Core Viewpoint - Clairvest Group Inc. announced a significant regulatory challenge for Head Digital Works, an online skill-based gaming platform in India, following the passage of new legislation that bans real money gaming in the country [1][2]. Company Summary - Clairvest Group Inc. (CVG) and Clairvest Equity Partners V invested in Head Digital Works in 2017 [1]. - CVG's investment in Head Digital Works accounts for 9.6% of its book value on a pre-tax, pre-carry basis as of June 30, 2025 [3]. - Clairvest manages CAD $4.6 billion in capital and has a history of investing in owner-led businesses, achieving top quartile performance [4]. Industry Summary - The Indian Parliament passed new online gaming legislation on August 21, 2025, which bans real money gaming and its facilitation [2]. - The legislation requires the President of India’s signature to take effect, which would render Head Digital Works' operations illegal in India [2]. - Head Digital Works plans to challenge the legislation's validity and seek injunctive relief during court proceedings [2].