Fexco-backed aviation firm Airborne Capital creates new jet buyer
Airborne Capital, the specialist aircraft leasing and asset management company backed by Co Kerry-based financial services firm Fexco, has entered a partnership with L1 Treasury to establish AltitudeOne Aviation.
The new company, with an initial $250m (€211.6m) of capital from its owners, will invest in narrow-body and wide-body jets as the aircraft-leasing industry continues to boom.
Airborne Capital will act as asset manager and lease servicer for AltitudeOne, whose funding will be supplemented with bank financing.
Luxembourg-based L1 Treasury manages the liquidity and financial investments of LetterOne, an international investment business with net assets in excess of $25bn (€21.6bn).
L1 Treasury combines a portfolio of liquid fixed income securities with investments in the financial markets, both direct and via hedge funds, along with long-term higher yielding investments in real estate and other real and financial assets and direct loans.
Airborne Capital was established in late 2017. It aims to have assets under management of at least $5bn by 2022.
Last year, Natixis Investment Managers, one of the world's largest asset management firms, took a minority stake in Airborne Capital. Natixis is the asset management arm of French bank BPCE.
Airborne Capital's chief executive is Ramki Sundaram, previously global head of aviation at Natixis. Another former Natixis executive, Jocelyn Noel, is also a member of the Airborne team. Two executives from Dublin-based Hong Kong-owned Goshawk Aviation also joined Airborne as founding members.