La Jolla, Calif.-based alternative mutual fund provider Altegris will launch a new "R" share class on May 1 to four of its private placement funds exclusively for registered investment advisors looking to bet on the once-again popular hedge fund space.

The firm developed the "R" share class in response to demand from many of its RIA clients, according to Dick Pfister, Global Head of Sales and Consulting for Altegris.

The "R" shares will have a general partner fee of 50 basis points per annum and participation is limited to Altegris’ RIA Referral Program.

Jon Sundt, chief executive officer of Altegris, added that: “This is the first of several launches that we plan to make over the next few months."

Altegris currently manages some $3.27 billion in assets, and provides clearing services to $327 million in institutional client assets.