The investment seeks capital appreciation, which is a fundamental policy of the fund. The fund seeks to achieve its investment objective by primarily investing, under normal market conditions, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the equity securities (e.g., common and/or preferred stock, or equity-linked securities convertible into such equity securities) of certain private, operating growth companies. The fund primarily invests in late-stage operating businesses and does so primarily by directly investing in such Portfolio Companies.