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Crayhill Capital Raises $820MM for Second Private ABS Fund

September 08, 2021, 07:38 AM
Filed Under: Industry News

Crayhill Capital Management announced the final close of Crayhill Principal Strategies Fund II ("Principal Strategies II") with approximately $820 million of capital commitments.

Principal Strategies II closed at its hard cap with support from a diversified base of existing and new institutional investors, including public and corporate pension plans, insurance companies, foundations, and endowments. In total, Crayhill's discretionary assets under management now exceed $1.6 billion.

Principal Strategies II will build on Crayhill's debut Principal Strategies Fund and continue its asset-based private credit strategy, where Crayhill capitalizes on niche but deep market opportunities created by supply and demand imbalances of capital within its targeted investment themes. The Crayhill team has significant expertise in sourcing, structuring, and monitoring asset-based investments across the specialty finance marketplace and a deep understanding of the capital needs and growth cycles of these borrowers. Principal Strategies II will focus on providing flexible and scalable capital solutions to specialty finance platforms focused on targeted sectors including renewable energy, trade receivables, specialty real estate, equipment finance, and media. To date, Principal Strategies II has already deployed a significant amount of capital and built a diverse portfolio of eight investments across many of these sectors.

"We are thankful for the strong support from our existing limited partners and are thrilled to welcome in Principal Strategies II a diverse group of new high-caliber institutional investors and their consultants," said Joshua Eaton, Co-Founder of Crayhill Capital Management.  "We are grateful that our partners share our excitement for the opportunities we are pursuing and recognize our expertise in creating bespoke financing solutions to serve this growing segment of the private credit marketplace."

Carlos Mendez, Co-Founder of Crayhill Capital Management, added, "We will continue to leverage our strength in direct, proprietary sourcing driven by our thematic investment approach to build a diversified portfolio across industry sectors. We are very excited by the opportunity set in asset-based private credit to deliver income with downside protection, upside optionality, and uncorrelated exposures to our partners."

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