The SilverPepper Merger Arbitrage Fund (ticker: SPAIX) is an institutional class mutual fund that focuses on merger arbitrage strategies. This means that the fund invests in companies that are involved in mergers, acquisitions, or other corporate events, with the goal of profiting from any price discrepancies that may occur during these transactions. The fund is designed for institutional investors, such as large corporations, pension funds, and endowments, and may offer lower fees and higher minimum investments compared to retail class funds.