Key Takeaways
- • XA Investments LLC will become investment adviser to the $91 million Evanston Multi-Alpha Fund, a closed-end tender offer fund, subject to board and shareholder approvals, with Evanston Capital retained as portfolio manager and sub-adviser.
- • Evanston Capital, managing $4.4 billion in hedge fund products across endowments, foundations, public plans, and family offices, brings nearly 25 years of multi-strategy hedge fund management expertise to the partnership.
- • The structural arrangement allows XA Investments to expand institutional-caliber alternative investment access to private wealth advisors and retail investors through an evergreen fund structure, while Evanston remains focused on core portfolio management and manager selection capabilities.
- • Evanston Capital's historical track record emphasizes downside protection with meaningful upside participation, supported by anchor access to emerging managers and advantaged fee terms derived from institutional scale.
Summary
XA Investments LLC announced on May 5, 2026, that it will assume the role of investment adviser to the Evanston Multi-Alpha Fund, a $91 million closed-end tender offer fund, marking a strategic realignment in the fund's governance structure. The transaction, pending board and shareholder approval, establishes XA Investments as primary adviser while retaining Evanston Capital Management as sub-adviser and portfolio manager—a bifurcated arrangement designed to leverage both firms' complementary capabilities.
Evanston Capital, a $4.4 billion multi-manager hedge fund platform, has maintained operations for nearly 25 years serving institutional investors including endowments, foundations, public pension plans, and family offices. The firm's core competency centers on disciplined manager selection and active portfolio construction across multi-strategy hedge fund mandates. According to Kimberly Flynn, president of XA Investments, the partnership reflects XAI's strategic objective to democratize institutional-grade alternative investment solutions for private wealth advisors and retail clients through an evergreen fund vehicle—a structural choice that addresses resurging financial advisor demand for hedge fund exposure.
Adam Blitz, CEO and co-chief investment officer at Evanston Capital, emphasized that the arrangement allows the firm to maintain singular focus on portfolio management and manager selection while XA Investments handles regulatory and administrative adviser responsibilities. The firm's historical performance metrics highlight downside mitigation during volatility periods coupled with meaningful upside capture during positive market environments. Evanston's institutional scale provides access advantages to emerging managers and new fund launches, often secured at preferential fee structures and liquidity terms unavailable to smaller investors.
The transaction represents a structural evolution rather than a fundamental change in investment philosophy or personnel, with Evanston Capital's existing management team continuing to direct portfolio decisions while XA Investments assumes adviser fiduciary obligations and regulatory compliance functions. The closed-end tender offer structure accommodates periodic liquidity windows while preserving the long-term, multi-strategy positioning that has characterized Evanston's approach to alternative asset management.
Evanston Capital, a $4.4 billion multi-manager hedge fund platform, has maintained operations for nearly 25 years serving institutional investors including endowments, foundations, public pension plans, and family offices. The firm's core competency centers on disciplined manager selection and active portfolio construction across multi-strategy hedge fund mandates. According to Kimberly Flynn, president of XA Investments, the partnership reflects XAI's strategic objective to democratize institutional-grade alternative investment solutions for private wealth advisors and retail clients through an evergreen fund vehicle—a structural choice that addresses resurging financial advisor demand for hedge fund exposure.
Adam Blitz, CEO and co-chief investment officer at Evanston Capital, emphasized that the arrangement allows the firm to maintain singular focus on portfolio management and manager selection while XA Investments handles regulatory and administrative adviser responsibilities. The firm's historical performance metrics highlight downside mitigation during volatility periods coupled with meaningful upside capture during positive market environments. Evanston's institutional scale provides access advantages to emerging managers and new fund launches, often secured at preferential fee structures and liquidity terms unavailable to smaller investors.
The transaction represents a structural evolution rather than a fundamental change in investment philosophy or personnel, with Evanston Capital's existing management team continuing to direct portfolio decisions while XA Investments assumes adviser fiduciary obligations and regulatory compliance functions. The closed-end tender offer structure accommodates periodic liquidity windows while preserving the long-term, multi-strategy positioning that has characterized Evanston's approach to alternative asset management.
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