Dunas Capital has launched Dunas Aviation II, F.C.R., the second vintage of its private equity fund specialising in investments in commercial aircraft for long-term leasing to international airlines. The new vehicle, authorised by the Spanish National Securities Market Commission (CNMV), is targeting a fund size of between €150 million and €200 million, nearly double that of its predecessor, further consolidating a pioneering investment strategy in Spain focused on aviation-related real assets.
The launch follows the success of Dunas Aviation I, which completed fundraising in 2022 with €104 million in equity commitments and built a portfolio of 12 aircraft valued at approximately €385 million. Airlines leasing aircraft from the first fund included Qatar Airways, Delta Air Lines, Cebu Pacific and TAP Air Portugal.
The new fund will invest in portfolio companies engaged in the acquisition, sale and leasing of aviation assets, including commercial passenger aircraft, cargo aircraft and aircraft engines manufactured by the industry's leading OEMs. Under its investment policy, at least 60% of the fund's capital will be allocated to commercial aircraft, primarily manufactured by Airbus and Boeing, while the remaining capital may be invested in other aviation-related assets or, up to a maximum of 20%, in other private equity funds pursuing similar investment strategies.
The fund's strategy is focused on generating attractive returns through the acquisition and active management of aviation assets that will subsequently be leased to leading airlines or, upon exit, sold to specialised investors, including private equity funds, aircraft leasing companies, pension funds and other institutional investors.
Dunas Aviation II remains focused on a market segment characterised by high barriers to entry and a structural demand for financing to support the renewal and expansion of commercial aircraft fleets. The management company will be supported by a specialised investment adviser responsible for sourcing, evaluating and executing investment opportunities.
One of the key innovations of this second vintage is the reduction of the minimum investment commitment from €100,000 in the first fund to €10,000, in line with the threshold established under Spain's Crea y Crece Act. Through this initiative, Dunas Capital aims to broaden investor access to alternative assets.
The launch also comes at a more favourable time for the aviation industry in terms of energy costs. Following the heightened volatility experienced in recent months, oil prices have stabilised at around US$72 per barrel, down from the highs reached during the geopolitical tensions earlier this year. Nevertheless, the fund's prospectus identifies oil price volatility as one of the principal risks to the investment strategy, as sustained increases in fuel costs could materially affect airlines' operating expenses and their ability to meet lease obligations.
From a sustainability perspective, Dunas Aviation II integrates Environmental, Social and Governance (ESG) criteria throughout the investment process. The fund will assess factors including asset energy efficiency, greenhouse gas emissions reduction, the adoption of Sustainable Aviation Fuel (SAF), technological innovation and initiatives aimed at reducing the environmental footprint of aviation assets.
The vehicle also incorporates a co-investment framework that allows it to partner with institutional investors on selected transactions and includes governance mechanisms designed to ensure robust conflict-of-interest management and strong alignment between the management company and its investors.
With Dunas Aviation II, Dunas Capital further strengthens its alternative assets platform while continuing to build on a specialised investment strategy targeting one of the most attractive segments within real assets, seeking to capitalise on the expected long-term growth of global air transport and the aviation industry's increasing financing needs.
cloud technology axon
Founded in 2020, Asterra has established a strong presence in the Span...
