PartnershipMay 5, 2026, 09:33 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 $91 million Evanston Multi-Alpha Fund, with Evanston Capital Management, LLC continuing as sub-adviser. This partnership aims to expand investor access to institutional-caliber alternative investment strategies. The new agreements and a planned conversion of the Fund to a daily net asset value (NAV) interval fund are subject to board and Fund shareholder approvals, with XAI's appointment expected in Q3 2026 and the conversion in H1 2027. This move will increase the XAI Funds complex to four funds.
Key Highlights
- XAI to become investment adviser to the $91 million Evanston Multi-Alpha Fund.
- Evanston Capital Management to remain as sub-adviser for the Fund.
- 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 Q3 2026.
- 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 H1 2027, subject to approvals.
- This transaction will expand the XAI Funds complex from three to four funds.
- Evanston Capital currently manages $4.4 billion in hedge fund products.