Neuberger Specialty Finance and aircraft asset manager Dubai Aerospace Enterprise (DAE) have launched an aircraft leasing co-investment vehicle, named Mustang Aerospace.
Mustang aims to invest $6bn (£4.5bn) in aircraft assets over the medium term through multiple vehicles, the firms said.
Goldman Sachs, Mizuho, BNP Paribas, MUFG, Société Générale and Truist are among the firms that have backed the vehicle. All have signed agreements with Mustang to provide warehouse financing to support the growth of the co-investment platform.
The launch builds on an existing co-investor relationship between Neuberger Specialty Finance and DAE, which dates back to 2017.
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“Launching Mustang with DAE is an exciting opportunity to reignite our partnership and expand it into a scaled, durable franchise within Neuberger’s asset based finance platform,” said Sean Hinze, managing director at Neuberger Specialty Finance.
Headquartered in Dubai, DAE has a fleet of approximately 700 aircraft valued at $25bn. Neuberger Specialty Finance, the asset-based finance arm of investment manager Neuberger Berman, which manages assets of $567bn.
The launch comes as alternative asset managers continue to expand their presence in aviation finance. Earlier this year, Blackstone partnered with DAE to invest $1.6bn annually in commercial aircraft leasing.
Elsewhere, US asset managers Monroe Capital and AIP Capital have launched a joint aircraft leasing venture focused on mid-life aircraft.
