Peachtree Alternative Strategies Fund Tender Offer, Nov 13, 2026

What the fund is: hedge funds, not real estate

Peachtree Alternative Strategies Fund is easy to mistake for a real estate vehicle because of the Peachtree name. It is not one. The August 2026 prospectus says the fund “operates as a ‘fund of hedge funds’,” and the April 30, 2026 annual report shows 95.1% of net assets in private hedge funds, which the fund calls Portfolio Funds. Its adviser, HB Wealth Management, LLC, is in Atlanta; the fund's office is in Cincinnati. It began operations on January 3, 2017 by taking over a predecessor hedge fund, and reported 908 record holders on July 1, 2026. It is a tender-offer fund, not an interval fund: the board decides each quarter whether to make an offer and no shareholder has a right to redeem. For how that differs from a fund that must repurchase every quarter, see what an interval fund is and our census of tender-offer funds.

Net assets were $275.3 million at April 30, 2026 and $278.9 million at July 31, 2026 (Form N-PORT). The annual report describes the positioning as roughly 60% core exposure to diversified multi-strategy hedge funds, with about 20% in equity-focused satellites.

The offer in one table

Two sentences in the filing carry most of the risk. First: “the value of tendered Shares remains subject to the investment risks of the Fund” until the valuation date, so your money stays invested for 48 days after the deadline (our arithmetic). Second, the fund calculates its NAV monthly. The filing gives August 31, 2026 as the last date its NAV was calculated before filing and reports $108.65 a share on September 1, 2026, and says the value of shares “is expected to change” before the valuation date.

For the other tender-offer and redemption deadlines this quarter, see Q4 2026 redemption and tender deadlines.

Seven completed offers, all accepted in full

Each offer is reported in a final amendment (Schedule TO-I/A). We list the amount the fund reports as paid “currently payable,” the number of holders, and when the money moved.

The share of the approximate cap is the reported amount divided by 10% of the NAV the fund gave at the start of each offer (our arithmetic); the real cap is 10% of NAV on the valuation date, so these are approximations. For the September 30, 2026 offer the number comes from Item 5 of the new filing, which says “approximately $7,261,228” was tendered, based on the most recent NAV; no final amendment has been filed. The July 2025 filing described the June 2025 offer as about $1.25 million tendered, while its own final amendment shows $5.27 million payable; we use the final amendment.

What the table shows:

• Nothing has been prorated. The largest request on file is the one just closed, about $7.26 million, 25.8% of the approximate $28.1 million cap of that offer (our arithmetic). The new cap of about $28.6 million is 3.9 times that request (our arithmetic).
• Requests rose. After a $1.21 million low in the January 2026 offer, the last two drew $5.93 million and about $7.26 million.
• Few holders sell each time. Between 9 and 27 holders tendered per offer, against 908 record holders at July 1, 2026; 27 is 3.0% (our arithmetic). Record holders can be intermediaries holding for many clients.
• The paperwork is slow. Final amendments arrived 70 to 79 days after the valuation date (our arithmetic). The September 30, 2026 result should therefore appear between about December 9 and December 18, 2026 (our arithmetic; the fund has not said).

The price: December 31 is also distribution day

The fund pays distributions once a year. The prospectus says it intends to distribute “annually as of the last Business Day of each calendar year,” and unless a holder elects cash, distributions are reinvested in new shares at NAV. In the fiscal year to April 30, 2026 it declared $25.0 million of distributions ($10.94 a share), of which $23.3 million was reinvested in 226,308 shares (annual report). The tax-year table shows the distributions as ordinary income, with no long-term capital gains.

That matters for the December 31 offer because the two prices line up. The final amendment for the offer valued at December 31, 2025 reports $3,899,395.12 payable for 37,803.151 shares, which is $103.15 a share (our arithmetic). The reinvested distribution of $23,343,688 over 226,308 shares is also $103.15 a share (our arithmetic). The last NAV disclosed before then was $113.04 on November 28, 2025, and the fund's monthly return for December 2025 was +0.9%, so the lower price looks like the distribution being paid out rather than a loss (our inference; the filings do not say).

What the filings do not say: whether a holder who tenders at December 31 also receives the year-end distribution on the tendered shares, or only the post-distribution NAV. The Offer to Purchase does not mention distributions. Because a distribution is taxed as ordinary income and a sale is generally taxed as a sale or exchange (the offer cites Section 302(b) of the Internal Revenue Code and says a sale can in some circumstances be treated as a dividend), the answer changes the tax bill. It is a question for the fund (1-800-657-3812, listed in the filing) before the deadline, in writing. For how a sale is reported, see Form 8949 and Schedule D for REIT, BDC and interval fund sales and, if you own other funds, the wash sale rule for tender offers.

Not every month is positive. In the prospectus table of monthly returns from January 1999 to June 2026 (the years before 2017 are those of the predecessor fund), 89 of 330 months were negative, 27.0%, and 68 of 329 two-month windows had a negative simple sum, 20.7% (our arithmetic). The worst month was -7.0% in March 2020 and the worst two-month sum -8.8% in 2008 (our arithmetic). This offer's gap between deadline and price is 48 days, so a single bad month between now and December 31 is possible and is the tendering holder's risk.

Can the fund pay 10%?

The offer would take about $28.6 million at the September 1 NAV (our arithmetic). The annual report's schedule of investments lists, for each hedge fund, how often it redeems. Grouping fair values by that column (our arithmetic; we matched the columns to the names in order, and the groups add up to the reported $261.9 million):

Several funds carry an investor-level gate of 25% per quarter, one 12.50% per quarter and one 33% per semi-annual period, and notice periods run 30 to 90 days. The monthly sleeve plus the money market fund is $41.6 million (our arithmetic), more than the $28.6 million the offer could take, before touching quarterly funds. The prospectus sets the tender deadline at least 45 days before the valuation date so the adviser can send redemption notices; here it is 48. The fund also has a $5 million line of credit (the lesser of 5% of market value or $5 million, expiring January 7, 2027), and the filing says no borrowing is authorized for this offer.

What it costs to stay

The 21.31% is the prospectus's estimate of what the underlying hedge funds charge, including performance fees. The adviser says about 5 percentage points are the funds' operating costs (management fees, performance fees, administration) and about 16 are costs of short positions and other investment-related expenses. Reported returns are after these costs. The point for a seller is different: staying invested means the fund keeps paying them, and the adviser's own fee is zero only through April 30, 2027.

Worked example: a $250,000 position (our arithmetic)

At the September 1, 2026 NAV of $108.65, $250,000 is about 2,301 shares. Suppose, for illustration only, the value on December 31, 2026 equals $250,000:

• By the end of the offer: you decide by November 13, 2026. After that your value moves with the fund until December 31.
• First payment, about February 4, 2027: at least $237,500 (95%).
• Held back: up to $12,500 until after the audit of the year to April 30, 2027. The last annual report was filed on July 9, 2026, and the final payment is due within 60 days of the audit being completed, so the holdback could stay out into the second half of 2027. The April 2026 final amendment said the audit was expected “approximately June 2027.”
• If last year repeats: a distribution of $10.94 on a NAV near $108.65 is about 10.1%, or about $25,170 on this position, characterized as ordinary income in the fund's tax-year table. Whether tendered shares receive it is the open question above.
• If you wait for the next offer: the fund has made an offer every quarter since October 2024, but is not obliged to; the next would be expected around mid-January 2027 on the pattern of mid-month notices (our inference).

What a reader can do with this

• Read the filing before you decide. Item 1 of the Schedule TO-I is a two-page term sheet; the NAV at which you tender is not in it, because it does not exist yet.
• Ask the fund two things in writing before November 13, 2026: the latest estimated NAV, and whether tendered shares receive the year-end distribution. The fund answers NAV questions on 1-800-657-3812.
• Check the holdback. Up to 5% stays with the fund for as long as the audit takes, with no interest on the final payment.
• If a partial tender is the plan, keep at least $25,000 in the fund or accept that the fund may buy all your shares.
• If you hold the fund in a taxable account, the tax result depends on how a tender and the December distribution are treated; that is a question for a tax professional, and the offer itself says to consult one.
• If the money matters to your whole plan, note that the gap between decision and price is 48 days and that the year-end distribution falls on the valuation date. An adviser can look at that next to everything else you own.

FAQ

All figures are from Peachtree Alternative Strategies Fund's SEC filings read on EDGAR on October 22, 2026: the Schedule TO-I of October 19, 2026 and its exhibits (accession 0001580642-26-006978); the Schedule TO-I filings of January 15, April 16, July 16 and October 16, 2025 and of January 14, April 16 and July 15, 2026; the Schedule TO-I/A final amendments filed March 11, June 18, September 17 and December 12, 2025 and March 13, June 18 and September 15, 2026; Form N-CSR for the year ended April 30, 2026 (0001580642-26-004326); the post-effective amendment and prospectus of August 28, 2026 (0001580642-26-005773); and Forms NPORT-P for October 31, 2025 and January 31, April 30 and July 31, 2026. Shares-per-dollar figures, sums across offers, days between dates, the approximate cap, percentages of the cap, the per-share amounts of the December 2025 tender and reinvestment, liquidity groupings by redemption frequency, return statistics and the worked example are our arithmetic. The expected dates of the September 30, 2026 result, the final-payment timing and the next offer are our inference. This is analysis of public documents, not investment, legal or tax advice.