Illinois fund-of-funds firm Evanston Capital Management joined a wave of peers entering liquid alternatives in 2014 when it introduced the Evanston Alternative Opportunities Fund. ECM capitalized on the opportunity to garner new business from a broader range of investors through the more transparent and liquid fund that mirrors the firm’s flagship multistrategy fund. ECM is taking strides to modernize the firm’s business model. It hired Lance Donenberg, former co-head of alternative investment management firm Man Group’s U.S. business, to serve as head of strategic business development in October 2014…