Technically, your fund should have a document that says what...

Technically, your fund should have a document that says what your funds investment strategy is. For example, it might say

50% ASX stocks
20% Property
25% Bonds
Et cetera

However, these are just tick a box compliance issues and you will know in your head what your style is. Personally as long as you see UPD as being similar to a mining stock (don't put more than 10% of your funds in it) you shouldn't have any problems. I have unlisted companies and the only problem really is marking to market (they aren't listed, so how do you value an illiquid asset?)