Private credit investment specialist Crayhill Capital Management has hit an $820m hard cap final close for its second fund.
The firm, which was launched in 2015 by a pair of veterans from hedge fund major Magnetar Capital, focuses on specialty finance “and other market sectors that are traditionally overlooked”, such as equipment leasing, transportation factoring, trade finance, renewable energy and media receivables.
AltAssets revealed three months ago that the firm had passed $640m for the fundraise, which has doubled Crayhill’s assets under management to over $1.6bn at final close.
Principal Strategies II will continue the firm’s asset-based private credit strategy, where it says it capitalises on “niche but deep market opportunities created by supply and demand imbalances of capital” within its targeted investment themes.
They include renewable energy, trade receivables, specialty real estate, equipment finance and media.
Principal Strategies II has already deployed capital across eight investments, the firm added.
Carlos Mendez, co-founder of Crayhill Capital Management, said, “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.”
Mendez and fellow co-founders and managing partner Josh Eaton were previuosly portfolio managers in the fixed income group of Magnetar Capital, where they focused on illiquid, structured credit and asset-based investment opportunities.
They were joined in 2017 by former Barings LLC director Shamafa Khan, who was hired as head of investor relations and marketing.
Khan, who was part of Barings’s global business development group, was responsible for capital raising and client relationships for a suite of fixed income strategies at the firm.
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