KGAL Investment Management has set up an aviation fund with an unnamed German pension fund.

The asset manager has launched the €150m KGAL APF 5 fund as a single account with the German pension fund.

KGAL said GOAL German Operating Aircraft Leasing – its joint venture with Lufthansa – will act as both technical asset manager and co-investor for the APF 5 fund which will invest primarily in opportunistic aviation assets.

GOAL was founded in 1998 as a joint venture between KGAL (60%) and Lufthansa (40%). The current managed portfolio comprises 56 aircraft with an investment volume of about $1.8bn (€1.6bn). 

Jochen Hörger, managing director of aviation at KGAL Investment Management, said: “Air passenger traffic is slowly but surely emerging from the exceptional situation caused by the Covid-19 black swan, which opens up promising counter-cyclical investment opportunities for our institutional investors.

“We are particularly proud that our team of specialists was able to accomplish KGAL APF 5 over a period of just six months.”

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