KKR has increased its ownership stake in Altavair and its sister company AvAirFinance after signing a definitive agreement with Altavair.
The investment will be funded from KKR's balance sheet.
KKR said its managed funds have committed over $5bn to aircraft leasing and lending transactions since its strategic partnership with Altavair launched in 2018.
“We look forward to supporting Altavair further with our long-term capital as it continues to meet the evolving fleet needs of airlines and operators around the world,” said KKR partner and head of North American infrastructure Brandon Freiman.
“Our working relationship has developed and matured over the last seven years, and KKR's skillsets, expertise and market knowledge have been integral to helping grow Altavair into the successful platform that it is today.”
Additionally, Altavair chief commercial officer Matthew Hoesley will expand his remit to become president & chief commercial officer of the company. Altavair's head of tax & accounting Andrew Carpenter will become CFO.
Altavair also announced Paul Newrick will retire from the company after co-founding the company in 2003.
Paul, alongside CEO Steve Rimmer, had established Guggenheim Aviation Partners, which then became Altavair in 2016.
“Having worked for Altavair and its predecessor companies for decades, and within such a special company culture, this has not been an easy decision to step away and retire,” said Newrick.
Newrick's career in aviation spans 47 years.