Investors including BlackRock and Aberdeen Standard Investments have backed aircraft lessor TrueNoord to raise further capital to help the company expand its portfolio.

TrueNoord - which is backed by private equity firm Bregal Freshstream - said it has secured new investment from existing and new investors, bringing total equity available to TrueNoord to nearly $400m (€348.2m).

New equity was raised from its original investors, Bregal, BlackRock and Aberdeen Standard, alongside further investment from a number of new investors including Capital Dynamics, Euro Private Equity and Flandrin, among others.

TrueNoord said the capital raised complements a senior secured debt facility of $500m which was arranged in July.

The capital will help expand the company’s aircraft portfolio and partially refinance its existing fleet as it embarks upon the next phase of growth.

TrueNoord said it plans to “substantially grow” its existing fleet of 30 Embraer, Bombardier and ATR aircraft within the next five years.

As part of its growth strategy, the company intends to build on its presence in Europe and further expand in Asia, Africa and The Americas.

Established in 2002 by CEO Anne-Bart Tieleman as GA-Finance, the group rebranded and launched as TrueNoord in June 2016.

Tieleman said: “The support from such a blue-chip roster of equity and financing partners further augments the strong and globally renowned circle of investors and financiers that will facilitate TrueNoord’s dynamic progression in the coming years.

“For TrueNoord, this is the next important step in our business development and allows us to be more proactive in pursuing regional aircraft leasing transactions, as we seek to build on the strong momentum, we have generated in recent years to become one of the mainstream players in this sector.”

Bregal Freshstream’s CIO Rayhan Davis said: “Since our original investment in the business, TrueNoord has gone from strength to strength, delivering on the Group’s expansion plans in the regional aircraft sector.

“The business is fully committed to expanding its fleet of Embraer, Bombardier and ATR aircraft not only in Europe but also in Asia, Africa, North America and Latin America. The equity investors’ support and the new debt facility in place for the business supports management’s ambitious growth plans.”