Sankaty Jet Capital and Wheels Up have closed a $68 million committed secured mezzanine facility disclosed Monday by the private jet company.
Sankaty Jet Capital and Wheels Up have closed a $68 million committed secured mezzanine facility.
Sankaty Jet Capital is a subsidiary of AIP Capital.
Wheels Up previously announced the financing alongside its first-quarter 2026 financial results.
The capital will be used to facilitate the purchase of additional Phenom 300 and Challenger 300 aircraft.
The acquisitions are part of Wheels Up’s previously announced fleet modernization plans.
The facility is initially secured by 51 existing aircraft, appraised at $277.8 million.
Sankaty Capital CEO Ford von Weise said, “We are proud to commence our partnership with Wheels Up by providing a bespoke financing solution to support their fleet modernization program.”
AIP Head of Capital Markets Scott Debano added, “Wheels Up has solidified itself as the leading provider of on-demand private aviation.”
He continued, “This, coupled with our long-standing relationship with Delta Air Lines, which spans over two decades, created an opportunity for this transaction, and we hope many more to come.”
Delta Air Lines is the largest shareholder in Wheels Up.
According to its most recent SEC filings, it holds a 36% stake in the private jet company.
Wheels Up CEO George Mattson said, “This strategic financing with Sankaty and AIP not only provides the investment capital needed to execute our growth plan but reflects confidence in the progress we’re making towards building a strong and sustainable business.”
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AIP Capital is a global alternative investment manager focused on opportunities in asset-based finance, including aviation and equipment finance.
With its affiliates, AIP manages approximately $7.5 billion of assets on behalf of a diversified global investor base.
Sankaty says the company was created “to fill a long-standing gap in the business aviation finance marketplace.”
Sankaty is focused on providing financing solutions to underserved segments of the business aviation market.
READ: Private Aviation Deal Book M&A Activity
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