Key Takeaways
- • Calamos and Aksia launched the Calamos Aksia Private Equity & Alternatives Fund (ticker: CAPVX), a newly registered investment company designed to provide diversified exposure to private equity across buyouts and growth equity strategies.
- • The fund targets small and middle-market companies through co-investments and smaller, specialized secondary investments, positioning itself as an alpha-focused vehicle for institutional allocators seeking private markets access in a single portfolio structure.
- • Net expense ratios range from 2.60% to 3.60% across share classes (Class I to Class C), with an expense limitation agreement capping specified operating expenses at 0.35% of average daily net assets, with costs reimbursed 50/50 between Calamos and Aksia.
- • The fund structure includes four share classes (A, C, I, and M) with gross expense ratios between 3.60% and 4.60%, reflecting the complexity of alternative investment management and the fund's diversified private equity mandate.
- • As of October 1, 2026, the fund had accumulated $469.4 million in total net assets with a NAV of $12.10 per share, demonstrating institutional traction since its June 2025 launch.
Summary
Calamos Investments and Aksia announced the launch of the Calamos Aksia Private Equity & Alternatives Fund (CAPVX) on July 2, 2025, marking an expansion of their strategic partnership into the retail and institutional fund market. The fund is structured as a Delaware statutory trust registered under the Investment Company Act and represents a collaborative effort to democratize access to private equity opportunities that have historically been reserved for high-net-worth individuals and large institutional investors.
The fund's investment strategy focuses on alpha generation through a curated approach to private equity. Rather than pursuing broad market exposures, CAPVX targets small and middle-market companies via direct co-investments and smaller, specialized secondary market transactions. This positioning allows the fund to participate in select opportunities where Calamos and Aksia believe they can add value through their combined expertise. The diversified mandate spans buyouts, growth equity, and other alternative strategies, enabling portfolio construction across multiple private equity segments within a single fund vehicle.
Cost transparency and fee structure are central to the fund's design. Net expense ratios vary by share class: Class I shares carry a 2.60% net ratio, Class A shares 2.85%, Class M shares 3.35%, and Class C shares 3.60%. An expense limitation agreement between Calamos and Aksia commits both advisors to reimbursing specified operating expenses on a 50/50 basis, capping such costs at 0.35% of average daily net assets per class. This arrangement excludes investment-related costs, acquired fund fees, leverage-related expenses, and extraordinary charges, providing investors with predictability on core operational expenses while maintaining flexibility for direct investment-related outlays.
By October 2026, approximately 15 months after launch, CAPVX had attracted $469.4 million in net assets, signaling meaningful institutional adoption of the fund's private equity and alternatives strategy. The fund's NAV of $12.10 per share as of that date reflects the underlying performance and liquidity profile of its private equity holdings.
The fund's investment strategy focuses on alpha generation through a curated approach to private equity. Rather than pursuing broad market exposures, CAPVX targets small and middle-market companies via direct co-investments and smaller, specialized secondary market transactions. This positioning allows the fund to participate in select opportunities where Calamos and Aksia believe they can add value through their combined expertise. The diversified mandate spans buyouts, growth equity, and other alternative strategies, enabling portfolio construction across multiple private equity segments within a single fund vehicle.
Cost transparency and fee structure are central to the fund's design. Net expense ratios vary by share class: Class I shares carry a 2.60% net ratio, Class A shares 2.85%, Class M shares 3.35%, and Class C shares 3.60%. An expense limitation agreement between Calamos and Aksia commits both advisors to reimbursing specified operating expenses on a 50/50 basis, capping such costs at 0.35% of average daily net assets per class. This arrangement excludes investment-related costs, acquired fund fees, leverage-related expenses, and extraordinary charges, providing investors with predictability on core operational expenses while maintaining flexibility for direct investment-related outlays.
By October 2026, approximately 15 months after launch, CAPVX had attracted $469.4 million in net assets, signaling meaningful institutional adoption of the fund's private equity and alternatives strategy. The fund's NAV of $12.10 per share as of that date reflects the underlying performance and liquidity profile of its private equity holdings.
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