Investec gets mandate from Australian Catholic Super
Investec has picked up a mandate from the Australian Catholic Superannuation and Retirement Fund, which the fund manager said was the biggest contributor to last month's $50 million open ended third capital raising for its Global Aircraft Fund.
Investec is seeking to double the size of its Global Aircraft Fund to more than 20 aircrafts with a value in excess of $1 billion by second quarter 2011.
Last month Investec brought the total investment capital raised since inception in 2008 to $190 million.
"Of the $190 million of existing capital, $100 million is invested in eight aircrafts, with the remaining $90 million earmarked for a number of new acquisitions which the fund is currently progressing," said IGAF executive David Phillips.
"If the current transactions we are working on close within the expected timeframe, we are on track to expand our aircraft fleet to over 20 planes with a total value in excess of $1 billion by early next year," Phillips said.
The third capital raising is open ended and the fund is in discussions with numerous parties for additional investment in the short to medium term. The fund's executives have now also turned their attention to offshore investors.
The Global Aircraft Fund's Gavin Boyd released an Aircraft Leasing Whitepaper to institutional investors and superannuation trustees at the Association of Superannuation Funds of Australia conference in Adelaide.
AUTHOR
Mike Taylor
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