The Memorandum states the Fund seeks long-term attractive risk-adjusted returns by making primary commitments to institutional private equity, venture and private debt funds managed by firms unaffiliated with the Adviser that were offered on the Morgan Stanley platform during calendar 2017 and Q1 2018 (the Vintage Period). It may also invest through institutional funds-of-funds and co-investment funds. At 3/31/2026 the Fund held eleven Investment Funds: 66.94% growth, 21.27% buyout and 2.88% credit, all North America. The N-CSR states the underlying managers have moved into their harvest period; the Fund called no capital in FY2026 and has distributed 36.8% of commitments.