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Matthias Knab, Opalesque:

Chicago-based XA Investments LLC (XAI) has announced that it will become the investment adviser to the Evanston Multi-Alpha Fund, a $91 million closed-end tender offer fund, with Evanston Capital Management staying on as sub-adviser and portfolio manager. The new advisory and sub-advisory agreements remain subject to board and shareholder approvals, with XAI's appointment expected to take effect in the third quarter of 2026.

The transaction will expand the XAI Funds complex from three to four vehicles. XAI currently advises the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT), the XAI Madison Equity Premium Income Fund (NYSE: MCN), and the Octagon XAI CLO Income Fund (OCTIX).

Evanston Capital, formed in 2002, manages approximately $4.4 billion in hedge fund products for endowments, foundations, public plans, and family offices, with more than 150 institutional investor relationships as of April 1, 2026.

The deal underscores XAI's strategic focus on broadening private wealth access to institutional alternative investment strategies through evergreen fund structures.

"The partnership with Evanston reflects our continued commitment to expanding investor access to institutional-caliber alternative investment strategies," said Kimberly Flynn, president of XAI. "Evanston Capital has managed multi-strategy hedge fund investments......................

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