Ireland Strategic Investment Fund invests in Genesis Aircraft Services Limited
Sep 28, 2018
LONDON, 28 September 2018 - The Ireland Strategic Investment Fund (“ISIF”) announces a €50m commitment to Genesis Aircraft Services Limited (“Genesis”), a full life cycle aircraft lessor. Genesis is a Dublin based aircraft lessor owned by of Barings LLC, one of the world’s leading financial services firms.
This investment by ISIF will enable Genesis scale its existing Irish operations and is expected to result in a significant component of the enlarged Genesis fleet being serviced by Irish technical service providers, thereby enhancing the “on the ground” economic impact from Ireland’s already world leading aviation finance sector.
Genesis is focused on acquiring Airbus & Boeing narrow body aircraft which are leased to airline operators around the world. Since 2014, Genesis has been providing financial and accounting services for Barings’ aircraft investments. During 2017, Barings expanded Genesis’ mandate to grow into a full-service leasing company. Consequently, Genesis has made several strategic hires over the past six months while also acquiring several portfolios of aircraft. ISIF’s investment will enable Genesis to expand its fleet and related operations in Ireland. Genesis’s management of the target fleet is expected to create significant opportunities for technical service providers nationwide to service portfolio aircraft.
Eugene O’Callaghan, Director of ISIF, said “Ireland has an established reputation as a major global centre for aviation finance and ISIF’s investment is consistent with our double bottom line mandate of generating a commercial return and supporting economic activity and employment in Ireland. Our investment will support Genesis in its plans to scale its operations substantially and, by managing the targeted fleet of narrowbody aircraft from Ireland, Genesis is expected to create significant opportunities for maintenance, repairs and overhaul service providers throughout Ireland”.
Cian Mackey, Chief Operating Officer / Chief Financial Officer of Genesis, said “We are delighted to have ISIF as an early stage investor as we continue to expand our business. ISIF’s investment provides a rich vein of commitment & capital as we organically grow Genesis into a world class, full life cycle aircraft leasing platform that will benefit from being nestled within Ireland’s aviation ecosystem.”
Jon Rotolo, Head of Barings Alternative Investments' Private Equity and Real Assets team, added, “Given strong fundamentals and secular growth in travel, we are excited to see the expansion of our commercial aircraft business with the investment of ISIF in Genesis. Our strategy has been to acquire and actively manage a targeted fleet of aircraft and this investment demonstrates the confidence we have in Genesis is shared by ISIF.”
The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency (NTMA), is an €8.9 billion sovereign development fund with a unique mandate. ISIF has a statutory mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. The fund’s predecessor was the National Pensions Reserve Fund (NPRF).
Genesis Aircraft Services was established in 2014 by Barings LLC and currently has a combined portfolio of 88 owned, managed and committed predominantly narrow body Boeing and Airbus aircraft. Genesis is headquartered in Blackrock, Co. Dublin, Ireland.
Barings is a $306+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients. We build lasting partnerships that leverage its distinctive expertise across traditional and alternative asset classes to deliver innovative solutions and exceptional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 professionals and offices in 16 countries.
*As at 30 June 2018
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