The Listed Private Equity (LPE) Strategy seeks to generate a total return that exceeds the relevant benchmark index by investing in a portfolio of LPE closed-end funds and Investment Companies. The funds are selected by taking into consideration the current discount to NAV relative to historical ranges and relative to the securities in the universe. Portfolio construction takes into account the underlying strategy of the LPE funds (such as Buy Out, Growth Capital/Venture Capital and Multi Strategy), the liquidity and size of the securities, as well as country and sector allocation and the vintages of the portfolios.