Canadian Halal Investor.

TSX Shariah screener · October 2026

Is Clairvest Group Inc. (CVG) Halal?

FAIL

Clairvest Group Inc. · TSX: CVG · Financials

The short answer

No — Clairvest Group (CVG) fails this Shariah stock screen. It is a private-equity management firm, but gambling is its largest investee sector: C$302.1 million fair value (39.6% of investee fair value) across casino, racino, video-lottery and sports-betting businesses, including its 17th gaming investment, MGM Northfield Park. Interest income of C$10.191 million in FY2026 is 5.1% of revenue, above the 5% limit. Debt is negligible. No Zoya, Musaffa, or ShariaPortfolio rating was found for this ticker — honestly reported as absent, not invented.

Gate 1 — Business activity: FAIL

Clairvest Group Inc. (TSX:CVG) is a private equity management firm founded in 1987 with over C$4.6 billion of capital under management. It invests its own capital alongside third-party capital through the Clairvest Equity Partners (CEP) limited partnerships in owner-led mid-market businesses, earning management fees, advisory fees, carried interest and returns on its own investments. Carried interest is reported two ways: a revenue line for carried interest from CEP III and IV, while carried interest from CEP V, VI and VII is embedded in Corporate investments (carried at fair value through profit or loss, net of a management participation liability). Gate 1 fails on gambling: the audited FY2026 financial statements disclose Gaming as the largest investee industry concentration at C$302.1 million fair value (cost C$116.0 million) — 39.6% of C$763.7 million total investee fair value. Named holdings include Delaware Park Casino racino (18.1% ownership), New Hampshire Gaming's large-scale gaming facility (13.5%), Wyoming Downs horse racing and off-track betting (11.6%), Accel Entertainment, a licensed video gaming terminal operator (6.2%), and New Meadowlands Racetrack with retail and mobile sports betting — to which Clairvest also extends 15% interest-bearing debentures. In October 2025 Clairvest announced its 17th gaming investment, the US$546 million acquisition of MGM Northfield Park, a racino with ~1,600 video lottery terminals, citing a 25-year track record of investing in the gaming industry; the deal closed in Q1 FY2027. Facts only.

Gate 2 — Debt and cash: PASS

At June 30, 2026 Clairvest reported total liabilities of C$223.290 million against a market cap of about C$1.07 billion (13,380,931 shares at C$80.00, October 1, 2026) — about 20.9% on the conservative total-liabilities basis, under the ~33% ceiling. The consolidated balance sheet carries no borrowings line at all; liabilities are accounts payable, derivative liabilities, accrued and share-based compensation, management participation and deferred taxes. Interest paid in FY2026 was only C$775 thousand. Total available cash was C$406 million (~37.9% of market cap), above the ~33% cash guideline — noted factually; it is dry powder for the investment business. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: FAIL

The FY2026 income statement does not separately disclose interest income — it is lumped into 'Distributions and interest income' of C$29.654 million. However, the audited consolidated cash flow statement separately discloses 'Interest received' of C$10.191 million for FY2026; against revenue of C$198.138 million that is 5.1%, above the 5% non-compliant income ceiling (the Q1 FY2027 release does not break out interest at all). Gate 3 fails. Facts only.

Key figures used

Frequently asked questions

Is Clairvest Group (CVG) halal?

No. Clairvest Group fails this Shariah stock screen. It is a private-equity management firm, but gambling is its largest investee sector: C$302.1 million fair value (39.6% of investee fair value) across casino, racino, video-lottery and sports-betting businesses, including its 17th gaming investment, MGM Northfield Park. Interest income of C$10.191 million in FY2026 is 5.1% of revenue, above the 5% limit. This is a factual screen, not a religious ruling — consult a qualified scholar for personal guidance.

What does Clairvest Group do?

Clairvest Group Inc. (TSX:CVG), founded in 1987, is a private equity management firm with over C$4.6 billion of capital under management. It invests its own capital alongside third-party capital through the Clairvest Equity Partners limited partnerships in owner-led mid-market businesses, and earns management fees, advisory fees, carried interest and returns on its own investments.

Why does Clairvest fail the business-activity gate?

The audited FY2026 financial statements disclose Gaming as the largest investee industry concentration at C$302.1 million fair value — 39.6% of total investee fair value. Named holdings include Delaware Park Casino racino, New Hampshire Gaming's large-scale gaming facility, Wyoming Downs horse racing and off-track betting, Accel Entertainment (licensed video gaming terminal operator) and New Meadowlands Racetrack with retail and mobile sports betting. The October 2025 acquisition of MGM Northfield Park was its 17th gaming investment.

What is Clairvest's debt-to-market-cap ratio?

About 20.9% on the conservative total-liabilities basis: C$223.29 million of total liabilities at June 30, 2026 against a market cap of about C$1.07 billion (13,380,931 shares at C$80.00, October 1, 2026) — under the ~33% ceiling. The consolidated balance sheet carries no borrowings line at all, and interest paid in FY2026 was only C$775 thousand.

Where can I find more Financials-sector screeners?

See halal-stock-verdicts.html for the full list of stock screeners, including the other financials-sector entries.

Sources

Screened 2026-10-01 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).