Calamus and Aksia Launch Retail-Focused Private Equity Fund

Calamos Investments and Aksia have joined forces to launch the Calamos Aksia Private Equity & Alternatives Fund (CAPVX), a new interval fund designed to open the door to private equity investments for retail investors. This marks the first offering under thier new AC Private Markets brand, with more planned.

Structured as a ’40 Act interval fund, CAPVX aims to give investors diversified exposure to buyouts, growth equity, and venture capital. It focuses on co-investments and specialized secondaries in the small and middle markets. Initially incubated as a private vehicle, the fund has shown strong performance, with a reported 25.5% net return over a nine-month period ending April 30, 2025.

The fund allows for daily purchases and offers liquidity twice a year, making it an accessible option for both accredited and non-accredited investors looking for long-term growth in private markets. The fees are structured at 1.25% for the first year,increasing to 1.75% thereafter, with no incentive fee.

Jim Vos, CEO of Aksia, highlighted the unique position of this collaboration, stating, “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.”

This new fund follows the successful launch of their previous partnership, the Calamos Aksia Alternative Credit and Income Fund (CAPIX), in 2023. CAPIX has already attracted approximately $655 million in assets. The AC Private Markets platform is set to build on this success by offering a series of evergreen structures aimed at democratizing access to private market opportunities for individual investors.

Calamos President and CEO John Koudounis commented on the commitment to wider access: “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.”

Calamos, based in Naperville, IL, manages around $40 billion in total assets, including $18 billion in liquid alternative strategies. Aksia, headquartered in New York, oversees more than $377 billion in assets under supervision, providing alternative investment solutions and research to institutional investors worldwide.

Disclaimer: This fund involves investment risks, including the potential loss of principal. Interval funds have limitations on liquidity and may not be suitable for all investors. Past performance is not indicative of future results. Investors should consult with a financial advisor before making any investment decisions.

What due diligence processes will be employed to assess the operational expertise of potential retail investments?

Fund Overview: Targeting Growth in the Retail Sector

calamus Group and Aksia have jointly announced the launch of a new private equity fund specifically designed to capitalize on opportunities within the retail industry. This fund, aimed at institutional investors, will focus on high-growth potential retail businesses, encompassing both established brands and emerging concepts. The strategic partnership leverages Calamus’s deep operational expertise and Aksia’s robust investment platform.The fund’s initial target size is $500 million, with a focus on North American and European markets. Key investment areas include specialty retail, consumer brands, and retail technology.

Investment Strategy: A Multi-Pronged Approach

The Calamus-Aksia fund isn’t taking a one-size-fits-all approach. Their investment strategy is built around several core pillars:

Growth Equity: Providing capital to established retail businesses looking to expand their market share, enter new geographies, or launch new product lines.

Buyouts: Acquiring controlling stakes in promising retail companies with strong fundamentals but potentially needing operational improvements.

Turnarounds: Investing in distressed retail assets with the potential for revitalization through strategic restructuring and operational enhancements.

Retail Tech Enablement: Supporting companies developing innovative technologies that enhance the retail experiance, improve supply chain efficiency, or drive customer engagement. This includes areas like e-commerce platforms, data analytics, and in-store technology solutions.

This diversified strategy aims to mitigate risk and maximize returns across various economic cycles within the private equity retail landscape.

Target Retail Segments: Where the Fund Will Focus

The fund’s investment thesis centers on several key retail segments demonstrating resilience and growth potential:

Experiential Retail: Businesses offering unique and engaging in-store experiences, such as interactive showrooms, workshops, and personalized services.

Direct-to-Consumer (DTC) Brands: Supporting established DTC brands seeking to expand their physical presence or optimize their omnichannel strategies.

Sustainable & Ethical Retail: Investing in companies committed to environmentally responsible practices and ethical sourcing. ESG investing is a core consideration.

Niche Specialty Retail: Focusing on retailers catering to specific, underserved consumer segments with strong brand loyalty.

Omnichannel Retailers: Businesses seamlessly integrating online and offline channels to provide a unified customer experience.

Calamus and Aksia: A Synergistic Partnership

The collaboration between Calamus Group and Aksia brings together complementary strengths.

Calamus group: Known for its operational expertise and hands-on approach to value creation within portfolio companies. They specialize in operational improvements, supply chain optimization, and digital transformation.

Aksia: A leading investment firm with a proven track record in sourcing, structuring, and managing private equity investments. Aksia provides access to a broad network of investors and deep financial analysis capabilities.

This synergy is expected to deliver notable value to portfolio companies, driving both financial performance and long-term sustainability. The combined expertise positions the fund well within the competitive private equity market.

Benefits of Investing in the Fund

Investors are drawn to this fund for several key reasons:

Access to a Specialized Sector: Focused exposure to the dynamic retail sector, offering diversification benefits within a broader investment portfolio.

Experienced Management Team: Leveraging the combined expertise of Calamus and Aksia’s seasoned professionals.

Value Creation Potential: A proactive approach to operational improvements and strategic initiatives within portfolio companies.

Strong ESG Focus: Commitment to responsible investing and sustainable business practices.

Potential for High Returns: Targeting attractive risk-adjusted returns through a diversified investment strategy.

Due Diligence and Risk Mitigation

The fund’s investment process emphasizes rigorous due diligence, including:

1. Market Analysis: Extensive assessment of market trends, competitive landscape, and growth opportunities.
2. Financial Modeling: Detailed financial projections and sensitivity analysis to evaluate potential returns.
3. Operational Review: In-depth assessment of portfolio company operations, identifying areas for improvement.
4. Legal and Regulatory Compliance: Ensuring compliance with all applicable laws and regulations.
5. ESG Assessment: Evaluating the environmental, social, and governance practices of potential investments.

Risk mitigation strategies include diversification across multiple retail segments, active portfolio management, and a focus on companies with strong fundamentals. Understanding private equity risk is paramount.

The Future of Retail Investment

The retail landscape is undergoing rapid transformation, driven by changing consumer preferences, technological advancements, and evolving economic conditions. This fund is positioned to capitalize on these trends, identifying and investing in companies that are shaping the future of retail.The focus on retail technology and omnichannel retail demonstrates a forward-thinking approach. The fund’s success will depend on its ability to identify emerging trends and adapt to the ever-changing dynamics of the retail industry.