KKR Increases Ownership Stake in Altavair

NEW YORK & SEATTLE--(BUSINESS WIRE)--KKR, a leading global investment firm, and Altavair, a leader in commercial aviation leasing and financing, today announced a definitive agreement under which KKR will increase its ownership stake in Altavair and its sister company, AV AirFinance. KKR will fund the investment from its balance sheet.

The new investment deepens the long-term strategic partnership between KKR and Altavair, which invests across the global leased aircraft market. KKR-managed funds have committed more than $5 billion to aircraft leasing and lending transactions since the strategic partnership launched in 2018.

“We are pleased to build on our long-standing relationship with Altavair and reinforce our commitment to the aviation sector, which is an important area of opportunity for our Asset-Based Finance strategy,” said Daniel Pietrzak, Partner and Global Head of Private Credit at KKR. “We look forward to supporting Altavair further with our long-term capital as it continues to meet the evolving fleet needs of airlines and operators around the world.”

“Commercial aircraft assets have proved to be highly resilient across market cycles, supported by long-term demand for global air travel and strong contractual protections,” said Brandon Freiman, Partner and Head of North American Infrastructure at KKR. “Altavair is well positioned to execute at scale across the aviation ecosystem, and we are pleased to expand our partnership as the platform continues to grow.”

Altavair CEO Steve Rimmer said, “I am delighted to deepen our strategic partnership with KKR, and we appreciate the continued trust that this investment demonstrates. Our working relationship has developed and matured over the last 7 years, and KKR’s skillsets, expertise and market knowledge have been integral to helping grow Altavair into the successful platform that it is today.”

To support Altavair’s next phase of growth, Matthew Hoesley, Chief Commercial Officer, will expand his remit to become President & Chief Commercial Officer of Altavair, and Andrew Carpenter, Head of Tax & Accounting, will become Chief Financial Officer of Altavair.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Altavair

Altavair L.P. is an aviation asset manager focusing on the acquisition of new and used commercial aircraft for leasing to domestic and international passenger airlines and cargo operators. Since its inception in 2003, Altavair has completed over $14.5 billion in commercial aircraft lease transactions with over 80 airline customers in 50 countries representing over 300 individual Boeing and Airbus aircraft. Altavair maintains offices in Seattle, Dublin, London, and Singapore. For more information, please visit www.altavair.com.