The prospectus states the Fund's investment objective is to seek long-term capital appreciation. It invests at least 80% in Private Assets, principally secondary interests in private equity funds (LP-led purchases and GP-led continuation vehicles), plus co-investments and primary commitments across buyout, growth, venture, credit, infrastructure and real assets globally. Lexington Advisors manages Private Assets; Franklin Advisers manages Liquid Assets (generally no more than 20% of net assets) and allocation. At 8/31/2026 the portfolio held 273 interests across 110 general partners and about 2,275 companies; buyout was 74% of private assets.