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Destra Multi-Alternative Fund
The Destra Multi-Alternative Fund is a publicly registered, non-diversified closed-end management investment company.
Destra Multi-Alternative Fund
The Destra Multi-Alternative Fund is a publicly registered, non-diversified closed-end management investment company. Its mandate centers on delivering an all-weather return stream by combining multiple alternative asset classes and strategies that historically exhibit low correlation to traditional equity and fixed income markets. The fund is advised by Destra Capital Advisors LLC and sub-advised by multiple specialist managers, creating a multi-manager platform within a single ticker. The strategy allocates across a mix of asset classes including private credit, real estate debt, infrastructure, and absolute return strategies. The fund invests in both direct instruments and underlying private funds, blending direct co-investment exposure with fund-of-funds structures. This hybrid approach seeks to solve the diversification and manager-access challenges that individual investors face when building an alternatives allocation independently. Public filings confirm positions across middle-market lending, structured credit, and institutional real asset partnerships. The fund is part of Destra Capital's broader platform, which distributes alternative investment solutions through financial intermediaries and wealth management channels. The firm operates out of Bozeman, Montana, with additional distribution and management resources nationally. Team size and total platform assets are not publicly consolidated by the firm, limiting precise scale assessment. A structural differentiator is the closed-end fund wrapper itself. Unlike traditional drawdown funds, Destra Multi-Alternative Fund offers daily exchange liquidity, while the underlying holdings may be illiquid or subject to gating. This mismatch requires active portfolio-level liquidity management and borrowing facilities, making the fund's daily NAV and market price dynamics a real-time stress test of its construction philosophy.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
—
Corporate office
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Frequently asked questions
How does Destra Multi-Alternative Fund provide liquidity for traditionally illiquid alternative investments?
The fund uses a closed-end structure listed on an exchange, offering investors daily liquidity through share trading. To manage the mismatch between daily redemptions and the inherent illiquidity of underlying holdings in private credit and real assets, the fund maintains credit facilities and cash buffers. This structural liquidity management is a core operational function and a key risk dimension of the product.
Who is responsible for managing the fund and selecting the sub-advisors?
Destra Capital Advisors LLC serves as the fund's investment adviser and is responsible for the overall strategy, asset allocation, and sub-advisor selection. The adviser constructs a multi-manager platform, delegating discrete sleeves to external specialist firms in areas like direct lending, structured credit, and real assets. Names of current sub-advisors are disclosed in the fund's regulatory filings.
What is the fee structure, given the multi-manager approach?
As a closed-end fund, the Destra Multi-Alternative Fund bears both the management fee paid to the adviser and the underlying expenses of the sub-advised funds and direct investments. This layered cost structure means the total expense ratio can be higher than a single-manager liquid alternative fund. The fund's prospectus details the gross expense ratio and any fee waivers in effect.
Is the fund considered diversified under the Investment Company Act of 1940?
No. The fund is classified as non-diversified, which means it can concentrate its investments in a smaller number of issuers or managers than a diversified fund. This allows for higher conviction positioning but increases single-manager and single-investment risk compared to a more broadly spread alternatives allocation.
How does the fund's market price typically relate to its net asset value?
Closed-end funds often trade at either a discount or a premium to their net asset value per share, driven by market sentiment, distribution policy, and liquidity conditions. The Destra Multi-Alternative Fund's price-to-NAV relationship is an important indicator of market perception of the underlying portfolio quality and the effectiveness of the liquidity structure, particularly during periods of market stress.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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