Dreamstone Partners, a South Korean aviation finance, investment, and management consulting firm, has formed a consortium with AIP Capital, a U.S.-based global aviation finance and investment management company. The consortium aims to establish an aviation leasing and investment platform to pursue strategic investments in the aviation investment markets of Korea, Asia, and the broader Asia-Pacific region. Recently, AIP Capital participated in Dreamstone Partners’ capital increase, becoming the company’s second-largest shareholder.

Through this consortium, Dreamstone Partners has recruited specialists across various fields such as global aviation investment, risk management, legal, and operations. With the establishment of an aviation investment system, the company is now regarded as Korea’s first specialized aviation investment firm, marking a significant upgrade in its business capabilities.

Headquartered in Stamford, with offices in New York, Ireland, and Singapore, AIP Capital was founded in 2023 by Mathew Adamo, former CIO of aircraft leasing company Jackson Square Aviation, and Jared Ailstock, a former executive at Goldman Sachs. Since its founding, AIP Capital has recruited numerous investment professionals and, within just two years, has grown its AUM (Assets Under Management) to over KRW 5 trillion. It has also achieved a strategic partnership with aircraft manufacturer Boeing—an uncommon feat in the global aviation investment sector.

Kenneth Kang, CEO of Dreamstone Partners, is recognized as a first-generation expert in Korea’s aircraft investment market. He began his career as a certified public accountant at global consulting firm Deloitte and has led the domestic aviation investment industry since 2013, with a track record of over KRW 3 trillion in aircraft investment and financing advisory.

Through the consortium, Dreamstone Partners and AIP Capital will build Korea’s first aviation investment platform to provide investment advisory services. They plan to engage in global aviation finance investments alongside domestic private equity firms and asset management companies through a Co-GP (co-general partner) structure. This investment model, distinct from the traditional single-project structures previously common in Korea, is seen as offering enhanced downside risk protection and more stable returns.

According to sources, the consortium plans to initiate a global M&A RFP process in the second half of 2025 through a leading M&A advisory firm. It also intends to continue acquiring global leasing platforms in cooperation with Korean private equity and asset management firms, with significant interest already expressed by investors. Furthermore, AIP Capital is planning to purchase a large number of Boeing 737 MAX aircraft—considered among the safest aviation assets—through its actively managed KRW 450 billion Pre-Delivery Payment (PDP) financing fund and private debt platform, in partnership with domestic banks and insurance companies. These aircraft will be leased to major global airlines.

Jared Ailstock of AIP Capital stated, “Through the Korea-based consortium aircraft investment platform, we intend to recruit investment professionals and establish a robust investment system, offering integrated services to Korean investors including investment review, execution, and post-management. This represents a strategic approach different from that of traditional foreign aviation investment firms.”

In addition, AIP Capital plans to leverage its partnership with Witt Lake Asset Management, a private credit platform with assets under management of approximately KRW 1.5 trillion (USD 1 billion). They aim to collaborate with Korean pension funds and insurance companies. Witt Lake has developed Investment Management Agreements (IMAs) and Separately Managed Accounts (SMAs) for U.S. investors and now plans to expand into the Korean market. In the field of aviation private credit investments, the firm will actively utilize AIP’s expertise in sourcing, structuring, and operations.

In 2023, Dreamstone Partners’ subsidiary, Dreamstone Private Equity (PE), raised a KRW 15 billion PEF and completed an LP mezzanine investment for VIG Partners’ acquisition of Eastar Jet. Dreamstone Partners also supported Eastar Jet’s rapid re-entry into the market by leasing three Boeing 737 MAX 8 aircraft received directly from Boeing. Additionally, AIP Capital recently completed the acquisition of four aircraft worth KRW 300 billion that were previously owned by a Korean asset management company.