Dublin-based aircraft leasing and asset management business Airborne Capital has linked up with a Luxembourg-based treasury specialist L1 Treasury to create a new venture with $250 million to invest in the portfolio of aircraft to be leased to airlines across the world.

AltitudeOne Aviation, as the new venture, will acquire a portfolio of leased in-production narrow body and wide body commercial aircraft, with committed equity capital provided by L1 Treasury and Airborne Capital, which will also be supplemented with bank financing.

Airborne Capital will be the asset manager and lease servicer for AltitudeOne Aviation, with L1 Treasury providing financial support and expertise.

Airborne Capital said that it has plans to grow the business to have aircraft asset under management of over $5 billion within the first five years of being set up.