XAI Expands Alternatives Platform with Addition of Evanston Capital Tender Offer Fund

CHICAGO, Aug. 14, 2026 (GLOBE NEWSWIRE) -- The Evanston Multi-Alpha Fund (the “Fund”) today announced the appointment of XA Investments LLC ("XAI") as its investment adviser and the retention of Evanston Capital Management, LLC ("Evanston Capital") as its sub-adviser.

The transaction expands XAI's alternatives platform through the addition of a differentiated multi-manager hedge fund strategy backed by Evanston Capital's long-standing institutional investment expertise. Evanston Capital manages approximately $4.6 billion in hedge fund products on behalf of endowments, foundations, public pension plans, family offices, and other institutional investors. Through the Fund, investors gain access to the firm's manager selection capabilities, institutional research platform, and decades of experience constructing diversified hedge fund portfolios designed to generate attractive risk-adjusted returns.

The appointment of XAI and Evanston Capital as the Fund's investment adviser and sub-adviser, respectively, follows shareholder approval at a special meeting held on August 13, 2026.  

Adam Blitz, chief executive officer and co-chief investment officer of Evanston Capital stated, “For more than a decade, the Fund has been managed using the same institutional investment process that underpins Evanston's broader hedge fund platform. We seek to identify exceptional managers, secure attractive investment opportunities, and construct portfolios designed to generate attractive long-term risk-adjusted returns across market cycles. We are excited to continue delivering that expertise through the Fund while working with XAI to make this institutional investment strategy accessible to a broader audience of investors and financial advisors.”

The Fund becomes the fourth closed-end fund on the XAI Funds platform and seeks to provide investors access to a diversified portfolio of hedge fund managers spanning long/short equity, event-driven, relative value, and global macro strategies, leveraging the same manager sourcing, diligence, and portfolio construction expertise Evanston Capital employs on behalf of its institutional clients.

“The addition of Evanston Multi-Alpha Fund is a significant milestone in the continued expansion of the XAI platform,” said Kimberly Flynn, president of XAI. “Our objective is to identify and deliver differentiated alternative investment solutions with proven institutional pedigrees. Evanston has spent decades building a highly respected hedge fund investment platform, developing deep manager relationships, and constructing portfolios for some of the most sophisticated investors in the market. We are excited to bring that expertise to investors through a registered fund structure designed to make institutional-quality alternatives more accessible.”

The Fund’s shareholders also approved a future conversion of the Fund to a daily net asset value (“NAV”) interval fund, which is expected to expand distribution opportunities, improve accessibility, and simplify how investors and financial advisors access the strategy. The conversion is expected to occur in the first half of 2027, subject to operational readiness, and other customary requirements. Additional information regarding the conversion process will be provided to shareholders as appropriate.

About XA Investments

XA Investments LLC is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds, an interval closed-end fund, and a tender offer closed-end fund. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including product development and market research, marketing and fund management. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. For more information, please visit www.xainvestments.com.

About Evanston Capital

Evanston Capital Management, LLC (“Evanston Capital” or “Evanston”) is an alternative investment management firm focused on providing multi-manager hedge fund programs and custom solutions for institutional and high-net-worth investors. Formed in 2002, Evanston manages a variety of strategies emphasizing more concentrated portfolios by identifying portfolio managers in which Evanston has gained high conviction. Evanston manages commingled funds and offers customized solutions to clients looking to tailor their hedge fund program. Evanston has over 150 institutional investor relationships and approximately $4.6 billion in assets under management as of August 1, 2026. For more information, please visit www.evanstoncap.com.

About Evanston Multi-Alpha Fund

The Evanston Multi-Alpha Fund (the “Fund”) is a continuously offered, non-diversified, registered closed-end tender offer fund with limited liquidity. There is no guarantee the Fund’s investment objective will be achieved. Investing in tender offer funds may be speculative, involve a high degree of risk, and provide limited liquidity. The Fund does not currently intend to list its shares for trading on any national securities exchange and does not expect any secondary trading market in the shares to develop. This press release does not constitute an offer to sell or a solicitation of an offer to purchase the Fund's securities. Any such offer will be made only by means of the Fund's Prospectus.

Past performance does not guarantee future results. There is no assurance that the investment process will consistently lead to successful investing. The investment objective of the Fund is to seek attractive long-term risk adjusted returns. There can be no assurance that the Fund will achieve its investment objective, and you could lose some or all of your investment. An investment in this Fund presents a number of risks and is not suitable for all investors. Investors should carefully review the prospectus and consider potential risks before investing. These and other risk considerations are described in more detail in the Fund’s prospectus and SAI, each of which can be found on the SEC’s website at www.sec.gov or the Fund’s web page at xainvestments.com.

The Fund is distributed by PINE Distributors LLC which is not affiliated with XA Investments LLC or Evanston Capital Management, LLC.

Media Contacts:

For XA Investments LLC
Kim Shepherd
Senior Consultant
kshepherd@xainvestments.com
312-623-5123
www.xainvestments.com

For Evanston Capital Management, LLC
Jody Lowe
Lowe Group | President & Founder
jody@lowecom.com
414-376-7663
www.evanstoncap.com