Castlelake is pleased to announce it has raised over $2 billion in capital commitments for its fifth aviation fund and related aviation strategies. Read more about the firm’s current approach to aviation opportunities via exclusive coverage from Isaac Taylor at the The Wall Street Journal https://lnkd.in/dcBb3_KT and our press release:??https://lnkd.in/dVEkeWaC
MY NEWEST EXCLUSIVE: Asset-based investment specialist Castlelake wrapped up its fifth aviation-focused credit fund with more than $2 billion in committed capital across the fund and related vehicles. The Minneapolis firm began seeking commitments to the fund in 2023. The total raised is roughly 25% more than Castlelake collected for a predecessor fund, which closed on $1.6 billion in 2022. The firm has been investing out of that fund since 2019 and it is nearing the end of the vehicle’s investment period. The new fund, Castlelake Aviation V Stable Yield, collected capital from new and existing investors including pensions, sovereign-wealth funds and endowments. The Kern County Employees’ Retirement Association in California authorized a commitment of up to $25 million in May and the Minnesota State Board of Investment put in $100 million, according to the WSJ Pro Private Equity LP Commitments database. Conditions for investing appear ripe, with a shortage of operating aircraft and few suppliers of flexible credit, according to Castlelake. “On the heels of the pandemic and the war in Ukraine, we’ve seen a lot of capital leave the [market],” said Joe McConnell, a partner and deputy co-chief investment officer at Castlelake. https://lnkd.in/eAqQFQFP