The Fund’s primary objective is to invest in shares of Toesca SPC – Arcalis Toesca Middle-Market Fund I SP, a fund registered and domiciled in the Cayman Islands that will invest primarily in the United States mid-cap market. The Fund’s underlying assets will include two types of investments: (i) private equity funds focused on mid-cap companies in the United States, and (ii) co-investments with these same funds in certain companies within their investment portfolios.