Pimco backs new aircraft leasing venture

US investment manager Pimco is backing former GECAS head Greg Conlon and other industry figures in High Ridge Aviation, a new aircraft leasing venture.

Mr Conlon, is High Ridge’s chief executive. The company says former executives from aircraft and engine lending business PK Airfinance and aircraft lessor DVB are joining him in the operation.

Dublin-based High Ridge will source and lease passenger and cargo aircraft to commercial airlines. A subsidiary, LR Airfinance, will provide secured loans to back airlines, lessors and manufacturers.

Mr Conlon said he was delighted to lead the group and join with a leading investor in Pimco.

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Dan Ivascyn, Pimco’s group chief investment officer, noted that aircraft remained attractive assets.

He added that the business had a “long-standing investment strategy in aviation finance”.

Irish leasing giant, Aercap, bought GECAS from US-based GE last year for €25 billion.

Pimco manages $1.82 trillion ($1.84 trillion) in assets for banks, sovereign wealth funds, pensions and other investors.