Monroe Capital LLC (“Monroe”), a premier asset management firm specializing in private credit markets, and AIP Capital (“AIP”), a global multi-strategy investment manager focused on opportunities in asset-based finance, today announced the successful closing of MCAV 2026-1 (“MC Aviation”), a $643.0 million aircraft asset-backed securitization and the inaugural transaction issued through the firms’ aviation leasing venture.
MCAV 2026-1 is secured by a diversified portfolio of 18 commercial aircraft leased to 12 airline operators across 10 jurisdictions with an aggregate appraised value of approximately $739 million. The transaction represents a significant milestone for the Monroe-AIP aviation leasing venture, launched in 2025 to build a diversified global aircraft leasing portfolio combining Monroe’s investment capabilities with AIP’s aviation asset management and servicing expertise.
The transaction included approximately $547.0 million of Class A Notes, $66.5 million of Class B Notes, and $29.6 million of Class C Notes and achieved ratings from Moody’s, KBRA, and DBRS Morningstar. The transaction was supported by a diverse group of institutional investors and marks the first issuance from the MC Aviation platform.
“The successful closing of MCAV 2026-1 marks an important milestone for Monroe’s Alternative Credit Solutions platform and reflects the strength of our asset-backed finance capabilities. We are grateful for the support of our investors and financing partners and look forward to continuing to build upon the foundation established through this transaction,” said Aaron Peck, Managing Director & Co-Head, Alternative Credit Solutions at Monroe.
“This transaction reflects the quality of the portfolio assembled through our partnership with AIP and our disciplined approach to aviation investing,” said Aaron Levy, Managing Director, Alternative Credit Solutions at Monroe. “We believe commercial aviation continues to offer compelling investment opportunities supported by strong asset fundamentals, favorable supply-demand dynamics, and the continued growth of global air travel. The successful execution of this inaugural securitization highlights the strength of the platform.”
“We are proud to partner with Monroe on the successful closing of MCAV 2026-1,” said Jared Ailstock, Managing Partner of AIP. “The transaction reflects the quality and diversification of the underlying portfolio as well as the strength of our partnership. By combining Monroe’s asset-backed finance capabilities with AIP’s aviation asset management and servicing expertise, we have created a platform that is well-positioned to capitalize on attractive opportunities across the global aviation market.”
The portfolio is comprised of a diversified mix of commercial aircraft, including predominantly narrow-body aircraft leased to airlines across Europe, Asia, the Middle East, Africa and Latin America. The portfolio has a weighted average aircraft age of approximately 5.6 years and a weighted average remaining lease term of approximately 6.9 years.
AIP Capital will continue to act as servicer for the platform. Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Fifth Third Securities, Inc. acted as Co-Structuring Agents and Joint Lead Bookrunners. Citigroup Global Markets Inc. acted as Joint Lead Bookrunner, with Natixis Securities Americas LLC and BMO Capital Markets Corp. serving as Bookrunners and KeyBanc Capital Markets Inc. acting as Co-Manager.
This transaction is representative of Monroe’s Specialty Finance division within the Alternative Credit Solutions Group. The group focuses on asset-backed finance (ABF) and complex, special-situation structured debt and equity financings across a broad range of asset types and geographies. Key areas of focus include specialty finance opportunities, such as royalty finance, consumer finance, litigation finance, fund finance, and commercial finance, as well as hard-asset strategies including real estate, digital infrastructure, aircraft finance, and equipment finance. Monroe’s dedicated team operates with a broad investment mandate and flexible capital base, distinguishing itself through both its deep, bottom-up underwriting expertise and its ability to execute complex transactions quickly and efficiently. For more than 20 years, Monroe has invested in asset-backed opportunities supported by attractive collateral, while also providing cash flow and enterprise value-based financing solutions.
About Monroe Capital
Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and has 13 locations throughout the United States, Asia, Australia, Europe, and Middle East.
Monroe has been recognized by both its peers and investors with various awards including GrowthCap Advisory’s 2025 Top Private Credit Firm List; Inc.’s 2025 Founder-Friendly Investors List; DealCatalyst as the 2025 Most Innovative Private Credit CLO Manager and Boutique Private Credit CLO Manager of the Year; Private Debt Investor as the 2025 CLO Manager of the Year, Americas; Global M&A Network as the 2025 Lower Mid-Markets Lender of the Year, U.S.A; Korean Economic Daily as the 2025 Best Asset Manager of the Year, Private Debt Mid-Cap; Creditflux as the 2021 Best U.S. Direct Lending Fund; and Pension Bridge as the 2020 Private Credit Strategy of the Year. For more information and important disclaimers, please visit www.monroecap.com.
About AIP Capital
AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance including aviation and equipment finance. AIP, together with its affiliates, manages approximately $7.5 billion of assets on behalf of a diversified global investor base. The AIP team is comprised of over 70 experienced professionals across AIP’s offices in Stamford, New York City, Dublin, Singapore, Seoul & Tokyo. For more information and important disclaimers, please visit www.aipcapital.com.
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