Singapore’s sovereign wealth fund, GIC, has taken a significant minority stake in Denmark-based regional aircraft lessor Nordic Aviation Capital (NAC).

GIC, which was established in 1981 to manage Singapore’s foreign reserves, is a long-term investor in various funds, real estate and infrastructure.

On Oct. 15, NAC said an affiliate of GIC will become a “significant minority investor.” The company added that GIC already has aircraft-leasing experience.

NAC is currently owned by Swedish private equity fund EQT VI, alongside founder and chairman Martin Møller who has retained a significant shareholding.

“The transaction will comprise a partial sale by the existing shareholders and new capital to further strengthen NAC’s balance sheet. EQT VI will remain the largest shareholder,” NAC said.

EQT VI bought into NAC in 2015. Since then, NAC has expanded its turboprop specialism into regional jets and become the world’s largest regional-aircraft lessor.

NAC said more than $4.5 billion has been ploughed in the business since 2015 and the company now ranks as the fourth largest commercial aircraft leasing company.

“During that period [since 2015], NAC has more than doubled its operating lease income and added more than 30 new customers,” NAC said, adding that its fleet now totals 468 regional aircraft, with a total asset base of $8.0 billion.

Møller said GIC’s backing will give NAC “further financial strength and commercial capabilities” to take advantage of expansion opportunities. NAC has already acquired several aircraft portfolios and leasing business since EQT VI came in as an investor.

Singapore-headquartered GIC has investments in over 40 countries and employs over 1,500 people across 10 offices, spanning the world’s major financial centers.

Victoria Moores