Irish-based Apollo Aviation raises $833m from investors

Irish-based aircraft and equipment leasing specialist, Apollo Aviation Group has raised $833 million (€741 m) to acquire commercial aircraft, engines and components for lease to airlines.

The group, whose main operations are in Dublin where it employs about 20 people, is buying the craft and engines on behalf of Sciens Aviation Special Opportunities Investment Fund (SASOF) III, one of three private equity funds, Apollo operates.

Apollo said the amount raised was well in excess of SASOF III’s initial target of $750 million. The fund follows on from SASOF and SASOFII, which raised $213 million and $593 million respectively in 2010 and 2013.

Founded in 2002, Apollo has grown to nearly $2.3 billion of aviation assets under management representing over 80 aircraft, 110 airframes and 300 aircraft engines.

Under SASOF III, the group has 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 airlines with the remainder planned for sale or for disassembly and subsequent sale.

"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," said Apollo president Robert Korn.