The tender offer provides limited liquidity window to shareholders as Fund targets up to 15% of net assets.

September 29, 2025

What’s Happening

North Square Evanston Multi-Alpha Fund is giving investors a chance to reduce their exposure or fully exit their positions. On September 26, the Fund launched a tender offer to repurchase up to $13.28 million in Class A and Class I Shares—roughly 15% of its net assets, based on July 31 valuations.

The offer runs through October 27, 2025, at 11:59 p.m. ET. Investors who want to participate must submit a request by then. They can also withdraw a submitted tender any time before the deadline, or after November 25, if the Fund hasn’t yet accepted the offer. Valuation for the repurchase will be set on December 31, based on each share class’s net asset value at that time.

The tender offer is part of the Fund’s regular quarterly process for providing limited liquidity. If you’re an investor and want to tender shares, now is the window. The Fund will calculate payment amounts based on the year-end net asset value, and disburse proceeds about 35 days after the December 31 valuation.

If you tender all your shares, you’ll receive at least 90% of the estimated value up front. The remaining amount, if any, will be adjusted and paid out following the Fund’s annual audit. For those selling only part of their holdings, you’ll need to retain at least $25,000 in your account post-sale—or risk a full repurchase by the Fund.

How It’s Funded

The repurchase will be paid for using a mix of available cash, proceeds from asset sales, and possibly borrowings. The Fund hasn’t committed to borrowing at this time, but has left the door open depending on tender volume and market conditions. The offer may also be extended or amended, and the Fund reserves the right to increase the repurchase size if demand exceeds the $13.28 million limit.

Important Details for Shareholders

As of July 31, the Fund’s total capital stood at just over $88.5 million, with Class A Shares valued at $8.5626 and Class I Shares at $9.4315. Those values will likely change before year-end, and any repurchase will be calculated using the updated NAV on December 31.

Investors who sell shares within a year of purchasing them will pay a 3% early repurchase charge, unless the Board determines an exception applies. The Fund applies a first-in, first-out logic when calculating which shares are sold.

This isn’t an all-or-nothing scenario—you can re-tender withdrawn shares, as long as the submission is complete and on time. But missing the deadline, or letting your post-sale balance dip below the minimum, may trigger a full redemption.

Tax Considerations

Selling shares in the tender offer is a taxable event. For most U.S. investors, the sale will either be treated as a capital gain or a dividend, depending on how much of your position you’re tendering and other ownership factors. Non-U.S. investors may face withholding taxes unless exempt under a tax treaty or U.S. law. Backup withholding rules may also apply if certain tax forms aren’t submitted.

As always, tax implications can vary based on individual circumstances. The Fund recommends consulting a tax advisor to understand the full impact of participating.

What Doesn’t Change

The Fund’s structure and investment strategy remain intact. There are no pending changes to its management, capital structure, or distribution policy. Subscriptions for new shares will continue on a monthly basis at the Investment Manager’s discretion.

This offer isn’t tied to any larger transaction or restructuring. It’s a straightforward liquidity mechanism designed to give shareholders access to capital while maintaining the Fund’s operational continuity.

Operational Details

To participate, investors need to submit a Letter of Transmittal by certified mail, overnight courier, or fax—ensuring it’s received before the October 27 deadline. Payment will follow after the NAV is finalized in late December, and audit-related adjustments will be made in early 2026.