Greenwich, Conn.-based Cedar Ridge Partners has launched the Cedar Ridge Short-Term Cash Fund, a fixed-income arbitrage offering.

The fund invests at least 80% of its assets in municipal securities exempt from federal income taxes and holds investments in munis that may be viewed as “cash equivalents” because of their short-term nature. The fund’s holding period is less than one year.

Cedar Ridge founder Alan Hart serves as portfolio manager.

The fund charges a 0.2% management fee and a 10% incentive fee. Its minimum investment requirement is $500,000.

Prior to founding Cedar Ridge in March 2004, Hart was an investment banker for 21 years specializing in municipal bonds, including so-called “corporate-backed” issues in the airline, airport, electric utility, energy, industrial and power generation sectors.