Crayhill Capital Management Scores $150M Allocation From New Jersey

Jan 26 2017 | 10:31pm ET

The New Jersey Division of Investment has allocated up to $150 million to alternative credit manager Crayhill Capital Management as part of a broader $450 million hedge fund commitment disclosed on Wednesday. 

The Division invests on behalf of New Jersey’s $71.2 billion pension fund. 

The Crayhill allocation will come in the form of a separate account, according to information seen by FINalternatives, with up to $100 million placed in the company’s Principal Strategies Fund or a “parallel vehicle,” and the remainder devoted to “other investment” identified by the company. It is reportedly the Division’s first investment with Crayhill. 

Founded in August 2015 by Magnetar Capital vets Josh Eaton and Carlos Mendez along with Strategos Capital Management managing director Frederick Horton, New York-based Crayhill is an alternative investment firm that specializes in sourcing and investing in a broad range of illiquid credit and asset-based opportunities. It had more than $900 million in assets under management as of mid-2016.

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