The most re-leasable asset in aviation.
An aircraft's downside protection is the breadth of its second market. With hundreds of A320-family operators across every region, an aircraft coming off lease has the widest possible pool of next homes — for re-lease or for sale. Widebody and niche types depend on a handful of operators; the A320 family depends on none. Liquidity is the core of our risk discipline, and this fleet is where the liquidity is.
A structural shortage, measured in years.
Airlines that need narrowbody capacity today cannot simply order it — manufacturer backlogs stretch toward the 2030s, and production ramp-ups remain constrained by supply chains. That shortage flows directly to owners of existing aircraft: lease rates firm, extensions are negotiated early, and mid-life values hold. Air-travel demand, led by Asia, continues its long-run growth trend.
Scarcity supports rents on both new placements and renewals.
When new aircraft cannot be had, existing metal holds its value.
The A320neo family leads its segment.
Our Airbus focus is analytical, not sentimental. The A320neo family holds the leading share of the current narrowbody order book, and the A321neo in particular is the most sought-after single-aisle aircraft flying — larger capacity, longer range, and superior seat economics have made it the fleet cornerstone for full-service and low-cost carriers alike. Fleet commonality across the family reduces transition costs between lessees, and deep operator familiarity in Asia — our home market — strengthens placement.
Narrowbody values cycle gently. Widebody values swing.
Historical appraisal data shows narrowbody values are markedly more stable through downturns than widebody values — a direct consequence of the deeper operator base and short-haul demand resilience. For a strategy whose second return component is residual value at exit, that stability is not a preference. It is the point.
We do not buy what is cheap. We buy what is liquid, in demand, and priced below our platform's view of intrinsic value — and we sell when the cycle, not the calendar, says so.