The prospectus states the Fund's objective is to seek long-term capital appreciation. Under normal circumstances it invests at least 80% of net assets (plus borrowings for investment purposes) in Secondary Investments: acquisitions of limited partner interests in unaffiliated private funds, GP-centered transactions (continuation funds, spin-outs, recapitalizations, stapled secondaries, direct asset purchases) and primary commitments to substantially invested funds. Up to 10% may go to Primary Investments. The Adviser allocates the private equity portfolio; the Sub-Adviser manages a liquid fixed-income sleeve used for cash management.