A. General Description of the Advisory Firm
Crayhill Capital Management LP (“Crayhill” or the “Firm”) is an investment adviser organized as a Delaware
limited partnership that was formed in July 2015 and is based in New York, NY. Carlos Mendez and Joshua
P. Eaton are the principal owners of the Firm (the “Principals”).
B. Description of Advisory Services
Crayhill provides discretionary investment advisory services to Sierra GPS Opportunities Fund LP, Sierra GPS
Opportunities Parallel Fund LP, and Knights Hill Capital Ireland DAC (together, “SGPSOF”); Crayhill Principal
Strategies Fund II LP, Crayhill Principal Strategies Parallel Fund II LP, and Knights Hill Ireland II DAC (together,
“CPSF II”); Crayhill Principal Strategies Fund III LP and Crayhill Principal Strategies Parallel Fund III LP
(together, “CPSF III”); Crayhill Structured Income Fund LP, Crayhill Tactical Income Fund LP, Crayhill Tactical
Income Fund LP Series 2, and Crayhill Aurora Capital Ireland DAC (together, “CTIF”); Crayhill NJ Fund LP
(“CNJF”); Crayhill Co-Invest Fund II LP (“CCIF II”); Crayhill Co-Invest Fund III LP and Crayhill Co-Invest Fund III-
B LP (together, “CCIF III”); and Crayhill Co-Invest Fund IV LP (“CCIF IV”). SGPSOF, CPSF II, CPSF III, CTIF, CNJF,
CCIF II, CCIF III, and CCIF IV are each a “Crayhill Fund” or “Client” and together comprise the “Crayhill Funds”
or the “Clients.”
The Crayhill Funds pursue an investment strategy that targets asset-based private credit investments backed
by real and financial assets. Crayhill
offers capital solutions to specialty finance and other asset heavy
businesses that do not have ready access to funding for their assets. The Principals have developed this
strategy over the course of their structured finance careers. The Crayhill Funds are focused on capital
preservation through asset and cash flow coverage across a broad range of sectors, such as renewable
energy, commercial finance, structured real estate, and media. Targeted assets generate contracted or
determinable cash flows derived from loans, leases, royalties, rents, receivables, subscriptions, claims,
market sales, subsidies, etc. The Crayhill Funds target investments in developed markets, including North
America and Western Europe.
C. Tailored Advisory Services
Crayhill provides investment advisory services to the Clients in accordance with the Clients’ investment
objectives and limitations. The investment objectives and limitations for the Clients are outlined in the
applicable offering memoranda and other governing documents, which include but are not limited to
subscription agreements, side letters and investment management agreements (“Fund Documents”).
Investors do not have the ability to impose specific investment objectives or restrictions on the Crayhill
Funds.
D. Wrap Fee Programs
Crayhill does not participate in wrap fee programs.
E. Assets Under Management
Crayhill manages approximately $2,077,177,000 in Client assets (including committed but undrawn capital)
as of December 31, 2023.