What Carlyle Aviation Partners does

Carlyle Aviation Partners is a multi-strategy commercial aviation investment manager and servicer, wholly-owned by The Carlyle Group (NASDAQ: CG) and operating as the dedicated aviation arm within Carlyle's Global Credit segment. Founded in 2002 as Apollo Aviation Group by Bill Hoffman and Robert Korn as an end-of-life part-out firm, the company has evolved into a full-lifecycle aviation platform offering pre-delivery payment financing, new delivery financing, sale-leasebacks, young and mid-life aircraft and engine leasing, proprietary maintenance expense management, marketing and transitioning services, end-of-life asset liquidation, and aircraft ABS servicing. It manages $9.7B in aviation assets (as of March 31, 2026), owns or manages 1,261 aircraft, serves 120 airline relationships across 55 countries, and employs over 125 professionals in three offices (Miami, Dublin, Singapore).

The investment product suite comprises the SASOF family of mid-life aircraft funds (SASOF III $833M, IV $950M, V $975M), the $695M CALF new-and-young aircraft fund, the AIR Fund, the $1.8B Maverick Aviation Partnership anchored by CPPIB Credit Investments, the AASET asset-backed securitization program (the company is the largest issuer of aircraft ABS-like debt by number of deals), and the SALSA structured aircraft-backed loan advisory program. In 2021 the platform scaled through the acquisition of Fly Leasing (NYSE: FLY, $520M equity / $2.36B EV) and the AMCK Aviation portfolio (125 narrowbody aircraft plus an order book of 20 A320/321 neo aircraft, appraised value exceeding $4B).

Revenue mechanics blend asset-management and servicing fees on AUM, lease rental income on owned aircraft, transaction economics from ABS structuring and underwriting, and end-of-life part-out proceeds. Pricing is quote-based, negotiated bilaterally with airlines and institutional investors; there is no public rate card. The customer base is split horizontally between global airlines (financing and leasing) and institutional investors (fund and managed-account products). Most recently the company co-developed with GE Aerospace, Microsoft, and Accenture a Generative AI-powered maintenance record solution on Microsoft Azure and Azure OpenAI Service, in which Carlyle Aviation served as first private-preview tester, signaling an emerging AI-enabled asset-intelligence layer on top of the core leasing business.

Name

Carlyle Aviation Partners

Legal name

Carlyle Aviation Partners Ltd.

Website

https://carlyle.aero

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

101–250 employees

Short description

Carlyle Aviation Partners is a multi-strategy commercial aviation investment manager and servicer, wholly-owned by The Carlyle Group. It manages $9.7B in aviation assets across 1,261 aircraft, serving 120 airlines in 55 countries with leasing, financing, ABS, and end-of-life solutions.

Ownership category

akta.pro rank

Headquarters

HQ city

Miami

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Aircraft and Engine Leasing: Revenue generated from leasing commercial aircraft and engines to airlines globally under operating lease contracts. Provides flexible financing solutions including pre-delivery payment financing, new delivery financing, sale-leasebacks, and young and mid-life aircraft leasing.
2. Asset Management and Servicing Fees: Fees earned from managing aircraft assets and providing servicing capabilities for aviation debt securitizations. Carlyle Aviation is one of the largest servicers to aviation debt securitizations.
3. Securitization Issuance: Revenue from issuing aircraft asset-backed securitizations (ABS). Carlyle Aviation has issued both loan and 144a bond format securitizations and is the largest issuer of aircraft ABS-like debt by number of deals.
4. Aircraft Parts and Asset Liquidation: Revenue from end-of-life asset liquidation through sale of aircraft parts and engines via consignment partners and aerospace companies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Carlyle Aviation Partners is a multi-strategy aviation investment firm that acquires, manages, and leases commercial aircraft and engines to airlines globally. It provides pre-delivery payment financing, new delivery financing, sale-leasebacks, and young and mid-life aircraft leasing, while also managing investment funds and asset-backed securitizations for institutional investors.

Product overview

Carlyle Aviation Partners operates as a multi-strategy aviation investment manager and servicer, offering a comprehensive platform of aircraft and engine investment products. The core offering includes Commercial Aircraft and Engine Leasing (origination, acquisition, and management), Pre-Delivery Payment Financing, Maintenance Expense Management with proprietary technology, Marketing and Transitioning Services, End-of-Life Asset Liquidation (part-out), and Securitization Servicing. The investment product suite includes SASOF III/IV/V (senior aircraft operating funds), CALF (new/young aircraft fund), AIR Fund (income return), and Maverick Aviation Partnership ($1.8B private investment vehicle). The company also issues AASET asset-backed securitizations and operates Fly Leasing (acquired 2021) as a subsidiary. With $9.7B in assets under management, 1,261 aircraft owned or managed, and relationships with 120 airlines across 55 countries, the platform serves both airline customers and institutional investors.

Differentiator

Problem solved

Functional benefit

Brands

• Carlyle Aviation Securities Partners: Capital markets and securitization services division (formerly AAG Capital Markets)
• SASOF
• CALF
• AIR Fund
• Maverick Aviation Partnership
• SALSA
• AASET

Products and services

• Commercial Aircraft and Engine Leasing Carlyle Aviation originates, acquires, and manages commercial aircraft and engines for lease to airlines globally, providing flexible operating lease arrangements across young and mid-life aircraft.
• Pre-Delivery Payment (PDP) Financing Short-term pre-delivery payment financing facilities for near-term production slots on current generation commercial aircraft, supporting airline customers' aircraft acquisition strategies.
• Maintenance Expense Management Proprietary technology service designed to anticipate maintenance events, identify cost-effective maintenance options, and proactively offer support to lessees.
• Marketing and Transitioning Services Marketing specialists and technical experts work with airline customers and MROs to efficiently transition aircraft between operators, reducing downtime and cost.
• End-of-Life Asset Liquidation Distribution of aircraft parts and engines through relationships with consignment partners and other aerospace companies for end-of-life aircraft asset liquidation.
• Securitization Servicing Servicing of aviation debt securitizations, including the issuance of both loan and 144a bond format securitizations; Carlyle Aviation is the largest issuer of aircraft ABS-like debt by number of deals.
• SASOF (Senior Aircraft Operating Fund) III, IV, V Series of flagship aviation investment funds for institutional investors focusing on mid-life aircraft leasing and part-out. SASOF III raised $833 million, SASOF IV raised $950 million, and SASOF V raised $975 million.
• CALF (Carlyle Aviation Lease Fund) $695 million aviation investment fund focused on new and young aircraft leasing.
• AIR Fund (Aviation Income Return) Aviation income return investment fund focused on generating yield for institutional investors.
• Maverick Aviation Partnership $1.8 billion private investment vehicle for aircraft portfolio acquisition and leasing, with primary investor CPPIB Credit Investments Inc.
• AASET (Aircraft Asset-Backed Securitization) Program Series of aircraft portfolio transactions and asset-backed securitizations (AASET) sold to qualified institutional buyers via Rule 144A and Regulation S offerings.
• SALSA Advisory Program (Structured Aircraft-backed Loans) Structured aircraft-backed loan advisory program providing advisory services to issuers of aviation-backed debt.
• Fly Leasing Global aircraft leasing company acquired in 2021, operating a fleet of modern, fuel-efficient commercial jet aircraft leased to airlines worldwide.

Quantifiable outcome

• First commercial aircraft ABS issuance in 2025 with $518M AASET 2025-1 Trust featuring innovative master trust structure
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered major, standard and core.

• Goldman SachsmajorOthers · 19 February 2025Goldman Sachs was sole structuring agent, global coordinator, and joint lead bookrunner for AASET 2025-1 Trust securitization ($518M). Also led acquisition financing for AMCK portfolio acquisition.
• Milbank LLPstandardOthers · 19 February 2025Issuer counsel for AASET 2025-1 Trust securitization.
• Phoenix AmericanstandardOthers · 19 February 2025Managing agent for AASET 2025-1 Trust securitization.
• GE AerospacecoreStrategic or Co-development Partner · 13 November 2024Collaboration with Microsoft and Accenture to develop a generative AI-powered solution for the aviation industry enabling airlines and lessors to access critical maintenance records in minutes rather than days or weeks. Carlyle Aviation Partners was the first company to test the solution in a private preview, leveraging Microsoft Azure and Azure OpenAI Service. Solution unveiled at the 2024 Predictive Aircraft Maintenance Conference in Dublin, Ireland.
• MicrosoftcoreTechnology or Integration · 13 November 2024Microsoft Azure and Azure OpenAI Service powers the generative AI solution developed in partnership with GE Aerospace and Accenture. Carlyle Aviation Partners was the first to test this solution.
• AccenturecoreStrategic or Co-development Partner · 13 November 2024Collaboration with GE Aerospace and Microsoft to develop a generative AI-powered solution for the aviation industry. The solution enables faster, more informed aircraft service and maintenance record insights.
• Wizz AirmajorStrategic or Co-development Partner · 1 June 2023$280 million pre-delivery payment (PDP) financing facility for Wizz Air to partially finance PDP payment obligations for A321neo aircraft scheduled to deliver during 2023 and 2024. Supports Wizz Air's fleet growth strategy.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• AerCap Holdings: AerCap is the world's largest aircraft lessor following its 2021 merger with GECAS. It competes directly with Carlyle Aviation in commercial aircraft operating leases, sale-leasebacks, and PDP financings to global airlines, with a substantially larger fleet.
• SMBC Aviation Capital: SMBC Aviation Capital is one of the top global aircraft lessors, owned by Sumitomo Mitsui Banking Corporation. It competes with Carlyle Aviation across narrowbody and widebody leasing, sale-leasebacks, and PDP financing with global airline customers.
• Avolon Aerospace Leasing: Avolon is a major global aircraft lessor headquartered in Dublin, Ireland. It directly competes with Carlyle Aviation's Dublin-based European operations in commercial aircraft leasing and financing to airlines worldwide.
• Air Lease Corporation: Air Lease Corporation (NYSE: AL) is a US-listed aircraft lessor with a portfolio of new and young commercial aircraft. It is directly comparable to Carlyle Aviation's CALF fund focus on new and young aircraft leasing and PDP financing.
• BOC Aviation: BOC Aviation is a Singapore-headquartered global aircraft lessor and is comparable to Carlyle Aviation's Singapore-based Asia-Pacific operations. It competes in commercial aircraft leasing and fleet management to airlines across the same geographies.
• BBAM Aircraft Management: BBAM is one of the largest aircraft managers and lease administrators globally, with a focus on managed aircraft portfolios. It is directly comparable to Carlyle Aviation's aircraft asset management and securitization servicing business.
• Dubai Aerospace Enterprise (DAE): DAE is a Dubai-based global aircraft leasing and financing company. It is directly comparable to Carlyle Aviation in commercial aircraft leasing, sale-leasebacks, and aircraft portfolio acquisitions from airlines and other lessors.
• Aviation Capital Group: Aviation Capital Group is a US-based aircraft lessor owned by Tokyo Century Corporation. It directly competes with Carlyle Aviation in commercial aircraft operating leases and sale-leaseback transactions with airlines.
• Willis Lease Finance: Willis Lease Finance is a US-based engine and aircraft leasing company. It is comparable to Carlyle Aviation's engine leasing business and broader aircraft asset management capabilities across the aviation value chain.

Regional players

• Nordic Aviation Capital: Nordic Aviation Capital is a regional aircraft lessor focused on turboprop and regional jet aircraft. While it serves a different aircraft segment than Carlyle Aviation's commercial focus, it operates a comparable aircraft leasing and asset management business model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carlyle Aviation Partners