Hedge fund-turned-mutual fund RiverPark Advisors LLC has launched the RiverPark/Gargoyle Hedged Value Fund, a conversion of the Gargoyle Hedged Value Fund L.P.

It is sub-advised by Gargoyle Investment Advisor L.L.C., with Gargoyle's co-founders Alan L. Salzbank and Joshua B. Parker serving as co-portfolio managers. The fund employs value-oriented stock investing and index option over-writing strategies.

"By selling index call options, the fund seeks to generate an income cushion to partially hedge its long equity positions," Parker said.

The fund is being offered in two share classes -- Retail and Institutional, with expense ratios of 150 basis points and 125 bps respectively