- The divestment in this portfolio of aircraft has generated a net return of 1.8x the investment and close to 20% IRR for Dunas Aviation I shareholders, much higher than the target return of the vehicle.
- In a shorter period than initially planned, Dunas Aviation I has distributed to its participants an amount equivalent to 80% of the total committed.
- After reaching the closure of the first aviation fund in Spain in January 2020, the management team built a diversified portfolio of 12 commercial aircraft on long-term lease with top-tier airlines and a value of €385 million.

Madrid, April 3rd 2025. Dunas Capital, the independent platform for the management of financial, real estate and alternative assets, continues to make progress in the divestment of its specialized Dunas Aviation I strategy with the sale of seven Airbus A321 aircraft for more than USD 200 million.

The investment, made in 2021, consisted of a co-investment with Banco Santander in a fleet of seven short-to-medium-range aircraft on lease with the airline Cebu Pacific, the leading airline in the Philippines.

The divestment in this portfolio of aircraft has generated a net return of 1.8x the investment and close to 20% IRR for Dunas Aviation I shareholders, much higher than the target return of the vehicle.

In October 2023, Dunas Capital had already announced the sale of two Airbus A220-100 aircraft to two Asian groups specialising in air and shipping transport leasing for more than €75 million, generating an Internal Rate of Return (IRR) of close to 20% on these divestments.

Adding to the divestments made, this innovative venture capital strategy, the first of its kind of asset class to be marketed in Spain, has already distributed to its shareholders an amount equivalent to 80% of the committed capital over a period of 4 years from the first disbursement.

These divestments take place at a time when aircraft manufacturers continue to face multiple challenges to return to pre-2019 production levels, and in a market with rising demand and record levels.

Passenger traffic on commercial flights has surpassed pre-2020 levels and estimates indicate that it will continue for the next few years, starting from a base of 5,200 million passengers expected by 2025, according to IATA data. In this context, manufacturers project an estimated demand of more than 40,000 new aircraft until 2042. This implies the delivery of around 2,000 aircraft per year, while the current pace of deliveries stood at around 1,200 in 2024.

A global and diversified portfolio

Dunas Capital reached the final closure of Dunas Aviation I in January 2020 with a total committed capital of €104 million. Among its participants are both institutional investors (insurance companies, pension funds, mutual societies, social welfare institutions, etc.) and private investors.

As part of the vehicle’s strategy, focused on investing in commercial aircraft on long-term lease to state-owned airlines and domestic market leaders with good credit risks, two deals were closed with the Portuguese airline TAP for two Airbus A321 LR Neo, one with Qatar Airways for a Boeing 787 Dreamliner, two Airbus A220-100 aircraft on lease from the US airline Delta Airlines and seven Airbus A321s with Cebu Pacific. In this way, the management team managed, in 6 months, to build a global, diversified portfolio, with exposure to four different aircraft models, four very different geographies and four top-tier airlines.

After the good results achieved with its first commercial aircraft fund, Dunas Capital has already begun to analyse new opportunities for a second fund that follows a similar strategy to the first to strengthen its position as a leader in the alternative aviation fund segment in Spain.

“At Dunas Capital, we have been committed to the aircraft leasing sector for more than five years with good results for our clients and we are confident that we will continue to provide returns to our investors through this investment strategy through a diversified portfolio of assets, stable long-term cash flows, periodic distributions i.e. no J-curve, and predictable returns,” said David Angulo, President of Dunas Capital.

“Dunas Aviation I has met its investment objective and is in an advanced phase of divestment, exceeding the profitability expectations that we set ourselves from the beginning,” says Cristina Moreno, head of alternative investments at Dunas Capital AM. “Investment in aircraft leasing has been a global asset type for years that contributes to diversifying investment portfolios by generating stable returns with no surprises,” explained Gregorio Herrera, Partner of Dunas Real Assets.