Abu Dhabi fund bets on airplane leasing amid downturn

An Abu Dhabi fund is backing a startup aircraft leasing company run by former Ryanair chief financial officer Howard Millar to build a fleet of 100 jets over the next three years. Abu Dhabi Catalyst Partners, part-owned by Abu Dhabi sovereign wealth fund Mubadala, is an anchor investor in Sirius Aviation, which is headquartered in the emirate. Millar, who left Ryanair in 2014 after 23 years, told Reuters Abu Dhabi Catalyst Partners invested $100m in Sirius, which has joint ventures with US investment firms Corrum Capital and HPS Investment Partners. Sirius, established in March 2020, on Monday announced it had acquired its first 10 jets. “We have arrived. We are getting on with business,” Millar said. The Abu Dhabi-based lessor plans to build a 100-jet fleet of mostly older model Airbus A320 ceo and Boeing 737 NG jets already on lease with airlines. “Single aisle aircraft are the workhorse of aviation despite what is going in the world,” Millar said, referring to the coronavirus crisis that has decimated the airline industry. Sirius acquired the 10 jets, a mix of older model A320 and 737s, from Asian lessor BOC Aviation. They are on lease to Southwest Airlines, Air New Zealand, Etihad Airways and Spirit.<br/>