Napier Park Global Capital has closed a single purpose aircraft leasing fund on $454 million.
Napier Park partnered with Air Lease Corporation on a joint venture created to invest in leased aircraft. The joint venture is called Blackbird Capital I.
The $454 million in equity from the Napier Park vehicle will be deployed alongside Air Lease's 9.5 percent equity investment and long-term debt financing raised by Blackbird Capital I, for the acquisition of approximately $2.0 billion of commercial aircraft assets by the end of 2016.
Investors in the vehicle include U.S. life and property & casualty insurance companies, public pension plans and family offices.
Air Lease Corporation is a California based company that leases aircraft to airlines around the world.
Napier Park said that the investment provided a specialized opportunity characterized by long-lived, yield-generating assets and long-term financing.
James O'Brien, a senior managing partner at Napier Park said in a statement that the investment will “support and grow ALC's core leasing business.”
Napier Park is a multi-strategy asset management firm with a growth equity focused private equity business. Other investments include software, payment systems and commercial banks.