RiverPark Funds is closing the RiverPark Short Term High Yield Fund (RPHIX, RPHYX) to new investors on June 21. The fund will remain open to new investments from its current shareholders and from financial advisors with existing clients in the Fund. The closing does not affect other RiverPark Funds.
The RiverPark Short Term High Yield Fund currently has just over $700 million in assets under management and is approaching its planned capacity, according to the firm. The fund is sub-advised by Cohanzick Management of Pleasantville, N.Y.
“We are taking the steps necessary to protect the integrity of the Fund’s investment strategy by limiting its growth,” stated Morty Schaja, chief executive officer of RiverPark Funds. “Closing the fund now will allow existing shareholders to continue to invest in the Fund.”
Additionally, RiverPark annocuned that it recently filed a registration statement for a second fund that will be sub-advised by Cohanzick Management: RiverPark Strategic Income Fund.