Calamos and Aksia Launch CAPVX, the Calamos Aksia Private Equity & Alternatives Fund, Marking New Chapter in their Strategic Partnership
Rhea-AI Summary
Calamos and Aksia have announced the launch of the Calamos Aksia Private Equity & Alternatives Fund (CAPVX), marking a significant expansion of their strategic partnership. The fund, which debuts on July 1, 2025, aims to democratize access to private equity investments through an innovative interval fund structure.
CAPVX enters the market with an established track record, having achieved a 25.5% return over nine months through April 30, 2025, outperforming the MSCI World index. The fund focuses on small and middle market co-investments and specialized secondaries, offering daily purchases and semi-annual liquidity. Notable features include a fee structure of 1.25% for the first year and 1.75% thereafter, with no incentive fees.
The launch coincides with the introduction of AC Private Markets, a new brand uniting Calamos and Aksia's expertise in liquid and institutional alternatives, respectively. The fund builds on the success of their previous offering, CAPIX, and aims to provide institutional-quality private market opportunities to a broader investor base, including non-accredited investors.
Positive
- Track record of 25.5% return over nine months, outperforming MSCI World index
- Democratized access to private equity through interval fund structure requiring no accreditation
- Enhanced liquidity through daily purchases and semi-annual redemptions
- Competitive fee structure with no incentive fees
- Enters market with seasoned, diversified portfolio
Negative
- None.
Insights
Calamos and Aksia launch CAPVX, democratizing private equity access through an interval fund structure with semi-annual liquidity and no accreditation requirements.
Calamos and Aksia have launched the Calamos Aksia Private Equity & Alternatives Fund (CAPVX), marking a significant development in making private equity investments accessible to a broader investor base. The fund enters the market with an impressive 9-month track record of
What makes CAPVX particularly notable is its structure as a '40 Act interval fund offering daily purchases and semi-annual liquidity. This structure eliminates accreditation requirements while providing enhanced transparency—effectively democratizing access to private equity, an asset class historically limited to institutional investors and ultra-high-net-worth individuals.
The fund's investment strategy targets areas with potential alpha generation: small and middle market co-investments and small and specialized secondaries across buyouts, growth equity, and venture capital. This focused approach differs from broad-based private equity exposure.
From a fee perspective, CAPVX offers a competitive structure with a management fee of
The launch of AC Private Markets as a unified brand between Calamos (liquid alternatives expertise) and Aksia (institutional alternatives expertise) signals a strategic commitment to bringing institutional-quality alternative investments to a wider investor audience through accessible evergreen fund structures.
METRO
- Launched July 1, the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) is an alpha-focused private equity strategy primarily targeting co-investments and secondaries, delivered through an efficient and investor-friendly interval fund structure.
- Originally launched as a private fund, CAPVX enters the market with a seasoned, diversified portfolio, a strong track record, and clear investor alignment.1
- The launch also marks the debut of AC Private Markets, a new brand that unites two trusted alternative investment leaders — Calamos and Aksia — their complementary expertise and their shared commitment to delivering institutional-quality alternative strategies through easy-to-access evergreen funds.
The launch of CAPVX coincides with the formal debut of AC Private Markets, a new unified brand leveraging the complementary expertise of Calamos, a leader in liquid alternatives, and Aksia, a leader in institutional alternatives and private markets. AC Private Markets symbolizes a shared vision to expand investor access to evergreen, easy-to-use private market strategies delivered by premier alternative managers. The brand is featured on a newly launched website, where investors and advisors can explore fund offerings and access in-depth research content.
"The launch of the Calamos Aksia Private Equity & Alternatives Fund, alongside the debut of the AC Private Markets brand, represents an exciting evolution in our strategic partnership with Aksia," said Koudounis. "Building on the strong momentum of our private credit offering, CAPIX, these launches reinforce our commitment to democratizing access to premier private market opportunities — bringing institutional-quality products and insights to a wider range of investors."
Structured as a '40 Act interval fund, CAPVX offers daily purchases and semi-annual liquidity, making the strategy more accessible to both accredited and non-accredited investors. CAPVX was initially incubated as a private fund, enabling Aksia to build a diversified portfolio of private equity investments. With a nine-month track record of
"We're excited to launch CAPVX — the second offering developed from our partnership with Calamos" said Jim Vos, CEO of Aksia. "By combining Aksia's deep private markets expertise with Calamos' strengths in managing alternatives and fund distribution, together we are uniquely positioned to provide solutions for investors historically excluded from the private markets ecosystem. The launch of AC Private Markets further demonstrates our commitment to supporting investors with relevant research, analysis and data insights."
Fund Details | |
Ticker | CAPVX (I Share) |
Strategy | Alpha-focused private equity opportunities |
Structure | Interval fund |
Benchmark | MSCI World |
Liquidity Terms | Semi-annual; no less than |
Tax Reporting | 1099-DIV |
Fees | |
About Calamos
Calamos Investments is a diversified global investment firm offering innovative investment strategies, including alternatives, multi-asset, convertible, fixed income, private credit, equity, and sustainable equity. With more than
About Aksia
Aksia has over
Before investing, carefully consider the fund's investment objectives, risks, and charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.
Calamos Investments LLC, referred to herein Calamos is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP, and Calamos Financial Services LLC.
An investment in the Fund(s) is subject to risks, and you could lose money on your investment in the Fund(s). There can be no assurance that the Fund(s) will achieve its investment objective. Your investment in the Fund(s) is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. The risks associated with an investment in the Fund(s) can increase during times of significant market volatility. The Fund(s) also has specific principal risks, which are described below. More detailed information regarding these risks can be found in the Fund's prospectus.
1Past performance is not indicative of future results.
Interval Fund. The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund is an "interval fund" pursuant to which it, subject to applicable law, will conduct semi-annual repurchase offers for between
The Fund is subject to substantial risks — including market risks and strategy risks. The Fund is also subject to the risks associated with the investment strategies employed by the Advisors. While the Advisors will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Advisors and their affiliates and employees with respect to the management of accounts for other clients as well as the investment of proprietary assets. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested. Accordingly, the Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment. Past results of the Investment Adviser, the Sub-Advisers, their respective principals, and the Fund are not indicative of future results.
Private Equity Investments are investments in the securities of companies which are not publicly traded at the time of investment. These investments may be difficult to value and sell, or otherwise liquidate, and the risk of investing in such non-public companies is generally much greater than the risk of investing in publicly traded companies. Companies whose securities are not publicly traded are not subject to the same disclosure and reporting requirements that are generally applicable to companies with publicly traded securities, nor is the trading of such non-publicly traded securities regulated by any government agency. Accordingly, the protections accorded by such regulation are not available in making such investments. To the extent that there is no liquid trading market for particular investments, an Underlying Manager may be unable to liquidate such investments or may be unable to do so at a profit. In addition, in certain circumstances governmental or regulatory approvals may be required for a Private Equity Fund or Co-Investment vehicle to dispose of an investment, or the Underlying Manager may be prohibited by contract or for legal or regulatory reasons from selling an illiquid investment for a period of time.
Performance data quoted represents past performance, which is no guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value of an investment will fluctuate so that your shares, when sold, may be worth more or less than their original cost. Returns over 1-year are annualized. The Predecessor Fund commenced operations on September 20, 2024. The performance quoted below is that of the Predecessor Fund and was adjusted to reflect the Fund's estimated expenses of Class I Shares (with the exception of estimated Acquired Fund Fees and Expenses, the effect of which is already incorporated into the performance of the Predecessor Fund, and interest payments on borrowed funds and securities sold short, as the Predecessor Fund did not have the benefit of leverage) and the Fund's Expense Limitation Agreement in effect for its first year as a registered investment company as well as the Management Fee Waiver. The performance returns of the Predecessor Fund are unaudited and are calculated by the Advisor on a total return basis. If the effect of the Fund's Expense Limitation Agreement and Management Fee Waiver were not reflected in the Predecessor Fund's returns shown below, the returns would be lower. After-tax performance returns are not included for the Predecessor Fund. The Predecessor Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Code, which, if applicable, may have adversely affected its performance. The Fund Conversion itself was treated as a non-taxable contribution by the Predecessor Fund of limited partner interest to the Fund in exchange for shares of the interval fund, followed by a non-taxable liquidation of the Fund. However, to the extent the Fund had corporate investors, including a
Calamos Financial Services LLC, Distributor
© 2025 Calamos Investments LLC. All Rights Reserved. Calamos® and Calamos Investments® are registered trademarks of Calamos Investments LLC.
© 2025 Aksia LLC. All Rights Reserved. Aksia® is a registered trademark of Aksia LLC.
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SOURCE Calamos Investments
FAQ
What is the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) and when was it launched?
What are the fees and liquidity terms for CAPVX?
What is the performance track record of CAPVX?
Do investors need to be accredited to invest in CAPVX?
What is AC Private Markets and how does it relate to CAPVX?
