Morgan Stanley Private Equity Secondaries and Clairvest Group have made a growth equity investment in Top Aces alongside Top Aces’ other shareholders, including global investment group CDPQ.

Top Aces provides adversary air (ADAIR) and joint terminal attack controller (JTAC) training to the armed forces of the U.S., Canada, Germany and other NATO allies. It operates out of 11 bases in four countries. Top Aces has a fleet of commercially operated fighter aircraft and is a commercial owner/operator of the F-16. Top Aces has more than 500 employees including 70 fighter pilots.

“This investment seeks to support the growth of Top Aces’ aircraft fleet and the expansion of the company’s mission-critical training to enhance the operational readiness of the next generation of combat forces around the world,” states Nash Waterman, head of Morgan Stanley Private Equity Secondaries.