The Prospectus states the Fund's investment objective is to generate long-term capital appreciation by investing in a diversified portfolio of private market investments. Under normal circumstances it invests or commits at least 80% of net assets in private equity, through direct co-investments alongside Sponsors, LP- and GP-led secondaries and primary commitments to Portfolio Funds, focused on U.S. middle-market companies. A non-discretionary sub-adviser manages a senior credit sleeve, and the Fund holds cash and short-term investments for liquidity. At March 31, 2026 secondaries were 46.45% of net assets, direct equity 38.65%, primaries 4.74%, direct credit 3.14% and short-term investments 8.72%.