Calamos Aksia Private Equity And Alternatives Fund Class I Stock Price, News & Analysis

Calamos Aksia Private Equity & Alternatives Fund (CAPVX) is an interval fund that provides investors access to private equity opportunities through a registered investment company structure. The fund represents a strategic partnership between Calamos Investments, a diversified investment firm headquartered in the Chicago metropolitan area, and Aksia, an institutional alternatives specialist with assets under supervision exceeding $377 billion.

Investment Strategy and Focus

CAPVX pursues an alpha-focused private equity strategy centered on two primary investment categories: co-investments and secondaries. The fund specifically targets small and middle market co-investment opportunities alongside small and specialized secondary transactions. This approach differs from traditional private equity fund-of-funds by seeking direct exposure to private company investments rather than investing through multiple fund layers.

The portfolio spans three core private equity segments: buyout transactions, where companies are acquired and restructured to create value; growth equity, providing capital to established companies seeking expansion; and venture capital, investing in earlier-stage companies with high growth potential. By focusing on smaller market segments within private equity, the fund aims to capitalize on areas where Aksia's institutional expertise identifies opportunities for outperformance.

Fund Structure and Accessibility

CAPVX operates as a '40 Act interval fund, a structure regulated under the Investment Company Act of 1940. This framework distinguishes it from traditional private equity funds in several important ways. The fund offers daily purchases, allowing investors to buy shares on any business day at net asset value. Liquidity is provided through semi-annual repurchase offers, where the fund repurchases at least 5% of outstanding shares.

Unlike traditional private equity limited partnerships, CAPVX does not require investor accreditation. This structure opens private equity exposure to a broader investor base, including those who would not qualify for typical private fund minimums or accreditation standards. The fund provides 1099-DIV tax reporting, simplifying tax obligations compared to the K-1 forms associated with partnership structures.

Management and Oversight

The fund benefits from the combined capabilities of its two sponsoring organizations. Calamos Investments brings decades of experience in alternatives management and registered fund distribution, with total assets under management exceeding $40 billion. Aksia contributes institutional-grade private markets expertise developed through serving pension funds, sovereign wealth funds, endowments, and foundations globally. The firm operates as a 100% employee-owned organization with professionals across North America, Europe, and Asia.

This partnership operates under the AC Private Markets brand, a unified platform created to deliver private market strategies through evergreen fund structures. The brand reflects both organizations' commitment to expanding investor access to asset classes traditionally reserved for institutional and ultra-high-net-worth investors.

Fee Structure

CAPVX employs a tiered management fee structure: 1.25% for the first year of investment, increasing to 1.75% in subsequent years. The fund does not charge an incentive fee (carried interest), differentiating it from traditional private equity funds where managers typically receive 20% of profits above a hurdle rate. This fee structure aims to align costs with the interval fund's accessibility objectives.

Risk Considerations

Private equity investments carry distinct risks compared to publicly traded securities. Portfolio holdings may be difficult to value and sell, and companies in which the fund invests are not subject to the same disclosure requirements as public companies. The interval fund structure provides only periodic liquidity, and repurchase offers may be oversubscribed, potentially limiting shareholders' ability to exit positions. Investors should consider CAPVX as a long-term investment appropriate for portfolios that can accommodate limited liquidity.