Site navigation

Calamos | Aksia logo

Calamos Aksia Alternative Credit and Income Fund (CAPIX)

A Broad Spectrum Private Credit Approach

Calamos Investments, a leader in liquid alternative funds, and Aksia, a global leader in private credit funds, join forces to offer CAPIX—an institutional-style private credit solution for access to the exciting private credit market.

Institutional
Access
Access to the growing private credit asset class, leveraging Aksia’s global relationships, leading sourcing partners and potential deal flow
Broad Private
Credit Exposure
Seeks to invest in the broad spectrum of global private credit, beyond just direct lending and traded credit
Interval Fund
Convenience
Point-and-click daily subscriptions, no accreditation requirement, quarterly distributions and liquidity, 1099-DIV
Robust Liquidity
Capabilities
Actively managed liquidity allocation designed to generate yield while prepositioning for 5% quarterly repurchase needs
Enhanced
Income
Target attractive yield and lower correlation; supported by diverse return drivers and collateral exposures
Favorable Time
to Invest
Clean portfolio to capitalize on market paradigm shift, reduced liquidity for borrowers and persistent demand for capital

Contact us to learn more about the potential long-term benefits of including Calamos Aksia Alternative Credit and Income Fund in an asset allocation.

Unlike most private asset funds, Calamos Aksia Alternative Credit and Income Fund does not require accreditation or have investor qualification standards. Investors can purchase fund shares on a daily basis.

Explore CAPIX

Portfolio Management

A world-class partnership of trusted alternatives leaders. Learn more about our joint portfolio management team.

Calamos logo
$38.2 billion

in assets under
management

$16.7 billion

in liquid
alternatives

360+ employees

In 7 offices
across the US

1977
founded

privately owned

80+

investment
professionals

41,000+
intermediaries

served Across 2,000+
companies globally

Aksia logo
$331.9 billion

in advised and
managed assets1,3

$108.6 billion

in private credit2,3

460+ employees

in 7 offices
globally

2006
founded

privately owned

230

investment, risk and
portfolio advisory
professionals

100+
institutional
investors

served globally3

Data as of 6/30/24 except where noted.
1Of which $305.3 billion is non-discretionary (AUA) and $26.6 billion is discretionary (AUM).
2Of which $94.3 billion is non-discretionary (AUA) and $14.4 billion is discretionary (AUM)
3Data as of 4/30/24

Taking advantage of the broad spectrum of private credit

Many private credit registered funds have a narrow focus on US direct lending, whereas CAPIX sources investment opportunities across the global credit asset class.

Aksia’s sourcing coverage extends across the global private credit universe

Overview

The Calamos Aksia Alternative Credit and Income Fund (CAPIX) invests across the full spectrum of private credit, providing access to a wide range of credit investments. Additionally, a portion of assets are allocated to liquid alternatives designed to provide liquidity for repurchases, outperform cash yields and enhance overall diversification.

Structure

Interval fund with daily purchase and quarterly tender

Tickers (Investment Minimums)

Class I: CAPIX ($1,000,000)
Class A: CAPHX ($2,500)
Class C: CAPGX ($2,500)

Accreditation

Not required

Subscriptions

Daily point-and-click purchase through NSCC Fund/SERV

Distributions

Monthly; distributions will be reinvested automatically, unless otherwise requested by the Fund shareholder

Liquidity

Quarterly repurchase offer at NAV; we anticipate 5% being made available for repurchase*

Tax Reporting

1099-DIV

Robust Liquidity Capabilities

5%
minimum liquidity

We will actively manage the liquidity allocation with the goal of generating yield while prepositioning to 5% quarterly repurchase needs.

Liquid credit strategy also provides cash management efficiencies.

Explore CAPIX
Download CAPIX Fact Sheet
There is no guarantee the Fund will achieve this allocation, or that there will be attractive investment opportunities available that would allow it to meet its investment objective. Asset allocation totals may not equal 100% because of rounding. Shares purchased at NAV may incur CDSC of 1.00% if sold within 18 months after purchase.
*Must constitute 5%–25% of outstanding shares.

Opportunity of Interval funds

Interval funds are investment vehicles structured to provide access to a broader set of investment opportunities than a mutual fund, while still operating under the same regulations and tax treatments of open-end and closed-end mutual funds.

Interval Fund Potential Benefits

Access to illiquid assets

Private less-liquid investment opportunities

No accreditation

Broad investor eligibility with no accreditation requirement

Liquidity flexibility

Maintain a fully invested asset base, without the need to manage daily redemptions

Lower investment minimums

Compared to private funds

Enhanced yield potential

Supported by illiquidity premiums

Offering

Simplicity of point-and-click daily subscriptions

Pricing

Shares sold and repurchased at NAV

Simple tax treatment

Mutual fund tax treatment via a 1099-DIV

Aksia: Relationships With the World’s Leading Debt Managers

Long-standing partnerships with leading credit managers allows us to source high-quality investments.

Acore Capital
arbour lane
ashgrove
Atalaya
Bridgepoint
blue owl
Castlelake
Crestline
eagle point credit company
freeport financial
g4 capital partners
golub capital
hayfin
hps
intermediate capital group
locust point capital
msd
oha oak hill advisors
park square
sound point capital
whitehorse liquidity partners
400 capital management

Aksia: A Leading Authority on Private Credit

Aksia has been at the forefront of the rapid growth of the private credit asset class.

Private Credit market Yearly Fundraising ($B)

Source: Aksia and Preqin as of 12/31/22. Does not include SMAs or multi-manager assets. Data for private investments are self-reported, and totals are understated. *This award was given by Private Debt Investor (“PDI”), a source of data and intelligence in the private debt industry. This award was determined by PDI based on the methodology created by PDI and described in the 2019 PDI Awards release. Aksia did not pay to participate in the award process.

Literature

About the Fund

CAPIX Fact Sheet
CAPIX Commentary
CAPIX Brochure
CAPIX 2023 Repurchase and Distribution Calendar
CAPIX Presentation

Research & Education

2024 Private Credit Annual Update & Strategy Outlook
Do Vintages Matter?
What is an Interval Fund?
Private Credit Overview
A Breadth of Opportunity in Private Credit
Private Credit: More than Just Direct Lending
Pursuing an Expanded Efficient Frontier with Private Credit

Prospectus and Reports

CAPIX Prospectus
CAPIX SAI

How to Invest in CAPIX

Unlike most private asset funds, Calamos Aksia Alternative Credit and Income Fund does not require accreditation or have investor qualification standards. Investors can purchase fund shares on a daily basis.

Calamos Financial Services LLC, Distributor

Check the background of the firm and its investment professionals on FINRA's BrokerCheck.

Before investing, carefully consider the fund's investment objectives, risks, charges and expenses. Please see the prospectus and summary prospectus containing this and other information which can be obtained by calling 1-866-363-9219. Read it carefully before investing.

©2024 Calamos Investments LLC. All Rights Reserved. Calamos®, Calamos Investments® and Investment strategies for your serious money® are registered trademarks of Calamos Investments LLC.

Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Financial Services LLC and Calamos Antetokounmpo Asset Management LLC.

The personal data collected by Calamos on this website, or by any other means, is collected and stored in accordance with the General Data Protection Regulation (EU) 2016/679 ("GDPR").

Important Legal Information | Privacy Policy | Business Continuity | Code of Business Conduct and Ethics | ERISA 408(b)(2)

Shares Not Listed; No Market for Shares
The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

Interval Fund. The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund is an “interval fund” (defined below) pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding shares at net asset value (“NAV”). Under normal market conditions, the Fund currently intends to offer to repurchase 5% of its outstanding shares at NAV on a quarterly basis. In connection with any given repurchase offer, it is possible that a repurchase offer may be oversubscribed, with the result that Fund shareholders (“Shareholders”) may only be able to have a portion of their shares repurchased. The Fund does not currently intend to list its shares for trading on any national securities exchange. The shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the shares to try to provide liquidity to Shareholders, you should consider the shares to have limited liquidity.

The Board of Trustees (the “Board”) will establish the deadline by which the Fund must receive repurchase requests in response to a repurchase offer. Quarterly repurchases will occur in the months of March, June, September, and December. Quarterly repurchase offers shall commence no later than two calendar quarters after the Fund’s initial effective date. Written notification of each quarterly repurchase offer (the “Repurchase Offer Notice”) will be sent to Shareholders at least 21 calendar days before the repurchase request deadline (i.e., the date by which Shareholders can tender their shares in response to a repurchase offer) (the “Repurchase Request Deadline”); however, the Fund will seek to provide such Repurchase Offer Notice earlier but no more than 42 calendar days before the Repurchase Request Deadline. The NAV will be calculated on the Repurchase Pricing Date, which will be no later than the 14th calendar day (or the next business day if the 14th calendar day is not a business day) after the Repurchase Request Deadline (the “Repurchase Pricing Date”). The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date.

Investors should carefully consider the risk factors described above, before deciding on whether to make an investment in the Fund. The risks set out above are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund’s business, financial condition and/or operating results. If any of the following events occur, the Fund’s business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of the Fund’s shares could decline, and investors may lose all or part of their investment.

Calamos Financial Services, Distributor | 2020 Calamos Court | Naperville, IL 60563-2787 | 800.582.6959 | www.calamos.com | caminfo@calamos.com

General Economic Conditions and Recent Events. Difficult global credit market conditions have adversely affected the market values of equity, fixed-income, hard assets, and other securities and these circumstances may continue or even deteriorate further. The short- and longer-term impact of these events is uncertain, but could have a material effect on general economic conditions, consumer and business confidence and market liquidity. Investments made by the Fund are expected to be sensitive to the performance of the overall economy.

Direct Lending. The Fund will invest in directly originated senior secured loans, including unitranche loans, of performing middle market companies. The value of the Fund’s assets is volatile and may fluctuate due to a variety of factors that are inherently difficult to predict and are outside the control of the Advisor and Sub-Advisors, including prevailing credit spreads, general economic conditions, financial market conditions, domestic or international economic or political events, developments or trends in any particular industry, changes in interest rates, or the financial condition of the obligors of the Fund’s assets.

Direct Origination. A significant portion of the Fund’s investments may be originated. The results of the Fund’s operations depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Further, the Fund’s inability to raise capital and the risk of portfolio company defaults may materially and adversely affect the Fund’s investment originations, business, liquidity, financial condition, results of operations and its ability to make distributions to its Shareholders.

Loans. Loan interests generally are subject to restrictions on transfer, and the Fund may be unable to sell loan interests at a time when it may otherwise be desirable to do so or may be able to sell them only at prices that are less than what the Fund regards as their fair market value. Accordingly, loan interests may at times be illiquid. Loan interests may be difficult to value and may have extended settlement periods, which expose the Fund to the risk that the receipt of principal and interest payments may be delayed until the loan interest settles.

Secured Debt. Secured debt holds the most senior position in the capital structure of a borrower. Secured debt in most circumstances is fully collateralized by assets of the borrower. However, there is a risk that the collateral securing the Fund’s loans may decrease in value over time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business and market conditions, including as a result of the inability of the borrower to raise additional capital. Also, substantial increases in interest rates may cause an increase in loan defaults as borrowers may lack resources to meet higher debt service requirements.

High Yield, Low-Rated or Unrated Securities. Debt securities (including bonds) and preferred stock in which the Fund invests may or may not be rated by credit rating agencies. The values of lower-rated securities (including unrated securities of comparable quality) fluctuate more than those of higher-rated securities because investors generally believe that there are greater risks associated with them. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of the securities more volatile and could limit the purchaser’s ability to sell the securities at prices approximating the values it had placed on the securities. In general, the market for lower-rated or unrated securities is smaller and less active than that for higher-rated securities, which can adversely affect the ability to sell these securities at favorable prices. In addition, the market prices of lower-rated securities are likely to be more volatile because: (i) an economic downturn or increased interest rates may have a more significant effect on the yield, price and potential for default; (ii) past legislation has limited (and future legislation may further limit) investment by certain institutions in lower-rated securities or the tax deductibility of the interest by the issuer, which may adversely affect the value of the securities; and (iii) it may be difficult to obtain information about financially or operationally troubled issuers. The Fund will not necessarily dispose of a security when its rating is reduced below its rating at the time of purchase.

Unsecured Loans. The Fund may make unsecured loans to borrowers, meaning that such loans will not benefit from any interest in collateral of such borrowers. Liens on such a borrower’s collateral, if any, will secure the borrower’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the borrower under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before the Fund. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy the Fund’s unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then the Fund’s unsecured claims generally would rank equally with the unpaid portion of such secured creditors’ claims against the borrower’s remaining assets, if any.