Blackstone, Carlyle team up for aviation financing fund

Blackstone and Carlyle Group have joined forces to launch a $2bn aviation financing vehicle.

Global Jet Capital has been backed by Carlyle, Blackstone’s credit arm, GSO Capital Partners, Franklin Square Capital Partners and AE Industrial Partners. It hopes to capitalise on reduced appetite for aviation lending from traditional sources.

The fund will provide asset-based financing to the aviation industry, targeting individuals, corporates and governments. It will be led by Shawn Vick, a dealmaker at AE Industrial Partners, and his colleagues at the firm Bill Boisture and David Rowe.

In 2010 Carlyle entered into a $1bn joint venture with RPK Capital Management to invest in a range of commercial aviation assets.