What percentage of the fund is held in public equities? What is the criteria for these public equities?

Under normal circumstances, the Fund expects to invest 20% – 85% of its assets in securities of private companies and the remainder of its assets in publicly traded securities. This ratio can change, for example if we believe there are valuation discrepancies between the public and private market which the fund, as a crossover fund, can exploit. The selection criteria incorporates both our top-down research and bottom-up analysis, and is focused on liquid public equities.