Sammamish, Washington-based private equity partnership Guggenheim Aviation Partners closed its debut Guggenheim Aviation Investment Fund on $278 million (€193 million). The final close exceeded its original target of $250 million.
The fund, which had a first close on $200 million in February, has already purchased seven Boeing 747-400 jets, according to press reports. The fund reportedly paid $500 million for the planes.
According to the source, limited partners include foundations, endowments, fund of funds, high-net-worth individuals and ERISA investors.
The fund partners Chicago-based Guggenheim Capital with a group of aviation advisors. A number of fund’s executives, including chief executive officer Steve Rimmer, were formerly at Curtis & Company, an aircraft leasing firm that was sold to General Electric.
Guggenheim Capital has more than $90 billion under management.