XA Investments to Advise $91M Fund, Expanding Fund Complex to Four
MCN•XA Investments will become investment adviser to the $91 million Evanston Multi-Alpha Fund under new advisory and sub-advisory agreements pending shareholder and board approvals. If approved, the move will expand XAI’s fund complex from three to four vehicles and set the stage for a 2027 NAV interval conversion.
1. Advisory Agreement Details
XA Investments LLC will become the primary investment adviser to the Evanston Multi-Alpha Fund, a $91 million closed-end tender offer fund. New advisory and sub-advisory agreements with XAI and Evanston Capital Management require board and shareholder approvals before implementation.
2. Fund Complex Expansion
Upon approval in the third quarter of 2026, the Evanston Multi-Alpha Fund will join XAI’s existing three-fund lineup, raising the total number of funds in the XAI Funds complex to four. This strategic expansion leverages XAI’s operations, distribution and shareholder engagement capabilities.
3. NAV Interval Conversion Plan
XAI and Evanston Capital intend to convert the Fund to a daily NAV interval structure in the first half of 2027. The conversion will aim to simplify purchase processes and broaden market access, with timing sequenced for operational readiness.
