The Prospectus states the Fund's objective is capital appreciation, a fundamental policy. Under a non-fundamental 80% policy it invests at least 80% of net assets plus borrowings in equity securities of private, operating growth companies, principally late-stage, bought in secondary purchases from selling shareholders and in direct primary purchases including SAFEs. Positions are held to a liquidity event such as an IPO or merger, generally expected in two to five years. The Fund may also hold special purpose vehicles and Section 3(c)(1) or 3(c)(7) private funds, capped at 15% of total assets, and SPAC PIPEs. A fundamental policy bars 25% or more of assets in one industry.