Apollo Aviation Group has raised a third aerospace focused fund, SASOF III, valued at $833 million.

The fund exceeded the initial target range of $750 million and received investments from government plans, insurance companies and endowments.  SASOF III has acquired 18 airplanes. Most of the fund’s aircrafts are leased to airlines, while the rest of the fleet will either be sold or taken apart and sold for parts.

“As air travel continues to increase, we believe this will lead to significant opportunities ahead,” says Apollo Aviation president, Robert Korn.

Demand for aircraft parts has been picking up lately. Earlier in 2015, Warren Buffett’s Berkshire Hathaway Inc. announced plans to purchase Precision Castparts Corp. for $37 billion and Kaman Corp. (NYSE: KAMN) has reached a deal to buy Timken Alcor Aerospace Technologies Inc.

Other PE firms that have raised funds in 2015 include Aberdeen Asset Management plc’s Flag Capital Management closing a $295 million lower middle market fund and Accel-KKR raising a $1.3 billion buyout fund.

Kirkland & Ellis LLP represented Apollo Aviation.

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