Apollo raises $213 million as it grows Fund

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Apollo Aviation Group has raised $213 million from a broad array of domestic and international investors for its aviation fund, the Sciens Aviation Special Opportunities Fund (SASOF).

"The sourcing of $213 million domestically and internationally is an endorsement of our business model and strategic plan that acquires assets that make good end-of-life cycle candidates in the near- to medium-term," comments Apollo Aviation Group's managing director David Treitel.

The fund has already completed the purchase of 11 commercial aircraft and is now contracted to acquire 16 more, including Boeing 747-400, 757-200 and 767-200 aircraft, as well as the Airbus A300-600 and A320-200.

Apollo says the fund expects to continue acquiring older aircraft for another year.

"SASOF will acquire commercial aircraft for short-term lease and/or immediate disassembly and resale of the systems, components and parts," says Apollo's chairman William Hoffman.

"The Fund is designed to capitalize on the profit opportunities afforded by the very large decline in used commercial aircraft values that resulted from the worldwide economic crisis," adds Apollo's president Robert Korn.

SASOF is managed by an affiliate of Apollo Aviation Group and Sciens International Investments and Holdings, an affiliate of Sciens Capital Management.