<!-- Swiftype Variables -->

ALTERNATIVES

Castlelake’s third aviation fund takes in $1 billion at closing

Updated with correction

Castlelake closed its latest private equity fund, the $1 billion Castlelake Aviation III Stable Yield, at its hard cap, said Castlelake spokesman Mike Bonifas.

The current fund aims to make opportunistic investments in leased aircraft that are at the beginning to middle of their operating life. Castlelake closed its prior fund, Castlelake Aviation II, in 2010. Castlelake raised a combined $605 million for that fund and a sidecar co-investment fund, Mr. Bonifas said.

Investors in the fund include Florida State Board of Administration, Tallahassee, which oversees a total of $189.4 billion in assets including the $151 billion Florida Retirement System, and $21.2 billion San Francisco City & County Employees' Retirement System.