Calamos Askia Hedged Strategies Interval Fund Registers With SEC

A registration statement has been filed with the U.S. Securities and Exchange Commission for a perpetual interval fund, Calamos Aksia Hedged Strategies Fund.

The fund’s investment objective is to achieve long-term capital appreciation while maintaining a low sensitivity to equity markets. It is being advised by Calamos Aksia Advisors LLC and sub-advised by Aksia LLC, which also advised its predecessor fund, Calamos Aksia Hedge Fund Access Core Alpha LP.

When the fund began operations, the predecessor fund reorganized and transferred substantially all of its assets into the fund. The fund is maintaining an investment objective, strategies, and guidelines equivalent to those of the predecessor fund.

According to the filing, the fund intends to invest in hedge funds that invest or trade in strategies such as relative value, multi-strategy, tactical trading, event driven and long/short equity.

The fund filing said it intends to make initial investments in alternative funds and may also acquire existing interests in such funds as secondary investments. Additionally, the filing said the fund has the flexibility to make direct investments in equity, debt, and other financial instruments aligned with alternative investment strategies or providing access to private markets.

The Calamos Aksia Hedged Strategies Fund will adhere to an “80% policy,” meaning at least 80% of its net assets, plus any investment-related borrowing, will be invested in alternative funds and direct investments. Notably, for the purpose of this policy, investments in publicly traded liquid alternative investment vehicles with strategies consistent with the fund’s goal of low equity market sensitivity will also be classified as alternative funds.

The fund’s net asset value frequency will be daily, and it is offering four separate share classes: Class A, Class C, Class I, and Class M.

To participate, individuals or entities must invest at least an initial investment of $25,000 for Class A, C, and M shares. A higher tier, Class I shares, requires a minimum initial investment of $1 million. Subsequent investments are set at a minimum of $5,000 for Class A, C, and M shares, and any amount for Class I shares.

The fund will provide liquidity through quarterly offers to repurchase a limited amount of the fund’s shares, from 5% to 25%.

The fund’s management fee, as a percent of net assets, and acquired fund fees and expenses have yet to be disclosed. The fund did indicate that it would not have income incentive/performance fees.

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