Avolon, the international aircraft leasing group, has successfully secured a third round of equity capital with a USD300 million equity commitment from the Government of Singapore Investment Corporation (GIC), subject to customary regulatory approval.
Avolon has now raised a total of USD1.4 billion in equity capital over the past 18 months from GIC and leading private equity firms Cinven, CVC Capital Partners and Oak Hill Capital Partners. Total capital raised to date by the firm is in excess of USD4 billion.
The proceeds form this fund raising will l be used to accelerate Avolon’s expansion and the continued growth of its aircraft fleet, which now stands at 88 aircraft with a target fleet size of 150 aircraft by 2014.
Avolon Chief Executive Officer, Dómhnal Slattery, says: “We are delighted to welcome the Government of Singapore Investment Corporation as both a strategic and capital partner in our business. GIC is one of the leading and most respected sovereign wealth funds in the world and their decision to make this significant investment in Avolon is a clear endorsement of the scale and quality of our franchise and the strong growth potential of the aircraft leasing sector.”
