RiverPark Advisors LLC had launched a new open-ended mutual fund. The company launched RiverPark Structural Alpha Fund that had been seeking to give investors exposure to broad-based equity markets. The new mutual fund had been focused to limit downside risk and volatility by investing primarily in highly liquid global index options. This was according to a RiverPark statement. The fund was made available to investors last July 1, 2013.

The RiverPark Structural Alpha Fund was a conversion of hedge fund Wavecrest Partners Fund I launched in September 2008. Justin Frankel and Jeremy Berman founded Wavecrest and also managed the fund. Both Frankel and Berman joined RiverPark and had continued to manage the fund in its new format.

From the fund's inception on September 26, 2008 through August 30, 2013, RiverPark Structural Alpha Fund had provided annual returns of 9.58%. This was higher compared to 8.61% for the S&P 500 and 1.93% for the Morningstar Long/Short category.

Morty Schaja, chief executive officer of RiverPark Funds said, "Many long-term investors feel the need to invest in the stock market, but given the market's recent run-up and memories of the 2008 financial crisis, desire a more cautious approach to stock investing. For individuals who want exposure to equities but are also concerned about downside risk, The RiverPark Structural Alpha Fund offers what we believe to be a very attractive option."