Crestone Air Partners has formed Blue Crest Aviation Partners, a new joint venture anchored by funds managed by Blue Owl Capital.
The platform will seek to acquire mid-life commercial jet aircraft on lease to airlines globally through a “disciplined, income-oriented strategy”.
“Blue Crest Aviation Partners represents the next step of scaling for our platform,” said Crestone Air Partners CEO Kevin Milligan. "We're proud to continue building with Blue Owl’s funds and deepen our alignment through a dedicated vehicle targeting opportunities in the mid-life aviation market.”
“This joint venture builds on years of successful partnership between Blue Owl's Alternative Credit funds and Crestone,” said Blue Owl head of alternative credit Ivan Zinn. “We're excited to continue supporting the platform with a further investment of strategic capital.”
KPMG served as tax advisor on the transaction. Legal counsel was provided by Pillsbury Winthrop Shaw Pittman. Phoenix American Financial Services will act as the third-party administrator.
In addition, Crestone Air Partners has closed one A320-200 aircraft on lease with Cebu Pacific.
The company said: “This marks another meaningful addition to our Asia-Pacific portfolio and expands our long-standing relationship with Cebu Pacific, consistent with our strategy of disciplined growth and long-term alignment with leading airlines in key markets.”