Carey Olsen has advised aircraft operating leasing and asset management company Falko Regional Aircraft on the launch and final closing of Falko Regional Aircraft Opportunities Fund II at $650m.
The fund, which has been established as a Jersey Expert Fund, surpassed its original fundraising target of $600m and will make equity investments in new and used regional aircraft leased globally.
It received commitments from a diverse group of institutional investors, including public and private pension plans, insurance companies, wealth managers, endowments, family offices, a fund of funds and a sovereign wealth fund from across North and South America, Europe, the Middle East, Asia and Africa.
Working alongside onshore counsel Kirkland and Ellis, Carey Olsen advised on the fund's incorporation and establishment as a Jersey Expert Fund and on all Jersey-related corporate and regulatory aspects of its launch. The team was led by Partner Daniel O'Connor and assisted by Senior Associates Claire Brazenall, Nienke Malan and Associate Aidan McConville.
Falko has already made its first investment from the fund with the purchase of a portfolio of 19 current generation Embraer and Bombardier regional jet aircraft with leases attached, representing an equity investment in excess of $100m.
Falko was formed in July 2011 when funds managed by Fortress Investment Group backed the Falko management team through the management buy-in of BAE Systems Asset Management.