Start-up fractional and jet card provider Jet Token arranges $40 million investment commitment from GEM Global Yield Services
Las Vegas-based Jet Token Inc. said it has entered into a $40 million investment commitment from GEM Global Yield LLC SCS.
GEM is a $3.4 billion Luxembourg-based private alternative investment group with offices in Paris, Nassau, New York, and Los Angeles.
Under the share subscription facility, the start-up HondaJet fractional program, which also just launched an off-fleet jet card via Cirrus Aviation, will have the right to periodically sell to GEM up to $40 million of common stock during a 36-month term following a public listing of the Jet Token common stock.
According to the announcement, Jet Token Inc. will control the timing and amount of the drawdowns under this facility.
GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 480 transactions in 70 countries.
Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile.
The family of funds and investment vehicles provides GEM and its partners with exposure to Small-Mid Cap Management Buyouts, Private Investments in Public Equities, and select venture investments, according to the announcement.