Monitor the Notice Date (October 28, 2026) for actual tender volume; oversubscription could signal shareholder desire for greater liquidity, while low participation suggests satisfaction with the fund. The next quarterly tender is expected around March 31, 2027.
Executive Summary
Evanston Multi-Alpha Fund is commencing a quarterly issuer tender offer to repurchase up to $15,691,061 of its Class A and Class I Shares (15% of net assets as of July 31, 2026) at net asset value per share as of the Repurchase Valuation Date (December 31, 2026). The offer provides liquidity to shareholders in a closed-end fund with no secondary trading market; it is a routine quarterly liquidity event, not a signal of undervaluation or activist pressure.
Key Facts
- Fund offers to repurchase up to $15,691,061 of Class A and Class I Shares (15% of net assets as of July 31, 2026).
- Repurchase price equals net asset value per share as of December 31, 2026 (Repurchase Valuation Date).
- Notice Date and Expiration Date both October 28, 2026; tenders must be received by 11:59 p.m. ET.
- Payment generally within ~35 days after Repurchase Valuation Date; initial payment at least 90% for fully redeemed shareholders.
- Shares not traded on any market; transfers prohibited without prior approval of Investment Manager.
- Fund intends to conduct quarterly tender offers (March 31, June 30, September 30, December 31).
- No minimum tender condition; oversubscription may be accepted pro rata or via extension at Fund's discretion.
- Early Repurchase Charge of 3.00% applies to shares tendered within first year of purchase.
- Funding sources: cash on hand, sale of portfolio securities, or possibly borrowings (no borrowing currently determined).
- Previous tender offer expired July 28, 2026.
Financial Impact
Up to $15,691,061 (15% of net assets) to be repurchased at NAV; no premium or discount.
Risk Factors
- If oversubscribed, shareholders may face pro-rata reduction or extension of the offer.
- Reduction in fund assets may increase expense ratios for remaining shareholders.
- Liquidation of portfolio securities to fund repurchases could realize losses or increase transaction costs.
Documents Analyzed
This report is based on 9 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001580642-26-006457 |
| Exhibit: ex99-2.htm | 0001580642-26-006457 |
| Exhibit: exfilingfee.htm | 0001580642-26-006457 |
| Exhibit: ex99-3.htm | 0001580642-26-006457 |
| Exhibit: ex99-4.htm | 0001580642-26-006457 |
| Exhibit: ex99-1.htm | 0001580642-26-006457 |
| Document: 0001580642-26-006457-index-headers.html | 0001580642-26-006457 |
| Document: 0001580642-26-006457-index.html | 0001580642-26-006457 |
| Document: 0001580642-26-006457.txt | 0001580642-26-006457 |
US Market Status
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