PK AirFinance is a leading provider of loans secured by commercial aircraft and aircraft engines.

About

PK AirFinance is a premier specialized aircraft and aircraft engine lending business with deep expertise in the aviation finance sector. Its comprehensive origination, underwriting, structuring and syndication capabilities are delivered by a team of experienced professionals, whose extensive experience in varied products and geographies was built over many decades and industry cycles.

PK AirFinance has a global footprint with on-the-ground presence in 6 countries serving airlines, aircraft traders, lessors, investors, financial institutions and manufacturers worldwide. PK is managed by affiliates of Apollo Global Management, Inc.

With $40+ billion in gross origination volume spanning 3,000 loans since 1983, the history of PK spans several ownerships by premium asset managers such as Credit Lyonnais (at the time, one of the largest aircraft lenders, today CA-CIB), GECAS and now Apollo, one of the largest alternative investment managers in the world. The strong financial backing of Apollo enables PK to offer large scale financing solutions tailored towards the needs of its aircraft investor and airline clients.

PK’s total managed portfolio is highly diversified across $4.1+ billion of funded loans secured by 400+ assets, operated by 90+ airlines in 50+ countries.

About Apollo

Since its founding in 1990, Apollo Global has grown to become one of the world's largest alternative investment managers. As of June 30, 2024, Apollo Global had total assets under management of approximately $696 billion.

Extensive Demonstrated Track Record

3000+
Loans Serviced
$40+ bn
Gross Originations
45+
Years in Operation

Current Portfolio

Portfolio Highlights (as of June 2024)

400+
Loans
285+
Aircraft
115+
Engines
90+
Operators
50+
Countries
50%+
Narrowbody Collateral

Collateral by Jurisdiction

Collateral by Asset Type

Type % Color code
A320ceo Family 23.7 #005767
A320neo Family 16.4 #4A8A9A
B737NG Family 12.4 #004958
B787 Family 10.5 #78b3ab
Engine 8.5 #677a80
B737 MAX Family 4.8 #699DAB
B777-200F 4.2 #287786
A330ceo 4.0 #6AA8A0
A350-900 3.3 #88B2BE
E1 Jet 3.1 #287786
B737-400F 2.3 #6AA8A0
B777-300ER 1.7 #004958
ATR 1.7 #677a80
E2 Jet 0.9 #677a80
A330F 0.7 #88B2BE
A220 0.6 #88B2BE
B737-800F 0.6 #287786
A321F 0.4 #6AA8A0
B747-400F 0.2 #6AA8A0

Products and Services

Principal Business Activities

The company offers senior secured loans with tailored and customizable repayment profiles including full payout loans, balloon loans, limited recourse loans and syndicated loans. PK’s other financing solutions include finance leases, loan participations, bridge loans, operating lease portfolio financings and both JOL and JOLCO financings.

PK finances both commercial and cargo aircraft as well as spare engines.

PK AirFinance’s deep product and structuring expertise drives strong operating and portfolio performance, while serving the evolving needs of airline and investor customers across business cycles.

PK’s scale and robust financial support from Apollo enables it to offer and execute upon on large scale transactions as the sole lender in many cases resulting in best-in-class execution. PK’s experienced loan servicing capabilities enables the platform to act as administrative agent and security trustee on nearly the entire originated portfolio.

M&A Opportunities

The combination of PK’s deep understanding of aircraft lending, appetite for growth and robust capital support from Apollo contributes to PK’s highly active M&A arm. PK is constantly evaluating opportunities in the secondary aircraft loan portfolio market.

Further, PK’s integration with Apollo and Apollo affiliated financial services firms yields cross-platform collaboration, the ability to finance complex portfolio structures and best-in-class execution.

In 2023, PK successfully acquired a ~$920 million aircraft loan portfolio from Standard Chartered Bank, adding scale and furthering PK’s global reach. For this transaction, PK was awarded the Global Aviation M&A Finance Deal of the year from Airline Economics.

Syndication Deals

For our customers, both airlines and investors alike, PK’s deeply rooted industry relationships and syndication capabilities allows PK to source, arrange and manage diversified and optimized sources of financing. It gives access to new lending relationships while ensuring quality of execution, certainty of delivery and long-term commitment.

For our partners, PK is well-positioned to help bank and non-bank lenders take advantage of aircraft financing opportunities worldwide.

  • PK has arranged aircraft acquisition/disposition and/or financing for 120+ airlines and all aircraft types. Our broad customer base gives us access to a wide range of investment opportunities.
  • PK’s financial and technical expertise enables us to optimize the structure and performance of aircraft financing investments.

In the fast-changing aircraft financing market place, PK offers the kind of experience, global presence and resources that you can count on long term.

Our Team

Senior Leadership

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Gary Rothschild

CEO of PK AirFinance, Apollo Partner, Head of Apollo Aviation Finance
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Gary Rothschild

Picture of Eelco van de Stadt

Eelco van de Stadt

President of PK AirFinance
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Eelco van de Stadt

Gary Rothschild

Gary Rothschild has served as Chief Executive Officer since PK was purchased by Apollo in 2019. Mr. Rothschild has more than 30 years of aviation finance experience. Along with PK, he serves as the President and CEO of Merx and Perseus Aviation, Apollo’s aircraft leasing platforms. Prior to leading Apollo’s aviation finance platforms, Mr. Rothschild was a Managing Director in Citi’s Structured Finance group, advising clients on transactions across the energy and transportation sectors. While at Citi, Mr. Rothschild was responsible for the buildout and management of Citi’s aircraft trading and leasing business. He joined Citi in 1998 from Milbank, where he was a member of its Transportation Finance Group. Mr. Rothschild is a graduate of Stanford University and The New York University School of Law.​

Eelco van de Stadt

Eelco van de Stadt has served as President since joining PK in 2021. Mr. Van de Stadt has more than 20 years of aviation finance experience. Prior to joining PK, he served as the Global Head of Aviation at MUFG and before that, as Global Head of Aviation at DVB Bank where Mr. Van de Stadt worked for 18 years and oversaw the global aviation finance platform. Prior to DVB, he served as a VP at both NIBC Bank and ING. Mr. Van de Stadt is a graduate of University of Groningen in the Netherlands.​

Marketing

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Subbu Alagappan

Managing Director
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Subbu Alagappan

Subbu Alagappan

Subbu Alagappan is a seasoned aviation finance professional with a wealth of experience in the industry. Joining PK AirFinance in July 2021, Subbu is tasked with overseeing originations in the Americas region. Prior to his current role, Subbu held the position of Managing Director within the Aviation Team at MUFG Bank, where he spearheaded client coverage in the Americas. Before his tenure at MUFG, he spent over 13 years at DVB Bank New York, ascending to the role of Regional Head of Americas, where he played a pivotal role in shaping the bank's aviation origination strategy.

Subbu's journey in the aviation industry began at Singapore Airlines, where he gained valuable experience in both the Engineering Division and the Aircraft Sale Team. His academic credentials include a first-class honors degree in Engineering from Imperial College, London, and a Master of Arts degree in Management Science from Stanford University, California.

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Claudia Barston

Principal
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Claudia Barston

Claudia Barston

​Claudia Barston is a Principal in Marketing at PK with origination responsibilities for aircraft finance activities in Asia Pacific. Before Apollo purchased PK in 2019, Claudia served as a Vice President with GECAS since 2012 and spent time in various roles at TTG, Via Capital and Crestview Partners. Claudia graduated from Gettysburg College with a BS in Political Science.

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Christophe Bernardini

Managing Director
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Christophe Bernardini

Christophe Bernardini

Christophe Bernardini is a Managing Director in Marketing at PK since officially joining the origination team in 2015. Prior to that, Mr. Bernardini worked at GECAS, PK’s former sistership aviation financing company under GE ownership, for 10 years selling leased aircraft and as a member of the debt syndication team. With more than 30 years of experience, Christophe started his career at ALIF, a Paris based subsidiary of the Saudi Group Dallah Al Baraka, doing Islamic financing for aircraft and shipping. He subsequently worked on the aircraft finance team at Crédit Lyonnais (former owner of PK AirFinance at the time) as Head of Asia Pacific. He also worked in CIT’s Structured Finance Aerospace division. Christophe holds an M.S. equivalent degree of Engineer in Aeronautics from the French "Ecole Nationale de l’Aviation Civile" (ENAC) and a M.S. in Air Transport Management from Cranfield University (UK).​

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Guillaume Degemard

Managing Director
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Guillaume Degemard

Guillaume Degemard

Guillaume Degemard is Managing Director Origination for PK AirFinance with primary responsibility for a number of Lessors as well as airlines in Latin America and Southern Europe. Guillaume has been working for PK AirFinance since 2014 when he joined the Tokyo office before moving to Toulouse in 2016. Prior to this, he spent five years with the Aircraft finance department of Credit Agricole CIB in Hong Kong, originating and executing structured aircraft financings for airlines and lessors based in Asia-Pacific. Guillaume attended ESCP Europe in Paris, France, where he graduated in 2008 with a Masters in Management specializing in Finance.

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Max Jonsson

Vice President
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Max Jonsson

Max Jonsson

Max Jonsson is a Vice President in Marketing at PK since June 2020. Mr. Jonsson joined PK AirFinance in October 2014 as an Analyst based in Tokyo. Having worked 3 years in Japan, Max relocated with PK to Luxembourg in 2017 and further to London in 2020. Max holds a M.Sc. in Finance & Economics from Warwick Business School.​

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Nelson Lim

Principal
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Nelson Lim

Nelson Lim

Nelson Lim is a Principal at PK AirFinance, with origination responsibilities for aircraft finance activities in Asia Pacific. Prior to joining Apollo/PK AirFinance in 2022, he was most recently a Director at MUFG Bank in Singapore, responsible for aircraft finance origination for the region. Nelson started his aviation career with DVB Bank’s aviation finance division and last served as a Vice President before MUFG’s acquisition of DVB. He is a graduate of Nanyang Technological University in Singapore and holds a Bachelor of Accountancy degree as well as a Bachelor of Business (Banking and Finance) degree.​

Picture of Eelco van de Stadt

Yoshifumi Sakuragi

Principal
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Yoshifumi Sakuragi

Yoshifumi Sakuragi

Yoshifumi Sakuragi is a Principal in Marketing at PK since August 2013. Yoshi joined PK AirFinance in Dec 2004 as Vice President in Risk Management. Prior to PK, he was Vice President in Sanwa Bank’s Structured Finance group in Singapore from 1997 and in Tokyo from 2000, responsible for infrastructure sector including aviation, power generation and telecommunication. He is a graduate from Tokyo University of Foreign Studies with a BA degree Anglo-American and international studies.​

Legal

Picture of David Bartlett

Jeff Kaplan

Counsel, SVP
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Jeff Kaplan

Jeff Kaplan

Jeff joined PK in 2024 from Milbank LLP, where he specialized in complex aircraft financing and leasing transactions. Previously, he was with White & Case LLP and Skadden, Arps, Slate, Meagher & Flom LLP, advising on finance transactions in various industries including aircraft and energy. He also contributed significantly to business development by supporting multiple initiatives as an EIPAF Member of the New York Workplace Committee. Jeff holds a J.D., cum laude, from Fordham University School of Law and a B.A. in History from Cornell University. He is admitted to the New York Bar.

Credit and Capital Markets

Picture of Michael Bregman

Michael Bregman

Vice President​
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Michael Bregman

Michael Bregman

Michael Bregman has served as a Vice President at PK AirFinance since December 2022. Mr. Bregman was previously a Principal at Apollo and played an active role in the management of PK since 2020. Prior to Apollo, he was an Associate in Jefferies Global Industrials Group focusing on Aerospace, Aviation, Defense and Government Services. Mr. Bregman is a graduate of Washington University in St. Louis and holds a Bachelor of Science in Business Administration.​

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Alex Roche

Associate Vice President​
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Alex Roche

Alex Roche

Alex Roche has served as an Associate Vice President at PK AirFinance since December 2022 working predominantly in credit risk and capital markets. Mr. Roche was previously an Associate at Apollo since mid-2021 covering aviation finance. Prior to joining Apollo, he was an Associate Analyst within the Corporate Credit division at Moody’s Investors Service covering Airlines, EETCs and Aerospace and Defense contractors. Mr. Roche is a graduate of James Madison University and holds a Bachelor of Business Administration. Mr. Roche has been a CFA charterholder since 2021.​

Portfolio Management, Operations and Administration

Picture of Kieran Bacon

Kieran Bacon

Portfolio Management Analyst
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Kieran Bacon

Kieran Bacon

Kieran Bacon joined PK in 2023 as an Analyst in the Portfolio Management team. Kieran has previous financial services experience in CLO Trustee services, Mutual Fund Trading and Global Custody, working in both London and Luxembourg. Kieran has obtained his CFA designation in 2021 and has a BA Degree from Bournemouth University.​

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Dhruv Bagri

Legal and Contract Assistant
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Dhruv Bagri

Dhruv Bagri

​Dhruv has been with PK since 2022 and currently works as a legal assistant in Luxembourg. Prior to pursuing his interest in the aviation sector, he worked as a transactional lawyer in India and, more recently, as a trainee within the legal team of an aircraft leasing company in Amsterdam, gradually shifting his focus to aviation finance. Dhruv is a master’s graduate of the Advanced LL.M. Air and Space Law program at Leiden University, The Netherlands and loves all things aviation and space.

Picture of Iolanda Barros

Iolanda Barros

Administrative Assistant
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Iolanda Barros

Iolanda Barros

Iolanda Barros has been with PK for 2 years, as an Administrative Assistant. Prior to joining the firm, Iolanda flew all over the world as a flight attendant till she landed in Luxembourg and became the manager of her two restaurants. Iolanda holds a BTS on Business Management from the Technical Institute of Business Management, in Lisbon.

Picture of Yvonne Chenery

Yvonne Chenery

Senior Vice President Contracts
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Yvonne Chenery

Yvonne Chenery

Yvonne Chenery has been with PK for 32 years. She heads up the Contract Management Department which she has been running for over 30 years. She took over the responsibility of the Portfolio Management department alongside her role as Contract Manager two years ago. Prior to joining the firm, she joined Nomura Bank in Luxembourg working in treasury and cash management. Yvonne completed a BA (Honours) Degree in the UK.​

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Saida Douah

Senior Vice President Administration
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Saida Douah

Saida Douah

Saida Douah has been with PK for 22 years. She was promoted to SVP Administration in 2020 and she is heading accounting and administration department at PK. She started her career with PK as account assistant in Luxembourg, shortly after GE acquisition. Prior to joining PK, Saida worked with Eurex for 3 years. Saida earned master degree in Economics and Business Law in France.​

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Virginia Izaguirre

Accounts Assistant
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Virginia Izaguirre

Virginia Izaguirre

Accounts Assistant​

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Akiko Kawaguchi

Administrative Assistant
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Akiko Kawaguchi

Akiko Kawaguchi

​Akiko Kawaguchi has been with PK for 14 years. She started her career with PK as administrative assistant in Tokyo and working in the contract management department since 2013. Also she works as a money lending business law manager for PK AIR1JPN G.K.. Prior to joining PK, she worked with Yanase as a sales administrator for 7 years.

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Janet Lu

Controller
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Janet Lu

Janet Lu

Janet Lu is a controller in the accounting department at PK since 2023. She earned a BA degree from University of California, Santa Barbara (US) and master’s in accounting from University of Technology, Sydney (AU).​

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Yuji Seki

Finance Director
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Yuji Seki

Yuji Seki

Yuji Seki is a Director in Finance and Administration at PK since joining the firm in November 2023. Prior to joining PK, he was Co-head of Finance in Neuberger Berman East Asia. He is a Japanese Certified Public Tax Accountant and started his career at Deloitte Tax in 2004. After that, he worked in the Finance department at Natixis Securities, Invesco Asset Management and Horizon Asset International. He is a graduate of Waseda University with BA degree in Law.​

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Kinga Stepniewska

Contract Management Assistant
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Kinga Stepniewska

Kinga Stepniewska

​Kinga Stepniewska has been with PK for over 5 years as a Contract Management Assistant. Prior joining to PK, she graduated from IAE Nancy in the field of Applied Linguistics, International Trade and Strategy at master’s degree level. During her studies, she did 2 internships as a Marketing Assistant, at Luxair and Vitis Life – Life insurance company.

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Haris Zaljevic

Assistant Vice President Administration
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Haris Zaljevic

Haris Zaljevic

Assistant Vice President Administration​

Locations

United States

New York

1370 Avenue of the Americas,
32nd Floor,
New York, NY 10019

Europe

Luxembourg

Le Dome, 2 Avenue Charles de Gaulle,
3rd Floor L-1653 Luxembourg

Toulouse

8 rue de Remusat
31000 Toulouse
France

London

1 Soho Place,
London W1D 3BG

Asia

Japan

Okura Prestige Tower
2-10-4 Toranomon, Minato-Ku
Tokyo, Japan

Singapore

8 Marina Boulevard
#07-02 Marina Bay financial center
Singapore
018981