Investment management giant Pimco is helping a group of experienced aircraft finance executives create a new Ireland-based aircraft leasing and lending platform, High Ridge Aviation.
Former Gecas boss Greg Conlon will take on the role of chief executive of the new company.
“I am extremely honored to lead this select team and look forward to working in this strategic relationship with a leading institutional investor like Pimco,” said Mr. Conlon.
“Our founding principles have a proven track record and we strive to deliver unparalleled, innovative and client-centric results again.”
High Ridge Aviation will primarily focus on arranging and structuring finance for global commercial airlines and has already commenced operations with a presence in Dublin and Shannon.
The group said so Irish Independent that the company also has members based in Connecticut in the United States, as well as in Dubai, Australia and Singapore.
Other focal points are cargo, mid-life and engine asset markets.
Former executives from Gecas, PK AirFinance and DVB Bank’s former aviation investment business will build the new company.
LR AirFinance, a subsidiary of High Ridge Aviation, will both administer aviation loans to support airlines, lessors and manufacturers around the world.
According to the company, future expansion plans will focus on Hong Kong and Spain.
The team currently consists of 12 founding partners, most of whom previously worked at Gecas and PK AirFinance.
Ten of these are with High Ride Aviation while two will be working with LRAirFinance.
High Ridge Aviation plans to expand the team as the company grows, but added that there are currently no specific recruitment plans for the team in Ireland.
“Aircraft remain an attractive asset class in a critical infrastructure sector supported by solid long-term growth drivers,” said Dan Ivascyn, Pimco’s group chief investment officer.
“We have a longstanding investment strategy in aviation finance and our partnership with High Ridge Aviation will help provide essential liquidity and financing solutions.”
In March last year, Dublin-based aircraft rental company AerCap confirmed it would buy competitor Gecas, creating the world’s largest aircraft rental company.
https://www.independent.ie/business/irish/pimco-backs-new-aircraft-leasing-and-lending-platform-high-ridge-aviation-42113768.html Pimco supports new aircraft leasing and rental platform High Ridge Aviation