Willow Wealth has joined Blue Crest Aviation Partners (BCAP) — a joint venture between Crestone Air Partners and funds managed by Blue Owl Capital.
The platform focusses on acquiring mid-life aircraft on lease to airlines globally.
“The transaction signals Willow Wealth's expansion into the commercial aviation asset class and supports the continued growth of investor participation in an area historically dominated by large institutional capital,” said Crestone Air in a statement.
The investment will allow Willow Wealth to provide its investors exposure to commercial jet aircraft.
“Welcoming Willow Wealth into BCAP expands the investor base participation in these transactions and reflects the growing interest in the asset class,” said Crestone Air Partners CEO Kevin Milligan.
“Joining Blue Crest Aviation Partners allows us to provide our investors with access to commercial aviation investments through an experienced aviation manager and an established institutional capital base," said Willow Wealth managing director Fahd Basir.
Willow Wealth expects to pursue additional aviation investments through BCAP.
During an interview in October 2025 for Airline Economics' Aviation Global Leaders 2026 report, in partnership with KPMG, Milligan said: “The particular fund that we've been investing out of at Blue Owl, most recently, is going to be a publicly traded vehicle. It's available now through certain money managers and it's growing at a rapid rate.”
He added that the fund is an “evergreen structure”, allowing the capital to be flexible.
“It's not bound by some closed-end type of structure, which we haven't found to be as seamless of a way to invest in aviation because you don't want to be forced to make suboptimal asset management decisions by some artificial deadline,” he explained.
The joint venture was formed in August 2025.
Blue Crest's first aircraft investment was announced in late October with the acquisition of two Airbus A320-200s and two Boeing 737-800s. MUFG provided $53.7 million financing to support the acquisition. The bank acted as sole structuring agent and lender.