The PPM states the Fund seeks attractive risk-adjusted returns, principally through privately originated asset-based finance investments that draw recurring, often contractual cash flows from large, diversified pools of financial and hard assets. It focuses on investment grade and investment grade-like financings and whole loans, across consumer finance, mortgages, small and medium enterprises, hard assets, infrastructure and contractual cash flows. Under normal conditions at least 90% of assets are rated or believed ratable investment grade, or predominantly senior for mortgage facilities. Holdings include ABS and MBS tranches, senior loans and credit-linked notes. Leverage is limited by the 1940 Act; derivatives are used to hedge.