The prospectus states the objective is long-term capital appreciation. The Fund invests at least 80% of net assets in private equity acquired through secondary transactions (LP-led and GP-led), using interests in third-party private funds, direct investments and co-investments, and may make primary commitments. It expects significant exposure to smaller and mid-market buyout and growth deals and may hold special situations and private credit. It keeps liquid assets, normally under 20% of net assets, for repurchases and capital calls, may borrow up to 33 1/3% of total assets and may over-commit to underlying funds.