Saturday, August 13, 2022

Saudi Money Fund Behind New Aircraft Lessee Avilies PIF

Saudi Arabia’s giant sovereign wealth fund, the Public Investment Fund (PIF), owns 100pc of aircraft leasing venture Avilies, which was launched this week.

He Irish independent first reported on Wednesday that two of the most experienced figures in Irish aircraft leasing, including former Carlyle Aviation Partners executive Ted O’Burn and aviation attorney Rob Murphy of law firm Arthur Cox, are directors of new aircraft leasing platform, Avilies Aviation Management. Were. Ireland, and several related companies.

Prior to joining Carlyle Aviation Partners in 2010, Mr. O’Burne was Chief Investment Officer at Dublin-based AirCap, the world’s largest aircraft leasing company.

Veteran aviation attorney Rob Murphy is co-chair of Arthur Cox’s aviation group and was previously the chief operating officer and general counsel at CDB Aviation, starting his career at Guinness Pete Aviation.

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He also advised on the formation of the Dublin-based leasing firm Avalon, which was co-founded by Domhnall Slattery.

Mr O’Burne worked for Airbus before joining AirCap in 2007 and became Chief Investment Officer at Lessee in 2011.

In 2019, he joined Carlyle following the acquisition of Apollo Aviation.

In a statement, Saudi Arabia’s PIF said the launch of Avilies is a core element of Saudi Arabia’s expanding aviation ecosystem. The fund is working to use the country’s vast oil wealth to develop alternative generators of future income.

“As a PIF wholly owned company, PIF’s substantial liquidity and strong balance sheet, combined with its depth of funding and investment-structuring expertise, will help the Company to take advantage of opportunity in the aircraft leasing market.”

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PIF is one of the wealthiest institutions in the world, with approximately $620 billion in assets under management at the end of March.

It said Avilies will provide leasing, trading and asset management services for the latest generation of aircraft from leading manufacturers.

The company plans through buy-and-lease-back transactions, secondary portfolio acquisitions, direct orders from aircraft manufacturers, and potential corporate acquisitions.

PIF said Avilies is managed by a top-tier team that will lead its development, localize knowledge and expertise, and enable the development of the company’s desired infrastructure, including a national champion in the aircraft-leasing market. plan to become.

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