XA Investments

What XA Investments does

XA Investments LLC (XAI) is a Chicago-based investment manager and product design consultant founded by XMS Capital Partners in April 2016. The firm operates a proprietary fund platform that provides financial advisors — primarily RIAs, broker dealers, and family offices — and their clients with access to institutional-caliber alternative investments through registered closed-end and interval fund structures. Its current fund complex includes the NYSE-listed XAI Octagon Floating Rate & Alternative Income Trust (XFLT), the evergreen interval fund XAI Octagon CLO Income Fund (OCTIX, available on Charles Schwab), and the NYSE-listed XAI Madison Equity Premium Income Fund (MCN), with a pending fourth fund (the Evanston Multi-Alpha Fund). Sub-advisory mandates are held by Octagon Credit Investors (floating rate credit and CLO strategies) and Madison Investments (covered call equity); King Street Capital Management has been proposed as an additional sub-adviser subject to shareholder approval.

XAI's business model rests on three revenue streams: (1) AUM-based investment management fees on approximately $763 million of assets under management as of March 31, 2026; (2) consulting and product design services for asset managers seeking to launch interval, tender offer, or closed-end funds; and (3) subscription-based access to proprietary research, the INTVL and INTVL-C interval fund indices, and the YOGI generative AI research tool. YOGI was developed in partnership with RavenPack on the Bigdata.com platform and integrates XAI's proprietary interval fund database with third-party data infrastructure to deliver text-based market intelligence, competitor analysis, and product launch ideation. Distribution runs through NYSE listings, the Charles Schwab platform, and a dedicated RIA/Broker Dealer/Family Office sales channel led by Managing Director Kevin Davis, with securities offered through FINRA-member Paralel Distributors.

The firm employs 11–50 people and is led by Co-CEOs Ted Brombach and John "Yogi" Spence — both founding partners of XMS Capital Partners and former Morgan Stanley Managing Directors — alongside President Kimberly Ann Flynn (ex-Nuveen) and a leadership team drawn largely from Nuveen, BNY Mellon, Fidelity, and First Trust. XAI is privately held under the XMS Capital Partners umbrella, serves U.S. residents only, and reports that more than 50% of current interval fund sponsors have utilized its research or consulting capabilities.

Name

XA Investments

Legal name

XA Investments LLC

Website

https://xainvestments.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

XA Investments is a Chicago-based investment manager and product design consultant founded in 2016, managing approximately $763 million across closed-end and interval funds that give financial advisors and their clients access to institutional-caliber alternative investments.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Values-Based/ESG & Impact-Focused RIAs (FSAAACAK)

Keywords

• Alternative investments
• Closed-end funds
• Interval funds
• Investment management
• Fund consulting

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Management Fees: XAI serves as investment adviser to its proprietary funds (XFLT, OCTIX, MCN) and earns management fees based on assets under management. Approximately $763 million in AUM as of March 31, 2026.
2. Consulting Services: XAI provides product design and consulting services to clients through its registered closed-end fund structuring and consulting practice. Engagements range from full product builds to marketing services.
3. Subscription Research Services: XAI offers subscription services providing compiled data, content, information, documentation, and functionality to licensees for internal business purposes. Fees are set forth in order forms.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

XA Investments (XAI) is a Chicago-based investment manager and product design consultant that designs, manages, and distributes registered closed-end funds and interval/tender offer funds providing investors access to institutional-caliber alternative investments including floating rate credit, CLOs, and covered call strategies. In addition to proprietary funds (XFLT, OCTIX, MCN), XAI provides product design consulting and a subscription-based research service to other asset managers and financial professionals.

Product overview

XA Investments LLC (XAI) is a Chicago-based investment manager and product design consultant founded by XMS Capital Partners in April 2016, with approximately $763 million in assets under management as of March 31, 2026. The company operates a proprietary fund platform comprising listed closed-end funds and interval/tender offer funds: XAI Octagon Floating Rate & Alternative Income Trust (XFLT), a closed-end fund investing in floating rate credit and structured credit with Octagon Credit Investors as sub-adviser; XAI Octagon CLO Income Fund (OCTIX), an evergreen interval fund targeting CLO debt and equity; and XAI Madison Equity Premium Income Fund (MCN), a covered-call strategy managed by Madison Investments. XAI also offers YOGI, a proprietary generative AI research tool built on the RavenPack Bigdata.com platform for interval fund market analysis. In addition, XAI publishes proprietary research indices including the XAI Interval Fund Index (INTVL) and its credit-focused sub-index INTVL-C, and provides consulting services for fund sponsors.

Differentiator

Problem solved

Functional benefit

Brands

• YOGI: Proprietary generative AI research tool for interval fund market analysis, developed in partnership with RavenPack using its Bigdata.com platform. Provides comprehensive market intelligence on interval and tender offer funds.
• XAI Interval Fund Index (INTVL)
• XAI Interval Fund Credit Index (INTVL-C)

Products and services

• XAI Octagon Floating Rate & Alternative Income Trust (XFLT) A closed-end fund listed on the NYSE under the symbol XFLT, investing primarily in floating rate credit instruments and structured credit investments to generate income across credit cycles. Designed for financial advisors and their clients seeking institutional-quality credit exposure through a registered investment vehicle.
• XAI Octagon CLO Income Fund (OCTIX) An evergreen interval fund targeting high income and total return by investing at least 80% of its assets in CLO debt and equity securities, with Octagon Credit Investors serving as investment sub-adviser. Available on the Charles Schwab platform, providing advisors and clients access to CLO-focused strategy through a registered interval fund structure.
• XAI Madison Equity Premium Income Fund (MCN) A closed-end fund listed on the NYSE under the ticker MCN, seeking high levels of current income and capital appreciation by investing in common stocks and writing covered call options. Built for advisors and clients seeking equity income generation through a covered call strategy.
• YOGI (Your Own Generative Intelligence) A proprietary generative AI research tool for interval fund market analysis, developed in partnership with RavenPack using its Bigdata.com platform. Provides market trend summaries, competitor fund analysis, and new product launch strategies for consulting clients and research subscribers in the interval and tender offer fund marketplace.
• XAI Interval Fund Index (INTVL) A proprietary index tracking the performance of non-listed closed-end interval funds and tender offer funds registered under the Investment Company Act of 1940. Calculated daily on a total return basis and serves as the umbrella index for the credit-focused INTVL-C sub-index.
• XAI Interval Fund Credit Index (INTVL-C) A sub-index of INTVL designed to track non-listed closed-end interval funds and tender offer funds with majority allocations to alternative credit investments, requiring over 70% of net assets in credit-related instruments. Calculated daily on a total return basis with Indxx, Inc. as the calculation agent.
• Fund structuring and product design consulting Product design and consulting services for asset management firms and fund sponsors seeking to launch closed-end funds, interval funds, or tender offer funds. Engagements range from full product builds to targeted marketing services.
• Subscription research services Subscription-based service providing compiled data, content, information, documentation, and functionality to licensees for internal business purposes, with fees determined by license fees set forth in the Order Form. Includes access to proprietary interval fund research and market intelligence.

Quantifiable outcome

• Morningstar 5-star rating among 21 Bank Loan Funds for overall rating and 3 and 5 year periods ended 9/30/2025
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered key and core.

• King Street Capital ManagementkeyStrategic or Co-development Partner · 19 June 2026Proposed addition of King Street Capital Management as a sub-adviser for both XFLT and OCTIX. King Street manages $30 billion in AUM across 20 U.S. CLOs and nine European CLOs totaling $12 billion in assets. Subject to shareholder approval.
• RavenPack (Bigdata.com platform)keyTechnology or Integration · 20 May 2026XAI partnered with RavenPack to develop YOGI, a proprietary generative AI research tool for interval fund market analysis. The tool uses RavenPack's Bigdata.com platform and integrates XA Investments' proprietary research to provide comprehensive market intelligence.
• Evanston Capital ManagementkeyStrategic or Co-development Partner · 5 May 2026Evanston Capital Management will continue as portfolio manager for the Evanston Multi-Alpha Fund following XAI's appointment as investment adviser. XAI and Evanston intend to convert the $91 million closed-end tender offer fund to a daily NAV interval fund, expanding the XAI complex.
• Charles SchwabkeyChannel Partner/ Reseller/ Distributor · 7 January 2026Charles Schwab serves as a distribution platform for the OCTIX (XAI CLO Income Fund) interval fund, making it available for purchase on the Schwab platform for advisors and clients who custody through Schwab.
• Octagon Credit InvestorscoreStrategic or Co-development PartnerOctagon Credit Investors serves as the sub-adviser for XAI Octagon Floating Rate & Alternative Income Trust (XFLT) and XAI CLO & Income Opportunities Fund (OCTIX). They manage the portfolio, providing credit selection and CLO expertise for the funds' floating rate credit and structured credit investments.
• Madison InvestmentscoreStrategic or Co-development PartnerMadison Investments provides the underlying investment strategies for the XAI Madison Equity Premium Income Fund (MCN), which invests in common stocks and writes covered call options to generate high current income and capital appreciation.
• Paralel Distributors, LLCkeyChannel Partner/ Reseller/ DistributorParalel Distributors, LLC is a FINRA Member firm through which securities of XAI's proprietary funds are offered, providing regulatory compliance and distribution infrastructure.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Nuveen (TIAA): Nuveen is one of the largest sponsors of closed-end funds and interval funds in the U.S. market, with a deep product shelf spanning credit, equity, and municipal strategies. Multiple XAI leaders (Kimberly Flynn, Lauren Michalak, Paul Williams) previously led product development at Nuveen, making it the most direct incumbent comparable in both product and personnel overlap.
• BlackRock: BlackRock operates one of the largest closed-end fund complexes globally and has been expanding into interval and evergreen alternative wrappers. It competes with XAI at the platform and sub-advisory level for advisor wallet share and product launches.
• PIMCO: PIMCO operates a broad interval fund and closed-end fund platform with deep credit and alternatives expertise. As a major incumbent expanding in evergreen and interval structures, PIMCO is a structural competitor for advisor allocations and sub-advisory talent.

Direct peers

• Eagle Point Credit Company: Eagle Point Credit is a publicly traded closed-end fund focused on CLO debt and equity, closely analogous to XAI's OCTIX interval fund strategy. It represents a direct competitor in the alternative-credit interval/tender-offer wrapper space that XAI targets.
• RiverNorth Capital Management: RiverNorth specializes in closed-end fund activism, interval funds, and tactical income strategies, directly overlapping XAI's core registered-fund product category. Both firms serve RIA and broker-dealer channels with alternative-income wrappers.
• Carlyle Credit Income Fund: CCIF is a listed closed-end fund managed by Carlyle that invests primarily in CLO debt and equity, overlapping directly with the credit focus of XFLT and OCTIX. It is a competitor in the listed alternative-credit wrapper category.
• Cohen & Steers: Cohen & Steers is a long-established sponsor of listed and interval funds focused on alternative income and real-asset strategies. It is a direct competitor in the registered closed-end fund channel that XAI distributes through.
• First Trust Advisors: First Trust operates a broad lineup of closed-end funds and interval funds distributed via advisors and major platforms. XAI's General Counsel previously served at First Trust, and the firms compete head-to-head in retail-accessible registered fund products.
• Oxford Square Capital: Oxford Square Capital is a listed closed-end fund investing in CLO equity, directly comparable to XAI's OCTIX CLO-focused interval fund strategy. It is a relevant competitor in the listed alternative-credit wrapper category.
• Bluerock Capital Markets: Bluerock sponsors and distributes interval and closed-end funds with an RIA-focused distribution model similar to XAI. XAI senior advisor Paul Dunn previously led Bluerock's capital markets business, making it a closely comparable peer in distribution and product structure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/xa-investments-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about XA Investments