Crestone Air Partners Launches Blue Crest Aviation Partners with Blue Owl Capital.

Crestone Air Partners has launched Blue Crest Aviation Partners, a joint venture anchored by funds managed by Blue Owl Capital. The platform will acquire mid-life commercial jet aircraft on lease to airlines globally through a disciplined income-oriented strategy. Crestone is a subsidiary of Air T and benefits from its integrated operating platform. Blue Crest represents the next stage of Crestone's capital formation, following the successful deployment of Contrail JV II and affiliated sidecar vehicles.

Crestone Air Partners, a wholly owned subsidiary of Air T, has announced the launch of Blue Crest Aviation Partners, a joint venture formed in collaboration with funds managed by Blue Owl Capital. This new initiative is focused on acquiring mid-life commercial jet aircraft leased to airlines worldwide, adopting a disciplined, income-oriented investment approach.

Blue Crest builds upon Crestone’s established presence in the aviation sector and benefits from Air T’s integrated operating infrastructure. The venture will draw on extensive expertise in maintenance, repair and overhaul (MRO), aircraft parts sales, storage, disassembly, and leasing. These capabilities are critical for managing and optimizing mature-phase aircraft assets, a market segment that presents both significant opportunities and challenges.

The platform marks the next stage of Crestone’s capital formation strategy, following the successful deployment of Contrail JV II and affiliated sidecar vehicles. Since 2020, Crestone and Blue Owl’s Alternative Credit funds have jointly committed hundreds of millions of dollars to aviation assets, strengthening their collaborative track record in the sector.

Through Blue Crest, the partners aim to scale their operations further by targeting opportunities in the global mid-life aviation market—a segment that offers potential for stable lease income and asset value optimization. The venture is expected to leverage both firms’ combined industry knowledge, financial resources, and operational capabilities to identify, acquire, and manage aircraft that are already in active service with established airlines.

The transaction was supported by professional advisors to ensure its structural and regulatory soundness. KPMG LLP acted as tax advisor, while Pillsbury Winthrop Shaw Pittman LLP provided legal counsel. Phoenix American Financial Services, Inc. will serve as the third-party administrator, providing operational and administrative support for the venture’s activities.

References:
[1] https://avitrader.com/2025/08/08/newly-launched-blue-crest-to-target-mid-life-aircraft-market/
[2] https://www.eplaneai.com/news/blue-crest-enters-mid-life-aircraft-market