Ohio Police & Fire commit $50m to Crayhill Capital fund

The pension set a five percent target for private credit.

Ohio Police & Fire Pension Fund at its June 16 meeting backed a private credit fund from Crayhill Capital Management, according to meeting notes.

The system committed $50 million to Crayhill Principal Strategies Fund II, which invests in the financial services sector. According to data from Private Equity International, the fund has already raised $130.85 million.

OP&F’s investment is its first to Crayhill and its first to its private credit portfolio in 2020, according to the system’s communications director David Graham.

Founded in 2015 by Josh Eaton and Carlos Mendez, the New York-based Crayhill focuses on private credit and asset-based investing in the financial and specialty finance industries.

Prior to creating the firm, both Eaton and Mendez worked as portfolio managers for Magnetar Capital and as managing directors for Sandler O’Neill & Partners, according to the company’s website.

OP&F’s private credit asset class makes up 2.9 percent of the system’s $15.1 billion portfolio on a five percent target.

With the help of investment consultant Wilshire Associates, the system also approved its private credit investment plan for 2020-21. It set an annual target investment range between $225 million to $275 million, with an average per fund investments of $50 million, according to Graham.

Earlier this year, OP&F set its private equity pacing plan between $92 million and $142 million, Buyouts previously reported.

Action Item: Check out OP&F’s meeting agendas for the year here.