled

*Structuring*

* Structures each facility: loan type, tenor, rate, security package, covenants
* Establishes the bankruptcy-remote SPV for each deal
* Ensures legal documentation is in place before capital moves

*Monitoring and valuation*

* Tracks borrower performance after deployment
* Monitors covenant compliance and receivables quality
* Triggers early repayment or enforcement if conditions are breached
* Maintains the reported value of deployed positions, which is what drives the vault's share price

### What the curator cannot do

These limits are enforced by the contracts rather than by policy.

* **It cannot choose where capital may go.** Capital can only be deployed to destinations whitelisted in advance, and whitelisting a new one is a separate action the curator does not control. The curator decides how much and when, within an approved set.
* **It cannot exceed a position's cap.** Every position carries a hard ceiling on the capital it can draw. A deployment beyond it reverts, and raising the ceiling is not the curator's to make.
* **It cannot mark a position freely.** Revaluation is rate-limited by a time-weighted deviation budget. See [NAV & Valuation](/qiro-vaults/core-concepts/nav-and-valuation.md). A change larger than the budget allows reverts.
* **It cannot touch fees.** Fee rates are capped by the contracts and set by a separate authority; collection is a separate role again.
* **It cannot move assets to itself.** Capital moves between the vault, approved destinations, and borrowers. There is no path from a curated position to the curator.

### Accountability

* **Fee alignment.** The performance fee is charged only on gains above the vault's high-water mark, so the curator earns on it only when investors do. See [Fees](/qiro-vaults/core-concepts/fees.md).
* **Onchain transparency.** Capital deployed, capital returned, valuations posted, and fees charged are all recorded onchain.

***

See [How It Works](/qiro-vaults/about-us/how-it-works.md) for where curation sits in the capital path, and [Capital Protection](/qiro-vaults/about-us/capital-protection.md) for the full set of protocol-level bounds.