This is a routine quarterly liquidity offer for a non-traded closed-end fund. Monitor the final tender results after the Nov 30 valuation date to gauge shareholder redemption demand. No material price signal for the fund's underlying portfolio.
Executive Summary
Align Alternative Access Fund is commencing a quarterly issuer tender offer to repurchase up to 5% of its net assets (approximately $1.19 million based on the $23.9 million NAV as of August 31, 2026) at NAV per share. The offer provides liquidity to shareholders of this closed-end fund, which has no secondary trading market. The offer is routine and expected to recur quarterly, with no minimum tender condition and no recommendation from the Board or adviser.
Key Financial Metrics
Key Facts
- Fund offers to buy up to 5% of net assets (approx. $1.19 million) at NAV per share
- NAV as of Aug 31, 2026: $23,898,283.34 aggregate; $10.47 per share
- 2,283,007.37 Class I shares outstanding as of Aug 31, 2026
- Tender period: Oct 16 – Nov 16, 2026; withdrawal rights expire Nov 16, 2026
- Valuation Date: Nov 30, 2026; payment by Feb 3, 2027
- No minimum tender condition; oversubscription may be prorated
- Purpose: provide liquidity — no secondary market for shares
- Fund expects quarterly tender offers; no plans for merger, reorganization, or liquidation
- Payment from cash on hand, portfolio sales, capital withdrawals, or possibly borrowings
Financial Impact
Maximum repurchase of ~$1,194,914 (5% of $23.9M NAV) at NAV per share; reduces fund assets by that amount
Risk Factors
- If oversubscribed, tenders may be prorated, limiting liquidity for some shareholders
- Fund may need to liquidate portfolio holdings early, potentially realizing losses
- Remaining shareholders bear higher expense ratios as fixed costs spread over smaller asset base
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001580642-26-006950 |
| Document: alignalternative_sctoi.htm | 0001580642-26-006950 |
| Document: alignalternative_ex99c.htm | 0001580642-26-006950 |
| Document: alignalternative_ex99d.htm | 0001580642-26-006950 |
| Document: alignalternative_ex99f.htm | 0001580642-26-006950 |
| Document: alignalternative_ex99a.htm | 0001580642-26-006950 |
| Document: alignalternative_ex99e.htm | 0001580642-26-006950 |
| Document: 0001580642-26-006950-index-headers.html | 0001580642-26-006950 |
| Document: 0001580642-26-006950-index.html | 0001580642-26-006950 |
| Document: 0001580642-26-006950.txt | 0001580642-26-006950 |
US Market Status
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