Filed pursuant to Rule 424(b)(3)

File No. 333-294038

PRIVACORE PCAAM ALTERNATIVE GROWTH FUND

Supplement dated October 30, 2026
to the Prospectus and Statement of Additional Information dated July 28, 2026, as supplemented

This supplement (this “Supplement”) is part of and should be read in conjunction with the prospectus (the “Prospectus”) and Statement of Additional Information (“SAI”) of Privacore PCAAM Alternative Growth Fund (the “Fund”) dated July 28, 2026, as supplemented. Unless otherwise defined herein, capitalized terms used in this Supplement shall have the same meanings as in the Prospectus and SAI.

The purpose of this Supplement is to update the Prospectus and SAI to reflect a change of control of the Fund’s investment adviser, Privacore Capital Advisors, LLC (the “Adviser”), which will be effective as of October 31, 2026. No changes to the portfolio management of the Fund are anticipated in connection with the change of control.

Updates to the Prospectus

Effective October 31, 2026, the following changes are made to the Prospectus:

The following supersedes and replaces the first paragraph in the section of the Prospectus titled “Management of the Fund – The Adviser and Sub-Adviser:”

Privacore Capital Advisors, LLC serves as the investment adviser to the Fund. The Adviser is responsible for the management of the Fund and supervises the activities of the Sub-Adviser. Its principal place of business is located at 1411 Broadway, New York, NY 10018. The Adviser is registered with the SEC under the Advisers Act as an investment adviser. As of March 31, 2026, it had approximately $176 million in assets under management. The Adviser is a wholly owned subsidiary of Privacore Capital, LLC (“Privacore Capital”). Privacore Capital is a wholly owned indirect subsidiary of Janus Henderson Group Ltd. (“JHG”).

The following supersedes and replaces the first four paragraphs in the section of the Prospectus titled “Management of the Fund – Investment Management Agreements:”

On October 31, 2026, JHG exercised its option to purchase Brendan Boyle’s 51% ownership interest in Privacore Capital, resulting in a change of control of the Adviser (the “Boyle Transaction”). Upon the closing of the Boyle Transaction, the Fund’s investment management agreement dated June 30, 2026, automatically terminated. The Fund’s current Investment Management Agreement between the Adviser and the Fund, which was approved by the Fund’s Board of Trustees on September 14, 2026, and the terms of which are identical to the previous investment management agreement, became effective on October 31, 2026.

The Investment Management Agreement and the Sub-Advisory Agreement received Board and Shareholder approval and will continue in effect for an initial two-year period, subject to their respective terms. Thereafter, each will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund, or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. See “VOTING.”

The Investment Management Agreement and the Sub-Advisory Agreement will terminate automatically if assigned (as defined in the Investment Company Act) and are terminable by vote of the Board or by vote of a majority of the outstanding voting securities of the Fund at any time without penalty upon sixty (60) days’ written notice to the Adviser or the Sub-Adviser, as applicable. A discussion regarding the basis for the Board’s approval of the Investment Management Agreement and the Sub-Advisory Agreement will be available in the Fund’s semi-annual report to Shareholders for the period ended September 30, 2026.

Updates to the Statement of Additional Information

Effective October 31, 2026, the following changes are made to the Statement of Additional Information:

The following supersedes and replaces the second paragraph in the section of the SAI titled “Investment Management and Other Services — The Adviser:”

On October 31, 2026, Janus Henderson Group Ltd. (“JHG”) exercised its option to purchase Brendan Boyle’s 51% ownership interest in Privacore Capital, LLC (“Privacore Capital”), resulting in a change of control of the Adviser (the “Boyle Transaction”). The Adviser is a wholly owned subsidiary of Privacore Capital and a wholly owned indirect subsidiary of JHG. JHG is an asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, fixed income, quantitative equities, multi-asset, and alternative asset class strategies.

The following supersedes and replaces the first paragraph in the section of the SAI titled “Investment Management and Other Services — Investment Management Agreement:”

Upon the closing of the Boyle Transaction, the Fund’s investment management agreement dated June 30, 2026, automatically terminated. The Fund’s current Investment Management Agreement between the Adviser and the Fund, which was approved by the Fund’s Board of Trustees on September 14, 2026, and the terms of which are identical to the previous investment management agreement, became effective on October 31, 2026 and will continue in effect for an initial two-year period. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval.

The following supersedes and replaces the first paragraph in the section of the SAI titled “Investment Management and Other Services — The Sub-Advisory Agreement:”

Upon the closing of the Boyle Transaction, the Fund’s sub-advisory agreement dated June 30, 2026, automatically terminated. The Fund’s current Sub-Advisory Agreement among the Adviser, the Sub-Adviser and the Fund, which was approved by the Fund’s Board of Trustees on September 14, 2026, and the terms of which are identical to the previous sub-advisory agreement, became effective on October 31, 2026 and will continue in effect for an initial two-year period, and thereafter, will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities of the Fund or a majority of the Board and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval.

The following supersedes and replaces the last sentence of the fourth paragraph in the section of the SAI titled “Investment Management and Other Services — The Sub-Advisory Agreement:”

Information regarding the Board’s approval of the Investment Management Agreement and the Sub-Advisory Agreement will be available in the Fund’s semi-annual report to Shareholders for the period ended September 30, 2026.

This Supplement, as well as the Prospectus and the SAI, dated July 28, 2026, as supplemented, provides relevant information for all shareholders. The Prospectus and SAI of the Fund have been filed with the U.S. Securities and Exchange Commission and are incorporated by reference. These can be obtained without charge by writing to the Fund, c/o UMB Fund Services, Inc., at 235 West Galena Street, Milwaukee, WI 53212, or by calling the Fund toll-free at 855-685-3093.

Please retain this Supplement for future reference.