For what interest it holds, the Gargoyle Hedged Value fund has quietly moved from RiverPark to TCW. The prospectus for the TCW fund refers to RiverPark as "the predecessor fund." Same team, strategy and expenses, $75 million AUM, substantially higher minimum initial investment.
While it's been popular to grouch about the RiverPark Alternatives funds (which has always muddled me since two of the three are distinctly above average), you might note that Hedged Value transitioned three years ago from being a hedge fund. The composite hedge-mutual record earns it a five-star rating at Morningstar. The fund will earn a three-year rating at the end of this month; it's made about 14% annually since the conversion, finished in the top third each year and, on an absolute returns basis, is in the top 6% of long/short funds over the past three years.
I've got a call out to the managers to see what's transpired. I'll share as soon as I can.