Second capital raising for Investec fund
The Investec Global Aircraft Fund (IGAF) is undertaking a second capital raising in March to increase its assets under management after a first capital raising in 2008 raised $73 million.
“Although IGAF was launched during incredibly difficult financial and economic conditions, we have managed to source and execute a number of significant aircraft transactions during the year that deliver on the fund’s investment strategy in all circumstances — and should provide cash and IRRs [internal rate of returns] to investors that exceed stated targets,” said the chief operating officer of IGAF, David Phillips.
IGAF has continued to expand its aircraft portfolio, recently acquiring two wide-body aircraft in late 2008 that have been leased to Qantas and China Airlines.
The acquisitions were financed by loans from the Commonwealth Bank, Investec, and DVB Group Merchant Bank.
The second capital raising will present good opportunities for the fund to build a well-diversified aircraft portfolio, said the global head of Investec’s aviation business, Michael Weiss.
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