The Prospectus states that the Fund's investment objective is to seek long-term capital appreciation. Under normal conditions at least 80% of assets are invested in private equity: mainly secondary purchases of interests in private equity funds (guideline 50-100%), with primary commitments (0-40%) and direct co-investments (0-20%). At June 30, 2026 secondaries were 84.6% of net assets, primaries 6.1%, early secondaries 4.9% and co-investments 1.8%, across 323 funds and about 2,300 companies; buyout was 85.8% of the portfolio. The Fund may borrow up to the 1940 Act limit and describes itself as a speculative investment.