Crestone Air Partners announced the formation of Blue Crest Aviation Partners (“Blue Crest”), a new joint venture anchored by funds managed by Blue Owl Capital, Inc. (“Blue Owl”). The platform will seek to acquire mid-life commercial jet aircraft on lease to airlines globally, through a disciplined, income-oriented strategy.
Crestone is a wholly owned subsidiary of Air T, Inc. (NASDAQ: AIRT) and benefits from Air T’s integrated operating platform—spanning MRO, parts sales, storage, disassembly, and leasing services—to support mature-phase aircraft management.
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Blue Crest represents the next stage of Crestone’s capital formation, following the successful deployment of Contrail JV II and affiliated sidecar vehicles. Since 2020, Crestone and Blue Owl’s Alternative Credit funds have jointly invested hundreds of millions of dollars in aviation assets.
“Blue Crest Aviation Partners represents the next step of scaling for our platform,” said Kevin Milligan, CEO of Crestone Air Partners. “We’re proud to continue building with Blue Owl’s funds and deepen our alignment through a dedicated vehicle targeting opportunities in the mid-life aviation market.”
“This joint venture builds on years of successful partnership between Blue Owl’s Alternative Credit funds and Crestone,” said Ivan Zinn, Head of Alternative Credit at Blue Owl. “We’re excited to continue supporting the platform with a further investment of strategic capital.”
KPMG LLP served as tax advisor on the transaction. Legal counsel was provided by Pillsbury Winthrop Shaw Pittman LLP. Phoenix American Financial Services, Inc. will act as the third-party administrator.
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