Evanston Multi-Alpha Fund is a 1940 Act, semi-liquid evergreen closed-end tender-offer registered fund structured to provide long-term risk-adjusted returns by allocating substantially all of its assets to third-party hedge fund vehicles across long/short equity, event driven, relative value and global asset allocation strategies; the Fund principally invests in Portfolio Funds and short-term investments, offers monthly purchase opportunities to eligible investors, conducts limited quarterly repurchase (tender) offers (typically up to 5% of outstanding shares), is managed by Evanston Capital. XA Investments is set to become the investment adviser in Q3 2026, with Evanston Capital retained as sub-adviser. The fund is also expected to be converted to a '40 Act Interval Fund in H1 2027.
News and Notices
Evanston Capital Management, LLC
2014
'40 Act
Tender Offer CEF
USD
Quarterly
Monthly
1.00%
March 31
News and Notices
Portfolio Holdings
Portfolio Composition
Growth
Capital Flows
Tender Offers
Share Classes
Returns
Fees
Ownership
Operating Metrics
Per Page
10
Notices
Dec 10, 2025
16:06
Compliance
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XAI Octagon Floating Rate & Alternative Income Trust amended its financial institution bond effective August 13, 2026, adding $2.375 million fraudulent transfer instruction and unauthorized signature coverage with $10,000 deductibles. Evanston Multi-Alpha Fund was added as a joint insured.
Nov 03, 2025
13:02
Ownership, Personnel, Subscriptions
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Evanston Multi-Alpha Fund Vice President John Yogi Spence acquired 10,388 Class I shares at $9.6263 per share on September 1, 2026, resulting in direct ownership of 10,388 shares. The shares were issued at net asset value through the fund’s continuous offering.
Apr 24, 2024
21:25
Marketing Materials, Redemptions, Subscriptions
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Evanston Multi-Alpha Fund updated its prospectus for a $207.1 million two-class offering, with XA Investments providing investment advisory services. Investors may purchase monthly at current net asset value; discretionary quarterly repurchases are limited to 5%-25% of outstanding shares.
Jun 18, 2024
18:18
Ownership, Personnel
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Independent Trustee Theodore J. Brombach disclosed beneficial ownership of no Evanston Multi-Alpha Fund securities as of August 13, 2026, in an ownership disclosure.
Feb 18, 2026
18:00
Ownership, Personnel
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Evanston Multi-Alpha Fund Independent Trustee William T. Meyers disclosed no beneficial ownership of the fund’s securities as of August 13, 2026.
Aug 18, 2024
17:51
Ownership, Personnel
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Danielle Cupps, Independent Trustee of Evanston Multi-Alpha Fund, disclosed that she owned no securities of the fund as of August 13, 2026.
Jan 18, 2025
17:47
Ownership, Personnel
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Independent Trustee Scott C Jones disclosed no ownership of Evanston Multi-Alpha Fund securities as of August 13, 2026, in an initial ownership report.
Dec 18, 2025
17:36
Ownership, Personnel
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Lisa Woo, Assistant Treasurer, disclosed her relationship with Evanston Multi-Alpha Fund and reported no securities owned as of August 13, 2026. Investors have no reported holdings requiring position monitoring for Lisa Woo.
Jan 18, 2024
17:33
Ownership, Personnel
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Madeline Arment, Assistant Treasurer, submitted an ownership disclosure showing no securities owned in Evanston Multi-Alpha Fund as of August 13, 2026.
Sep 18, 2023
17:29
Ownership, Personnel
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Evanston Multi-Alpha Fund Principal Financial Officer and Treasurer Derek Jason Mullins disclosed that he owned no securities of Evanston Multi-Alpha Fund as of August 13, 2026.
Preview
News
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Tender Offer CE Funds
Interval CE Funds
North America
Advisors
Partnerships
XA Investments takes over Evanston fund as investment adviser
Aug 14, 2026

The Evanston Multi-Alpha Fund's shareholders also approved its future conversion from a tender offer fund to a daily-NAV interval fund, expected in the first half of 2027.

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Partnerships
Tender Offer CE Funds
Interval CE Funds
Managers
North America
XA Investments to advise on Evanston's tender offer fund
May 5, 2026

The $91 million Evanston Multi-Alpha Fund will be converted to an interval structure in the first half of 2027.

Evanston Multi-Alpha Fund
Evanston Capital Management, LLC is responsible for managing Evanston Multi-Alpha Fund.
Evanston Multi-Alpha Fund launched in 2014.
Evanston Multi-Alpha Fund is registered as a '40 Act fund.
Evanston Multi-Alpha Fund is structured as a Tender Offer CEF fund.
You can invest in Evanston Multi-Alpha Fund by meeting its eligibility requirements and subscribing through the fund's offering process or an approved platform. Visit their website for more details.
You can invest in Evanston Multi-Alpha Fund monthly, subject to eligibility and fund subscription deadlines.
You can redeem shares of Evanston Multi-Alpha Fund quarterly, subject to redemption limits and notice requirements.
Shares of Evanston Multi-Alpha Fund can be purchased in USD.
Evanston Multi-Alpha Fund's fiscal year end is March 31.
Evanston Multi-Alpha Fund's net asset value was $109.6 million and its portfolio had a fair value of $108.7 million as of June 30, 2026.
Among other deal types, Evanston Multi-Alpha Fund primarily makes Fund Investments.
Among other asset classes, Evanston Multi-Alpha Fund primarily invests in Hedge Fund.
Among other regions, Evanston Multi-Alpha Fund primarily invests Globally and in the USA.
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