3 Fund Governance 21 Fiduciary Duty Investment Management Considerations Changes to the Fund GP-led Secondary Transactions Cross-Fund Investments Co-Investment Allocations LPAC Best Practices Auditor Independence and Scope of the Fund Audit Financial Disclosures 33 Fees and Expenses Other Financial Information, Quarterly Financial Disclosures, Annual Capital Calls and Distributions Subscription Lines of Credit Portfolio Company Information Financial and Performance Reporting Fund Marketing Materials Information Access and Fund Audits Notifications and Policy Disclosures 38 ESG Policies and Reporting Other Policy Disclosures and Notifications LP Disclosures 40 Definitions 41 Acknowledgements 43