The prospectus states the Fund seeks long-term capital appreciation by investing in private equity worldwide, mainly in small and mid-sized companies with enterprise values of about $50 million to $1 billion, through co-investments alongside sponsors, secondary purchases and primary fund commitments (expected up to 20% of assets). Each investment needs unanimous approval of the Schroders Capital global Investment Committee. At 8/31/2026 the portfolio was 66% co-investments, 28% secondaries, 3% primaries and 3% direct, and 62% North America, versus stated targets of 30% to 50% each for co-investments and secondaries.