KKR (NYSE: KKR) has made a $1.4 billion equity commitment to expand its global portfolio of leased commercial aircraft in partnership with Altavair, according to a press release from the two companies.

The commitment, which will primarily come from KKR's Infrastructure and Asset-Based Finance strategies, builds on two prior aircraft leasing portfolios the firms created together since forming a strategic partnership in 2018.

KKR-managed funds have committed more than $8 billion to aircraft leasing and lending transactions since that partnership began. Over that period, KKR and Altavair have acquired 188 commercial aircraft and engine assets and leased them to 67 airline and cargo operators worldwide through transactions including sale leasebacks, passenger-to-freight conversions, and lessor trades.

KKR has invested more than $12 billion of capital in the aviation sector since 2015, with holdings that include Altavair, AV AirFinance, Atlantic Aviation, KKR DVB Aviation Capital, and K2 Aviation.

Brandon Freiman, Partner and Head of North American Infrastructure at KKR, said the firm has held a long-standing conviction in aircraft leasing as airlines seek liquidity and fleet flexibility.

Daniel Pietrzak, Partner and Global Head of Private Credit at KKR, said the expanded commitment reflects the firm's Asset-Based Finance strategy and the combination of long-term capital with Altavair's industry expertise.

Steve Rimmer, CEO of Altavair, said the latest commitment positions the company to support airlines facing significant fleet funding needs in the coming years. Altavair, founded in 2003, has completed over $14.5 billion in commercial aircraft lease transactions with more than 80 airline customers across 50 countries.