Key Takeaways
- • Calamos Aksia Private Equity and Alternatives Fund, a newly organized Delaware statutory trust, filed a Form N-2 registration statement with the SEC on December 9, 2024 for continuous public offering of its shares.
- • The interval fund will offer Class A, Class C, Class I and Class M shares, with minimum initial investments of $25,000 for Class A, Class C and Class M shares and $1,000,000 for Class I shares.
- • Shares will be repurchased quarterly in amounts between 5% and 25% of outstanding shares under Rule 23c-3 of the Investment Company Act of 1940.
- • Calamos Advisors LLC serves as investment adviser and Aksia LLC as sub-adviser, with the fund succeeding Calamos Aksia Private Equity LP, its predecessor, which transferred substantially all assets into the fund at commencement of operations.
- • The filing is a preliminary, subject-to-completion prospectus; key terms such as the sales load and offering expense arrangements remain bracketed and unfinalized.
Summary
Calamos Aksia Private Equity and Alternatives Fund filed a preliminary Form N-2 registration statement with the U.S. Securities and Exchange Commission on December 9, 2024, according to the filing republished by Investing.com Canada. The registrant is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 that intends to operate as an interval fund. The filing checks the boxes for registered closed-end fund, interval fund and new registrant, indicating the vehicle has been regulated under the 1940 Act for less than twelve months.
The fund's shares will be offered continuously under the Securities Act of 1933 and repurchased quarterly in amounts no less than 5% and no more than 25% of outstanding shares, pursuant to a repurchase policy adopted under Rule 23c-3. The fund intends to elect treatment as a regulated investment company under the Internal Revenue Code. It is organized under an Agreement and Declaration of Trust, with its principal executive offices in Naperville, Illinois.
Calamos Advisors LLC is the investment adviser and oversees allocation of the portion of assets the sub-adviser manages. Aksia LLC, based in New York, is the sub-adviser. Both are registered investment advisers with the SEC. The filing states that the fund and its predecessor, Calamos Aksia Private Equity LP, share the same adviser, sub-adviser and portfolio managers, and that the fund's investment objective and policies are, in all material respects, equivalent to those of the predecessor.
The prospectus offers four share classes. Class A and Class C shares carry a $25,000 minimum initial investment, Class M shares carry a $25,000 minimum with $5,000 subsequent investments, and Class I shares require $1,000,000. Class A shares may carry a front-end sales load of up to a bracketed percentage, while Class C, I and M shares are not subject to front-end loads. Certain financial firms may charge separate transaction fees on Class M purchases. The filing also contains a bracketed expense limitation arrangement under which the advisers would bear certain offering costs on a 50/50 basis for a three-year period. Figures remain placeholders in the preliminary document and the offering date is not yet set.
The fund's shares will be offered continuously under the Securities Act of 1933 and repurchased quarterly in amounts no less than 5% and no more than 25% of outstanding shares, pursuant to a repurchase policy adopted under Rule 23c-3. The fund intends to elect treatment as a regulated investment company under the Internal Revenue Code. It is organized under an Agreement and Declaration of Trust, with its principal executive offices in Naperville, Illinois.
Calamos Advisors LLC is the investment adviser and oversees allocation of the portion of assets the sub-adviser manages. Aksia LLC, based in New York, is the sub-adviser. Both are registered investment advisers with the SEC. The filing states that the fund and its predecessor, Calamos Aksia Private Equity LP, share the same adviser, sub-adviser and portfolio managers, and that the fund's investment objective and policies are, in all material respects, equivalent to those of the predecessor.
The prospectus offers four share classes. Class A and Class C shares carry a $25,000 minimum initial investment, Class M shares carry a $25,000 minimum with $5,000 subsequent investments, and Class I shares require $1,000,000. Class A shares may carry a front-end sales load of up to a bracketed percentage, while Class C, I and M shares are not subject to front-end loads. Certain financial firms may charge separate transaction fees on Class M purchases. The filing also contains a bracketed expense limitation arrangement under which the advisers would bear certain offering costs on a 50/50 basis for a three-year period. Figures remain placeholders in the preliminary document and the offering date is not yet set.
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