XA Investments
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.
- Company typePrivate
- Founded2016
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
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.
XA Investments firmographics
Firmographics- 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
XA Investments industry classification
Industry- 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
Where XA Investments is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
XA Investments business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- 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.
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Proprietary fund management fees based on AUM |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
XA Investments product offering
Product offeringCore 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
Companies that use XA Investments
Customer profileNamed customers2 records
Segments3 records
Ideal customer profiles3 records
XA Investments technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability2 records
Feature3 records
XA Investments partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered key and core.
- King Street Capital ManagementkeyProposed 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)keyXAI 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 ManagementkeyEvanston 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 SchwabkeyCharles 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 InvestorscoreOctagon 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 InvestmentscoreMadison 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, LLCkeyParalel 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
XA Investments competitors and assessment
Company assessmentBroad 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
XA Investments social profiles
Digital presenceXA Investments financial estimates
Financial estimateRevenue estimate
Valuation estimate
XA Investments leadership team
Management profileNumber of profiles
Profiles11 records
XA Investments funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
XA Investments M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about XA Investments
What does XA Investments do?
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.
Is XA Investments a public or private company?
XA Investments is a private company. It is classified as private equity controlled and is currently operating.
When was XA Investments founded?
XA Investments was founded in 2016. It employs 11 to 50 people.
Where is XA Investments based?
XA Investments is headquartered in Chicago, United States, in the North America region.
How does XA Investments make money?
Three revenue lines are on record. Investment Management Fees are the primary driver. The others are consulting Services and subscription Research Services.
Who are XA Investments's main competitors?
Broad incumbents on record are Nuveen (TIAA), BlackRock and PIMCO. Direct peers are Eagle Point Credit Company, RiverNorth Capital Management, Carlyle Credit Income Fund, Cohen & Steers, First Trust Advisors, Oxford Square Capital and Bluerock Capital Markets.
Does XA Investments have an API?
No public API is recorded for XA Investments.
What industry is XA Investments in?
XA Investments's product category is Investment Management. Its primary akta.pro industry code is FSAAACAK, Values-Based/ESG & Impact-Focused RIAs. Its NAICS code is 523940 and its SIC code is 6282.