RiverPark Advisors [profile] announced the launch of its third liquid alternatives fund, the Structural Alpha Fund, which joins the RiverPark Long/Short Opportunity Fund and RiverPark Gargoyle Hedged Value Fund.

The new fund is designed to give investors exposure to broad-based equity markets as it limits downside risk and volatility by investing in highly liquid global index options. The fund is a conversion of a hedge fund called Wavecrest Partners Fund. Justin Frankel and Jeremy Berman founded and managed the fund and will continue on as PMs. The fund has $9 million in assets, and RiverPark had $2.3 billion in assets as of September 12.

Despite the current bull market in stocks, Morty Schaja, CEO 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.

From the fund's inception to August 30, the fund had annualized returns of 9.58 percent compared to 8.61 percent for the S&P 500 and 1.93 percent for the Morningstar Long/Short category.

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NEW YORK, (September 16, 2013) – RiverPark Advisors, LLC has launched the RiverPark Structural Alpha Fund (RSAFX -­- Retail; RSAIX -­- Institutional), a new open-­- end mutual fund that seeks to give investors exposure to the broad-­-based equity markets while limiting downside risk and volatility by investing primarily in highly liquid global index options, it was announced by the firm. The fund was initially made available to investors on July 1, 2013.

The RiverPark Structural Alpha Fund is a conversion of a hedge fund called Wavecrest Partners Fund I, which was launched in September 2008. Justin Frankel and Jeremy Berman, who founded Wavecrest and managed the fund, have joined RiverPark and will continue to manage the fund in its new mutual fund format. From inception on September 26, 2008 through August 30, 2013 the RiverPark Structural Alpha Fund provided annualized returns of 9.58 percent compared to 8.61 percent for the S&P 500 and 1.93 percent for the Morningstar Long/Short ?

RiverPark Launches RiverPark Structural Alpha Fund/ Page 2 category. Volatility for the fund was 7.2 percent compared to 18.2 percent for the S&P 500 and 7.4 percent for the Morningstar Long/Short category.

“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,” said Morty Schaja, chief executive officer of RiverPark Funds. “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.”

The RiverPark Structural Alpha Fund is the third member of the RiverPark mutual fund family within the “liquid alternatives” space, joining the RiverPark Long/Short Opportunity Fund (RLSFX-­-Retail; RLSIX -­- Institutional) and the RiverPark/Gargoyle Hedged Value Fund (RGHVX-­-Retail; RGHIX – Institutional).

“We are big believers in the advantages of liquid alternatives,” said Schaja. “We plan to continue to explore new ways to offer investors and their advisors hedged exposure to the market.” As of September 12, 2013 RiverPark had approximately $2.3 billion in assets under management. Other funds sponsored by the firm include: the RiverPark/ Wedgewood Fund (RWGFX – retail; RWGIX – Institutional); the RiverPark Large Growth Fund (RPXFX-­-Retail; RPXIX – Institutional); and the RiverPark Short Term High Yield Fund (RPHYX-­-Retail; RPHIX -­- Institutional). The RiverPark Funds may be purchased directly by application to the Funds. For more information on the funds, please visit www.RiverParkFunds.com, or call Matt Kelly at (212) 484-­-2103.

About RiverPark Advisors LLC RiverPark Advisors, LLC is a New York-­-based investment advisory company and the sponsor of the RiverPark family of mutual funds. More information is available at www.riverparkfunds.com. ### ??

RiverPark Launches RiverPark Structural Alpha Fund/ Page 3 As of 6/30/2013 the average annual returns were 7.85% (one year) and 9.90% (since inception). The performance data quoted for periods prior to June 28, 2013 is that of the Predecessor Fund. The Fund will be managed in a materially equivalent manner to its predecessor. The Predecessor Fund commenced operations prior to the periods shown. The Predecessor Fund was not a registered mutual fund and was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance might have been lower. Inception Date of the Predecessor Fund is 9/29/2008.

Investor Class Expenses: 2.15% Gross, 1.75% Net. Institutional Class: 2.40% Gross, 2.00% Net. RiverPark Advisors, LLC, the Fund’s investment adviser, has agreed contractually to waive its fees and to reimburse expenses of the Fund, to the extent necessary to ensure that operating expenses do not exceed, on an annual basis, 1.75% for the Institutional Class Shares and 2.00% for the Retail Class Shares of the Fund’s average net assets. This agreement is in effect until at least September 30, 2014, and subject to annual approval by the Board of Trustees of RiverPark Funds Trust. The expense ratios stated are as of the most recent prospectus, dated June 27, 2013. The performance quoted herein represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost, and current performance may be higher or lower than the performance. Index returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transactions costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

Mutual fund investing involves risk including loss of principal. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from social, economic or political instability in other nations. Investments in smaller companies typically exhibit higher volatility.

The RiverPark Long/Short Opportunity Fund, The RiverPark/Gargoyle Fund, and the RiverPark Structural Alpha Fund use leverage. If the securities decrease in value, the Funds may suffer a greater loss than would have resulted without the use of leverage. With, short sales, losses are potentially unlimited and the expenses involved with the short strategy may impact the performance of the Fund. "The value of the Fund’s positions in index options fluctuates in response to changes in RiverPark Launches RiverPark Structural Alpha Fund/ Page 4 the value of the underlying index. Selling index call options can reduce the risk of owning stocks, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for up-­-front cash at the time of selling the call option. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the fund’s option strategies, and for these and other reasons the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired.

Accordingly, the purchase of Fund shares should be viewed as a long-­-term investment. There can be no assurance that the Fund will achieve its stated objectives. The Funds are non-­- diversified.

To determine if a Fund is an appropriate investment for you, carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and other information may be found in the Fund's summary or full prospectus, which may be obtained by clicking here or calling 1-­-888-­-564-­-4517. Please read the prospectus carefully before investing.

The RiverPark mutual funds are distributed by SEI Investments Distribution Co., which is not affiliated with RiverPark Advisors, LLC, Wedgewood Partners, Inc., Cohanzick Management, LLC, Gargoyle Investment Advisors LLC, or their affiliates.  

Correction: A prior version of this story and its headline both gave an incorrect AUM figure for the former Wavecrest Partners Fund.

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