When you invest in the Fund, your money (together with other
investors’ monies) is gathered in one place and invested in assets
which sit within the Fund’s investment guidelines.

The Fund is designed for investors who are
looking for an exposure to a private equity
portfolio.

Investing in the Fund offers investors:

•  indirect exposure to the private equity asset class
  
  
• access to the Investment Manager’s investment expertise. The
  Investment Manager’s investment professionals have extensive experience in managing risk and portfolios in private equity, and
  
  
• access to a professionally managed portfolio of private equity
  investments which aims to generate performance comparable toa private equity program of top tier private equity managers andoutperform public equity markets over the medium term.

The Fund seeks an indirect exposure to
returns from a private equity portfolio which
generates performance comparable to a
private equity program of top tier private
equity managers and which outperforms
public equity markets over the medium term.

Significant Features

The Fund seeks an indirect exposure to returns from a private equity portfolio that is diversified across:

• different types of private equity investing (this is also referred to as 'deal stage'). This includes such things as buyouts, growth capital, venture capital and private debt; and
  
  
• the year in which an investment is made (this is also referred to as 'vintage'). The Fund invests in the Underlying Fund. The Underlying Fund is an open-ended fund that invests in a portfolio of listed private equity securities, including:
  
  
• Listed private equity funds: these are listed funds or listed
  investment companies primarily invested in private equity or private debt.
  
  
• Listed private equity-backed companies: these are the listed securities of companies that are controlled (or substantially influenced) by a private equity manager.
  
  
• Listed private equity managers: these are listed private equity or listed alternative asset managers that generate most of their fees from the management of private equity funds.

The Fund invests in units in the Underlying Fund. The Underlying Fund invests in listed private equity securities, including:

• Listed private equity funds
  
  
• Listed private equity-backed companies
  
  
• Listed private equity managers
  
  
• Unlisted securities offered under an
  initial public offering, and
  
  
• Cash (bank deposits) or other liquid
  securities.
  
  
  

The Underlying Fund is subject to foreign currency risk. Barwon substantially hedges the foreign exchange exposures within the
Underlying Fund.