Crayhill Raises $1.31 Billion for Fund III
Crayhill just landed a fresh $1.31 billion for its latest fund, and yes, that’s above target. Crayhill Principal Strategies Fund III officially closed with serious momentum, beating its $1 billion goal and pulling in an extra $162 million in committed co-investment capacity on top.
It’s a clear signal that big-money investors are very into what this $3 billion asset manager is selling—namely, a no-nonsense, asset-backed approach to private credit that doesn’t rely on corporate fairy tales.
“We are grateful for the overwhelming support we received from existing investors and strong demand from new limited partners,” said Josh Eaton, Co-Founder of Crayhill, who made it clear this was more than just a capital raise—it was a nod of confidence from some of the most sophisticated institutional allocators out there.
And they’re not your run-of-the-mill backers either. Crayhill’s new fund brought in large public and corporate pension plans, insurance companies, university endowments, foundations, and family offices.
Basically, anyone looking for some insulation from the drama of traditional credit markets is sliding into Crayhill’s corner.
The firm’s strategy is simple but effective: lend against stuff that holds value on its own. Crayhill’s asset-based finance (ABF) approach targets things like loans, leases, receivables, royalties—you name it—as long as they throw off cash and aren’t entirely tied to a borrower’s mood swings. “As the current market uncertainty constrains liquidity and drives up base rates and credit spreads, our ready capital provides counterparties certainty of execution for financing assets that justify a premium,” said Carlos Mendez, Co-Founder of Crayhill. In short: they show up with the money when others can’t.
Fund III is already more than 75% deployed, so this isn’t money that’s sitting idle. It’s already at work across a spread of sectors—residential housing, energy, commercial real estate, digital infrastructure, and even media. Think capital solutions for asset-heavy operators who actually need flexibility, not red tape.
In an era where traditional lenders are pulling back thanks to tighter regulation and balance sheet headaches, Crayhill is doubling down on its niche. Their risk management platform and deep focus on structured, asset-backed deals are clearly striking the right chord.
Founded in 2015, the firm has already deployed more than $4 billion across over 50 transactions. With Fund III, they’re not just offering capital—they’re offering certainty in a credit market where that’s suddenly become a scarce commodity.
