Guggenheim Partners to sell commercial aviation division to management team

Guggenheim Partners, a global investment and advisory firm with more than US$240bn in assets under management, announced the sale of its commercial aircraft investment and management business, Guggenheim Aviation Partners (GAP), to the GAP management team. Founded in 2003 as a joint venture between Guggenheim and aircraft industry veterans Steve Rimmer and Paul Newrick, GAP focuses exclusively on acquiring, leasing, converting, and selling commercial aircraft and engines. The team’s extensive track record includes completing over US$8bn in commercial aircraft transactions, management of more than 200 commercial aircraft, and leasing aircraft to over 40 domestic and international airlines and cargo operators. During its tenure as a Guggenheim joint venture, GAP successfully managed two funds for Guggenheim’s clients totaling more than US$5.3bn in assets. Going forward, the business will operate under the name Altavair while continuing to manage and grow its current US$3.4bn commercial aircraft portfolio. With its experience in the aviation leasing market, Altavair also intends to raise additional permanent capital, which may include investments by Guggenheim clients, to support future growth thereby maintaining its position as a premier global aircraft leasing, financing, and management company.