The Prospectus states the Fund seeks long-term capital appreciation through a curated portfolio of primarily private assets managed by third-party managers. Under normal circumstances it invests at least 80% of net assets (plus investment borrowings) in private assets, mainly secondary purchases of fund interests and co-investments alongside third-party sponsors, plus some primary commitments, with the rest in liquid assets. At 3/31/2026 secondaries were 72.92% of net assets, co-investments 14.19%, primaries 0.38% and a money market fund 13.23% (N-CSR). The August 2026 Fact Sheet reports 90% buyout and 89% North America exposure across 50 general partners and 525+ companies.