*The Fund reserves the right to waive the investment minimum.
You should consider the shares to be an illiquid investment. Even though the Fund will make periodic repurchase offers to repurchase a portion of the shares to provide some liquidity to shareholders, only a limited number of shares will be eligible for repurchase by us. Once each quarter, the Fund will offer to repurchase at net asset value (NAV) per share no less than 5% of the outstanding shares of the Fund, unless such offer is suspended or postponed in accordance with regulatory requirements. The Fund may increase the size of these offerings up to a maximum of 25% of the Fund’s outstanding shares, in the sole discretion of the Board, but is not expected that the Board will do so. Investors should understand that valuation issues involving the Fund’s investments in early-stage and other private companies have led to delays in the completion of the Fund’s annual audit and the quarterly share repurchase program. A recurrence of this issue would further impact the liquidity of an investor’s shares. See Prospectus for complete Important Risk Disclosures. Replicating a private equity strategy by diversifying across asset classes involves increased costs which will impact the average individual investor returns.
The Fund by itself does not constitute a balanced investment program.