Singapore's sovereign wealth fund GIC through affiliates acquired a 30% interest in commercial jet aircraft leasing manager BBAM in a restructuring of the ownership interests of the San Francisco-based company, confirmed spokesman Matt Dallas.
BBAM is currently owned by BBAM management, which has a roughly 50% stake and Onex Group, a Toronto-based private equity firm, which owns the other 50%.
GIC will acquire its ownership interest by buying undisclosed partial stakes from BBAM management and Onex Group. Under the new ownership structure, GIC, BBAM and Onex will all share joint minority interests. GIC does not disclose its assets.
Terms of the transaction were not disclosed.
In a separate announcement, Mr. Dallas confirmed BBAM had closed its first fund, Incline Aviation I, at $881 million. It invests in leased commercial jet aircraft.
BBAM surpassed its initial target of $750 million, raising capital commitments from limited partners, including some of the world's largest public employee pension plans and sovereign wealth funds, a BBAM release said. Investors in the fund include the $27 billion Texas County & Retirement System, Austin, which committed $75 million.