XA Investments to Advise $91M Evanston Fund, Convert to NAV Interval
XA Investments will become investment adviser to the $91 million Evanston Multi-Alpha Fund, with Evanston Capital retained as portfolio manager pending board and shareholder approvals expected in Q3 2026. XAI and Evanston plan to convert the fund to a daily NAV interval structure in H1 2027, expanding investor access.
1. Advisory Appointment
XA Investments has agreed to become the investment adviser to the Evanston Multi-Alpha Fund, a $91 million closed-end tender offer fund. The new advisory and sub-advisory agreements, which retain Evanston Capital as portfolio manager, await board and shareholder approvals and are slated to take effect in the third quarter of 2026.
2. Fund Conversion Plan
XAI and Evanston Capital intend to convert the Evanston Multi-Alpha Fund into a daily net asset value interval fund to simplify purchase mechanics and broaden market reach. This conversion is scheduled for the first half of 2027, pending necessary approvals and operational readiness.
3. Strategic Impact and Fund Expansion
Approval of XAI’s advisory role will expand the XAI Funds complex from three to four vehicles, reinforcing XAI’s focus on institutional-caliber alternative strategies. The partnership leverages Evanston’s 25-year hedge fund expertise alongside XAI’s distribution and fund operations capabilities to support future growth.