Tap US Private Equity Fund of Funds (USPE)

About the Product

Innovation in exchange traded funds. Tap is bringing private equity into a structure investors already know: a publicly listed fund that can be bought and sold through a regular brokerage account. Tap US Private Equity Fund of Funds (the “Fund”) is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as a non-diversified, closed-end management investment company. The Fund’s investment objective is to achieve maximum total return. Under normal circumstances, the Fund will invest at least 80% of its net assets (defined as net assets plus the amount of borrowings for investment purposes) in limited partnership interests of private equity funds (“Private Equity Funds” or “Underlying Funds”) that are domiciled in or primarily investing in the United States. The Fund considers any Underlying Fund that invests the majority of its assets in instruments from issuers domiciled in the United States to be primarily investing in the United States. For purposes of compliance with the Fund’s 80% policy, the Fund will, at the time of the Fund’s investment, consider the investments of any Underlying Funds. The Fund also intends to count the value of any money market funds, U.S. treasuries, and cash or other cash equivalents that cover unfunded commitments to invest equity in Underlying Funds that the Fund reasonably expects to be called in the future as qualifying for purposes of its 80% policy and as a result, the Fund may hold a significant portion of its assets in cash or cash equivalents that are other than Private Equity Funds.