The AIP Alpha Strategies I Fund has dared to go where no other open-end mutual fund has tread before: into the hedge fund realm. The fund is the first to offer a variety of hedge fund investment techniques packaged as an open-end mutual fund sporting continuous sales of shares, daily liquidity and transparency of all securities, both long and short.

The fund launched last September with four sub-advisors in tow; each specialized in a different alternative investment strategy. With only $12 million in current assets under management, the fund is still trying to gain traction. But the two executives at the helm are convinced that hedge funds and mutual funds can successfully be married into a solitary product offering. Both are so enthusiastic, that each of their vanity license plates, in different states, reads ALPHX, the fund's ticker.

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