XA Investments to Become Adviser to Evanston Capital Alternative Investment Fund and Retain Evanston as Portfolio Manager

Reflects XA Investments Continued Focus on Evergreen Alternative Investment Funds

CHICAGO, May 05, 2026 (GLOBE NEWSWIRE) -- XA Investments LLC (“XAI”), an alternative investment management and consulting firm, announced that it will become investment adviser to the Evanston Multi-Alpha Fund (the “Fund”), a $91 million closed-end tender offer fund. The new advisory and sub-advisory agreements for XAI and Evanston Capital Management, LLC (“Evanston Capital” or “Evanston”), respectively, are subject to board and Fund shareholder approvals. Evanston currently manages $4.4 billion in hedge fund products for endowments, foundations, public plans, and family offices.

“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 for nearly 25 years and is an ideal partner for XAI as we respond to a resurging interest by financial advisors in hedge fund solutions. We believe the evergreen structure is a compelling way to offer Evanston’s expertise to private wealth advisors and investors.”

Adam Blitz, chief executive officer and co-chief investment officer said, “Evanston Capital has always believed that disciplined, active portfolio management is the best way to aim to deliver differentiated outcomes for investors. We’ve consistently added value through our manager selection and institutional scale – giving us anchor access to new funds and emerging managers often with advantaged fee or liquidity terms. Our differentiated approach can be particularly constructive during periods of heightened market volatility. Historically, the Fund has added considerable value by providing downside protection while still participating meaningfully in up markets. With XAI serving as investment adviser, Evanston can remain singularly focused on what we do best. We’re confident XAI’s deep expertise across fund operations, distribution, and shareholder engagement will support the Fund’s next phase of growth.”

If approved, XAI’s appointment as investment adviser to the Fund is expected to occur in the third quarter of 2026. The transaction will expand the number of funds in the XAI Funds complex from three to four.

Additionally, XAI and Evanston Capital intend to convert the Fund to a daily net asset value (NAV) interval fund to expand market reach and simplify how the Fund can be purchased by investors. The conversion is subject to board and Fund shareholder approvals. The timing of the conversion to an interval fund will be sequenced thoughtfully to allow for proper operational implementation and is expected to occur in the first half of 2027. Further information will be provided to Fund shareholders when appropriate.

About XA Investments

XA Investments LLC (“XAI”) is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund, respectively 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).

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.

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 $4.4 billion in assets under management as of April 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. The Fund's shares are subject to legal restrictions on transfer and resale and you should not assume you will be able to resell your shares. No assurance can be given that the Fund will achieve its objectives. 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.

Investors should consider the Fund's investment objectives, risks, charges, expenses, and limited liquidity carefully before investing. This and other important information is contained in the Prospectus. All Fund investors are urged to carefully read and review the entire Prospectus before investing in the Fund. You can obtain a copy of the Fund's Prospectus by emailing investorrelations@evanstoncap.com.

Principal Risks of Investing: The Fund is speculative and involves a substantial degree of risk, and an investor could lose all or substantially all of his or her investment. No assurance can be given that the Fund will achieve its objectives or avoid significant losses.

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

The Fund is distributed by PINE Distributors LLC which is not affiliated with Evanston Capital or XAI.

EVNST-5454924-05/26

Media Contacts:

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

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

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