PartnershipMay 5, 2026, 09:32 AM
XAI to Advise $91M Evanston Multi-Alpha Fund; Plans Interval Fund Conversion
AI Summary
XA Investments LLC (XAI) announced it will become the investment adviser to the Evanston Multi-Alpha Fund, a $91 million closed-end tender offer fund. This partnership, subject to board and shareholder approvals, is expected to take effect in Q3 2026, expanding XAI's fund complex to four. Additionally, XAI and Evanston Capital plan to convert the Fund to a daily net asset value (NAV) interval fund in the first half of 2027 to broaden market reach and simplify investor access.
Key Highlights
- XAI to become investment adviser to the $91 million Evanston Multi-Alpha Fund.
- The new advisory and sub-advisory agreements are subject to board and Fund shareholder approvals.
- XAI's appointment as investment adviser is expected to occur in the third quarter of 2026.
- The transaction will expand the XAI Funds complex from three to four funds.
- XAI and Evanston Capital intend to convert the Fund to a daily NAV interval fund.
- The conversion to an interval fund is expected to occur in the first half of 2027.
- Evanston Capital currently manages $4.4 billion in hedge fund products.
- Evanston Capital has managed multi-strategy hedge fund investments for nearly 25 years.