RPK Capital

What RPK Capital does

RPK Capital is a privately held aviation investment firm founded in 2004 by James Raff and headquartered in Chicago, with additional offices or personnel in New York, San Francisco and London. The firm provides capital solutions to commercial airlines and aircraft leasing companies, operating across three product categories: aircraft leasing (acquiring and leasing commercial aircraft such as Airbus A320-200, Boeing 757-200 and Boeing 787 to airline operators globally), aircraft-secured debt financing (originating secured loans collateralized by mid-life aircraft, exemplified by a 2012 $268 million eight-year facility to American Airlines backed by ten mid-life aircraft), and structured finance (issuing Class A, B and E asset-backed certificates against aircraft loan portfolios, with the Class A tranche obtaining a 'BBB' rating from Fitch in 2013).

The firm combines a small specialist investment team (described as having over 100 years of cumulative aviation investing experience) with a leveraged partnership model. From 2010 to 2014 RPK operated as a joint venture with The Carlyle Group, which committed $600 million of equity alongside $20 million from RPK principals, deploying approximately $300 million into aircraft, engines and aviation-related securities. Since the end of that partnership, the firm has continued to originate transactions independently (including a 2015 $65 million bridge loan secured by a Boeing 787) while operating a lean team and relying on a network of repeat advisors including Jefferies, Wells Fargo and K&L Gates.

RPK Capital makes money through a mix of recurring lease income on its aircraft portfolio, transaction and structuring fees on secured loans and securitizations, and trading gains on aircraft acquisitions and dispositions. Its customer base is concentrated among commercial carriers (American Airlines, Delta Air Lines, Monarch Airlines, Thomson Airways, Saga Airlines/Onur Air) and aircraft leasing counterparties (TPG Capital, ORIX Aviation Systems, Fortress Investment Group, Notus Aviation). Capital is sourced through historical fund vehicles (an initial $200 million sponsor fund in 2004 and the Carlyle JV thereafter) and the firm has no public listing.

Name

RPK Capital

Legal name

RPK Capital Management, LLC

Website

https://rpkcapital.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

RPK Capital is a privately held Chicago-based aviation investment firm that originates aircraft leasing, aircraft-secured loans, bridge financing, and asset-backed securities for commercial airlines and aircraft leasing companies worldwide, founded in 2004 by James Raff.

Ownership category

akta.pro rank

Product category

Aviation Investment Management

NAICS

Other Financial Investment Activities (5239), Other Financial Vehicles (525990)

SIC

Miscellaneous Business Credit Institution (6159), Short-Term Business Credit Institutions (6153), Asset-Backed Securities (6189)

akta.pro primary industry

Middle-Market Lending (FSANADAI)

akta.pro secondary industries

Large-Cap / Sponsor Finance Direct Lending (FSANADAJ), Private Aviation Insurance & Financing/Leasing Services (THABAFAM)

Keywords

• Aviation investment management
• Aircraft leasing services
• Aviation debt financing
• Aircraft-secured lending
• Aviation capital solutions

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Aircraft Leasing: RPK Capital acquires and leases commercial aircraft to airlines worldwide. Revenue is generated through lease payments over the term of aircraft leases.
2. Debt Financing: The firm provides secured loans to airlines, generating interest income. Examples include the $268 million loan to American Airlines secured by 10 mid-life aircraft.
3. Bridge Financing: Short-term bridge loans to airlines, such as the $65 million bridge loan secured by a Boeing 787 with 12-18 month expected maturity.
4. Securitization/Certificate Issuance: Issuance of asset-backed securities (Class A, B, E Certificates) against aircraft-secured loan portfolios, generating structuring fees and investment returns.
5. Aircraft Trading: Purchase and sale of aircraft assets to realize investment returns, such as selling Boeing 757-200s to Fortress and A320 to Notus Aviation.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

RPK Capital provides integrated capital solutions to commercial airlines and aircraft leasing companies worldwide, offering aircraft leasing (commercial jets including Airbus A320-200, Boeing 757-200, and Boeing 787), aircraft-secured debt financing, short-term bridge loans, and structured asset-backed securities (Class A, B, and E Certificates) issued against aircraft-secured loan portfolios. The firm deploys its own and partner capital across debt and equity transactions in commercial aviation.

Product overview

RPK Capital operates as an integrated aviation capital solutions provider offering a portfolio of interconnected financial products and services. The core offerings include aircraft leasing services (acquiring, remarketing, and leasing commercial aircraft such as Airbus A320-200, Boeing 757-200, and Boeing 787), aircraft-secured loan financing (providing debt capital secured by aircraft assets to airlines), bridge financing (short-term loans for liquidity needs), and structured certificate products (issuing Class A, B, and E asset-backed securities against aircraft loan portfolios). The firm deploys capital across debt and equity transactions in commercial aviation, serving airlines and leasing companies worldwide through offices in Chicago, New York, San Francisco, and London.

Differentiator

Problem solved

Functional benefit

Products and services

• Aircraft Leasing Services
• Aircraft-Secured Loans
• Bridge Financing
• Structured Certificates (Class A, B, E)

Quantifiable outcome

• Over 50 aircraft and engines purchased throughout firm history
• +2 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor.

• The Seabury GroupminorStrategic or Co-development Partner · 22 April 2010The Seabury Group advised RPK on the Carlyle partnership transaction. Chris Chaput joined RPK Capital Partners from The Seabury Group where he was a partner and head of structured finance.
• K&L Gates LLPminorImplementation/ SI/ Consulting Partner · 22 April 2010K&L Gates LLP acted as legal advisor to RPK on the Carlyle partnership transaction.
• Evercore PartnersminorImplementation/ SI/ Consulting Partner · 22 April 2010Evercore Partners advised Carlyle Group on the joint venture transaction.
• Debevoise & Plimpton LLPminorImplementation/ SI/ Consulting Partner · 22 April 2010Debevoise & Plimpton LLP acted as legal advisor to Carlyle Group on the joint venture transaction.

Scale indicators8 records

Recent moves7 records

Expansion highlights4 records

Broad incumbents

• AerCap Holdings: World's largest aircraft lessor with a diversified portfolio across narrowbody, widebody, and engine assets. Directly comparable to RPK in aircraft leasing and financing, but operates at vastly greater scale and as a publicly traded incumbent.
• Air Lease Corporation: Publicly traded aircraft lessor focused on acquiring and leasing commercial jet aircraft to airlines worldwide. Overlaps with RPK's aircraft leasing and capital solutions offerings, with a much larger fleet and balance sheet.
• Carlyle Aviation Partners: The aviation investment arm of The Carlyle Group that emerged following its earlier JV with RPK. Carlyle's aviation finance franchise directly descended from RPK Capital Partners and represents a broader incumbent player in the same market.
• Aviation Capital Group: Major full-service aircraft leasing company (owned by Tokyo Century Corporation) providing operating leases and financing to airlines globally. Comparable to RPK in serving commercial airlines with leasing and debt, at much larger scale.

Direct peers

• Willis Lease Finance Corporation: Independent publicly traded lessor specializing in commercial aircraft engines and aircraft leasing with a focus on mid-life and mature assets. Closely comparable to RPK's mid-life aircraft lending/leasing strategy and similar mid-sized scale.
• Jackson Square Aviation: Mid-sized global aircraft lessor focused on narrowbody leasing to airlines, backed by Oaktree Capital. Closely comparable to RPK in targeting commercial airlines with leasing and financing solutions at similar portfolio scale.
• Avation PLC: Singapore-listed aircraft leasing company focused on narrowbody and turboprop aircraft leased to airlines globally. Comparable mid-sized aircraft lessor model serving commercial airlines in similar geographies.
• Falko Regional Aircraft Assets: Specialist aircraft lessor focused on regional turboprop and narrowbody aircraft, with active aircraft trading and leasing. Overlaps with RPK's mid-life commercial aircraft leasing and remarketing focus.

Emerging players

• Griffin Global Asset Management: Aviation investment manager focused on commercial aircraft leasing and trading, founded by industry veterans. Comparable specialized aviation asset manager with a smaller, focused portfolio akin to RPK's niche strategy.
• DvB Aviation (Deucalion Aviation Capital): Independent aviation asset manager providing mid-life aircraft leasing and financing solutions to airlines globally. Comparable mid-sized specialist with similar customer base (airlines seeking flexible fleet financing).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about RPK Capital