Apollo Aviation Group, a multi-strategy aviation investment manager, has raised USD833 million for SASOF III, its third aviation fund, a total well in excess of SASOF III's USD750 million target.
SASOF III, an institutionally-focused commingled private equity fund, follows on from SASOF and SASOF II where Apollo Aviation raised USD213 million and USD593 million, respectively in 2010 and 2013. SASOF III's investors include a broad group of sophisticated governmental plans, insurance companies, fund of funds, endowments and others.
William Hoffman, Apollo Aviation's Chairman says: "As our largest fund yet, it is a testament to the success of our strategy and confidence of our institutional investors. As with SASOF II, SASOF III will seek to acquire mid-life commercial aircraft and engines for lease and / or immediate disassembly and resale of the systems, components and parts."
SASOF III has already acquired 18 commercial aircraft including three A319-100s, two A320-200s, three A321-200s, one A330-200, two A330-300s and seven B737-800s. Most of these aircraft are on lease to a diversified group of airlines throughout the world with the remainder planned for sale or for disassembly and subsequent sale.
Robert Korn (pictured), Apollo Aviation's President, says: "With the growth of our fleet, we're positioned as one of the dominant players globally in the mid- to end-of-life market for commercial aircraft. As air travel continues to increase, we believe this will lead to significant opportunities ahead."
