Plane lessor Dubai Aerospace Enterprise (DAE) has partnered with US-based Neuberger Specialty Finance to launch Mustang Aerospace, a new aircraft leasing co-investment vehicle targeting up to $6 billion in assets over the medium term.
Mustang will enable both the companies to acquire and manage a diverse fleet of aircraft to support airlines globally, DAE said in a statement on Monday.
The collaboration with Neuberger will allow the DAE to expand its offering at greater scale to its airline customers around the world and “support our ambition to continue growing our AIS [aircraft investor services] offering”, said Firoz Tarapore, chief executive of DAE.
Sean Hinze, Neuberger Specialty Finance’s managing director, who led DAE’s original co-investor relationship back in 2017, said that launching Mustang with DAE reignites the two companies’ partnership and “expand it into a scaled, durable franchise within Neuberger’s Asset Based Finance platform”.
The move comes as airlines continue to face aircraft supply shortages and delivery delays, driving demand for leased aircraft and creating opportunities for lessors to expand their portfolios. It combines DAE’s four decades of leasing and asset management experience with Neuberger Specialty Finance’s focus on asset-based investments offering stable cash flows and downside protection, DAE said.
Dubai-headquartered DAE manages a fleet of around 700 aircraft, valued at approximately $25 billion as of March 2026, and serves more than 200 airlines across over 80 countries. Through its AIS group, the plane lessor acts as servicer in 17 servicing and management agreements for institutional and financial investors, including seven structured aircraft portfolio transactions.
Among the biggest plane lessors in the world, DAE and Blackstone Credit & Insurance (BXCI) agreed in April to launch a platform that will invest $1.6 billion annually to build a portfolio of commercial aircraft.
In February, DAE said it had agreed to acquire Macquarie AirFinance for $7 billion, marking further consolidation in the plane-leasing industry.
Neuberger Berman, the parent of Neuberger Specialty Finance, oversees $567 billion in assets, with its speciality finance arm managing over $5 billion across more than 50 portfolio companies.
Mustang has also secured committed warehouse financing from a consortium of global banks including Goldman Sachs, Mizuho, BNP Paribas, MUFG, Societe Generale and Truist to support its growth, DAE said on Monday.
