Fund III
Hangar space is the scarcest asset in private aviation.
Airport Real Estate — Hangars, MRO, Terminals · $6.110B committed capital · Delaware LP.
Thesis
What Fund III owns.
Fund III develops and holds airport-adjacent real estate: bulk hangars, box hangars, MRO facilities, and dedicated general-aviation terminals. These assets are long-lease, ground-lease-secured, and produce triple-net-style cash flow with real-estate upside.
Hangar supply is fixed by airport master plans and constrained by capital. Every new tail entering the market needs one. Fund III captures both the rent and the airport-usage flow-through.
Fund Terms
Consistent across the platform.
VehicleDelaware LP
Committed Capital$6.110B
Preferred Return8%
Carried Interest20%
GP Catch-up100%
LP Minimum$5M
Term10 yr + two 1-yr extensions
Operating KPIs
What we measure.
Target Net IRR13–15%
Occupancy≥ 95%
Lease Term10–30 yr ground lease
Cap Rate on Stabilized6.0–7.5%
Hangar space is the scarcest asset in private aviation.
Fund III · Airport Real Estate — Hangars, MRO, Terminals
Continue the Platform
Adjacent funds.
Discuss Fund III
Investor Relations.
For institutional LPs, family offices, and corporate flight departments considering an allocation.