Key Takeaways
- • Calamos Investments and Aksia LLC have launched the Calamos Aksia Private Equity & Alternatives Fund (ticker: CAPVX), a retail-accessible vehicle designed to provide diversified exposure to private equity investments across buyouts, growth equity, co-investments, and secondary opportunities in small- and mid-market companies.
- • The fund offers four share classes with net expense ratios ranging from 2.60% (Class I) to 3.60% (Class C), with gross expense ratios spanning 3.60% to 4.60%, and includes a contractual expense limitation agreement capping specified expenses at 0.35% of average daily net assets.
- • The investment structure leverages Calamos Aksia Advisors LLC as the primary advisor and Aksia LLC as the sub-advisor, combining Calamos's institutional investment platform with Aksia's specialized expertise in alternative assets and private markets.
- • The fund's alpha-focused strategy targets smaller and specialized secondaries alongside direct co-investments, positioning CAPVX as an institutional-quality private equity solution for retail and institutional investors seeking single-portfolio access to diversified private market opportunities.
Summary
Calamos Investments and Aksia LLC have formally launched the Calamos Aksia Private Equity & Alternatives Fund (CAPVX), a mutual fund vehicle offering investors structured access to private equity and alternative investment opportunities previously concentrated in institutional accounts. The fund was officially established as of the prospectus dated June 30, 2025, and represents a significant expansion of the strategic partnership between the two investment firms.
The fund's investment objective centers on delivering alpha-focused returns through a diversified portfolio spanning multiple private equity segments, including traditional buyouts, growth equity investments, co-investment opportunities, and smaller, specialized secondary transactions. This breadth of exposure is designed to provide retail and institutional investors single-portfolio access to private market returns historically available primarily through separate accounts and fund-of-funds structures. The strategy explicitly targets small- and mid-market company investments, reflecting a positioning distinct from mega-cap private equity buyout activity.
The fund's fee structure comprises four distinct share classes with varying cost profiles. Class I shares carry the lowest net expense ratio at 2.60% (gross 3.60%), positioning them for institutional investors, while Class A shares are priced at 2.85% net (3.85% gross). Class M and Class C shares reflect higher expense ratios at 3.35% net (4.35% gross) and 3.60% net (4.60% gross), respectively, offsetting distribution and servicing costs borne by retail share classes. Critically, Calamos Aksia Advisors and Aksia have contractually agreed to reimburse specified operating expenses on a 50/50 basis, with an expense limitation cap set at 0.35% of average daily net assets per share class, excluding investment management fees, acquired fund fees, leverage-related costs, and extraordinary expenses.
The organizational structure assigns Calamos Aksia Advisors LLC as the fund's primary investment advisor, with Aksia LLC serving as the sub-advisor. This bifurcated arrangement positions Calamos to leverage its established institutional investment platform and distribution capabilities while Aksia contributes specialized operational expertise and deal sourcing capabilities in alternative assets and private markets. The June 30, 2025 prospectus date indicates the fund was newly launched, marking an extension of these firms' previously announced collaborative initiatives in alternative credit and income solutions.
The fund's investment objective centers on delivering alpha-focused returns through a diversified portfolio spanning multiple private equity segments, including traditional buyouts, growth equity investments, co-investment opportunities, and smaller, specialized secondary transactions. This breadth of exposure is designed to provide retail and institutional investors single-portfolio access to private market returns historically available primarily through separate accounts and fund-of-funds structures. The strategy explicitly targets small- and mid-market company investments, reflecting a positioning distinct from mega-cap private equity buyout activity.
The fund's fee structure comprises four distinct share classes with varying cost profiles. Class I shares carry the lowest net expense ratio at 2.60% (gross 3.60%), positioning them for institutional investors, while Class A shares are priced at 2.85% net (3.85% gross). Class M and Class C shares reflect higher expense ratios at 3.35% net (4.35% gross) and 3.60% net (4.60% gross), respectively, offsetting distribution and servicing costs borne by retail share classes. Critically, Calamos Aksia Advisors and Aksia have contractually agreed to reimburse specified operating expenses on a 50/50 basis, with an expense limitation cap set at 0.35% of average daily net assets per share class, excluding investment management fees, acquired fund fees, leverage-related costs, and extraordinary expenses.
The organizational structure assigns Calamos Aksia Advisors LLC as the fund's primary investment advisor, with Aksia LLC serving as the sub-advisor. This bifurcated arrangement positions Calamos to leverage its established institutional investment platform and distribution capabilities while Aksia contributes specialized operational expertise and deal sourcing capabilities in alternative assets and private markets. The June 30, 2025 prospectus date indicates the fund was newly launched, marking an extension of these firms' previously announced collaborative initiatives in alternative credit and income solutions.
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