Crayhill Capital Management

Co-founders Joshua Eaton and Carlos Mendez act as Managing Partners and jointly oversee investment decisions. Both were previously portfolio managers in Magnetar Capital’s fixed income group focused on illiquid structured credit. The broader investment team includes Managing Directors Sloan Sutta, Shweta Kapadia, and Stefan Hoefer, each with origination and underwriting authority across different sectors.

Crayhill underwrites directly against pools of contractual cash flows — loans, leases, and receivables — rather than lending against enterprise valuations or EBITDA multiples. This approach targets the collateral performance rather than the corporate borrower’s health. The firm focuses on sectors such as equipment leasing, transportation factoring, trade finance, and media receivables, often acting as an early capital partner before a niche market becomes a crowded trade.

Crayhill partnered with Monarch Private Capital to form Monarch JVT Funding, a $300 million joint venture that provides hybrid preferred tax equity for utility-scale solar and battery storage projects. The structure channels transferable tax credits created by the Inflation Reduction Act into a private credit vehicle, giving Crayhill exposure to renewable energy project cash flows.

The firm’s mandate permits both asset-based private credit and equity investments backed by real and financial assets. In practice, Crayhill emphasizes structured financing solutions and capital partnerships with non-bank originators, servicers, and developers. Equity participation is used where the firm identifies upside optionality embedded in the underlying asset pool.

Crayhill focuses on developed markets, with particular emphasis on North America. The Monarch JVT Funding vehicle targets utility-scale solar and battery storage projects across the United States. The firm’s senior team also carries transaction experience from London, but all current investment activity appears concentrated in US-based specialty finance and renewable energy programs.

The firm is registered with the U.S. Securities and Exchange Commission as an investment advisor. Joseph Thomas serves as both Chief Financial Officer and Chief Compliance Officer, and had previously held the same dual role at Dune Capital Management for a decade.

Monarch Private Capital is Crayhill’s joint venture partner in the $300 million Monarch JVT Funding vehicle launched in January 2026. Monarch brings expertise in tax credit financing, while Crayhill structures and supplies the private credit capital for the underlying renewable energy projects. The arrangement is a strategic joint venture, not an acquisition or permanent combination.