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Overview

Napier Park’s Real Assets investment programs seek differentiated investment opportunities to generate attractive long-term returns, primarily by investing in cash-generating real assets with an emphasis on inflation resistant distributions and residual values. Each of Napier Park's Real Asset investment programs has been developed with a leading industry partner to benefit from specialized operating expertise while maintaining independent governance and a strong alignment of interests. To date, Napier Park Real Assets has organized, and manages, equipment leasing programs with a total asset value in excess of $6 billion. These include a railcar leasing program that commenced in 2013, a new-build and young aircraft leasing program that commenced in 2014, and a diversified equipment leasing program that commenced in 2017 which invests across multiple equipment types including aircraft, railcars and other essential-use industrial equipment.

Strategy & Advantage

Napier Park’s Real Assets team has capabilities and experience in providing innovative equity-oriented financial solutions for finance affiliates of real asset operators and manufacturers. Real Assets’ equipment leasing investment programs are strategically developed in partnership with industry leading operators to access differentiated investment opportunities in portfolios of attractive inflation-resistant cash flow yielding hard assets. The Real Assets equipment leasing programs are constructed purposely with the following characteristics:

Best-In-Class Operators

Partnership with best-in-class operators that have a durable structural edge in their respective asset class
– Typically operationally-intensive asset classes which require asset, leasing and servicing expertise

Attractive Unlevered Returns

Attractive Unlevered Returns
– Leverage is employed at the portfolio company and carefully structured to enhance returns while minimizing downside risk

Strong Economic Alignment

Structured to create strong economic alignment between the joint ventures and our operating partners
– Among other protections, typically includes significant operating partner co-investment and performance-linked incentives

Partnership Approach

Commitment to a partnership approach with operators and investors
– Collaborative approach for determining program objectives and parameters
– Shared governance between Napier Park and our operating partners

Programs & Partners

Railcar Leasing Program

  • Railcar leasing program with Trinity Industries Leasing Company, a wholly owned subsidiary of Trinity Industries, Inc.
  • The railcar leasing program is a US top 10 lessor of railcars with a value of over $4bn, on lease to highly diversified lessees across the chemical, agricultural and energy industries
  • Strategic edge provided by Trinity Industries’ position as a leading manufacturer and lessor of railcars in North America

Early-Life Aircraft Leasing Program

  • Early-life aircraft leasing program with Air Lease Corporation, one of the world’s leading aircraft lessors
  • Early-life commercial aircraft with a value of over $2bn, on long leases to strong, globally diverse lessees
  • Strategic edge provided by direct access to Air Lease’s industry leading order book and airline marketing teams

Late-Life Aircraft Investment Program

  • Late-life aircraft investment program with AAR, one of the world’s largest providers of aviation MRO, and parts supply services
  • End-of-life aircraft, targeting a strong cash yield profile and high barriers to entry given potential aircraft value volatility
  • Access to AAR’s wide industry relationships with both airlines and lessors globally
  • Strategic edge provided by access to AAR’s substantial expertise and access to market data with depth and breadth

Industrial Equipment Investment Program

  • Industrial equipment investment program with Heritage Global Partners a wholly owned subsidiary of Heritage Global Inc.
  • Program established to acquire assets from motivated sellers and dispose through auctions and dealers
  • Structured to benefit from Heritage’s market leading position, acting as a conduit between buyers and sellers of equipment assets
  • Strategic edge provided by Heritage’s superior ability to source and value equipment assets through its unique data set

Senior Investment Team

Joseph Lane
Vice Chairman, New York

Joe joined Napier Park in 2015, based in New York and has over 35 years of experience in financial services. Prior to joining Napier Park, Joe held a number of executive roles in the commercial finance sector, including President and CEO of GATX Capital; CEO of GE Technology Finance; President of IBM Credit Corporation; and Head of IBM Global Finance, one of the largest captive finance organizations globally. Joe also co-founded Sinter Partners, an investment and advisory partnership. In addition to several corporate boards, he currently serves on the board of the Inner City Foundation for Charity & Education and the Advisory Board of the South Bronx Educational Foundation. He is an Associate Fellow of Davenport College at Yale University. He has been a Director, Vice Chairman and Chairman of the Equipment Leasing and Finance Association (ELFA), and a Trustee and Chairman of the Equipment Leasing and Finance Foundation. Joe received a Bachelor of Arts degree from Yale University, where he continues to be actively involved with the Yale Entrepreneurial Institute.

Jared Keating
Managing Director, London

Jared joined Napier Park in 2012 and helps lead the firm’s investments in Real Assets across the transportation and equipment sectors, including responsibility for Napier Park’s aircraft and railcar leasing programs. Jared is based in London. Prior to this, Jared focused on mergers & acquisitions and restructuring assignments at Lazard Frères & Co in New York, principally in the financial services sector. Jared also worked at Eurazeo in Paris and at Camulos Capital in London, where he was responsible for investments in private equity and distressed opportunities. Jared received an AB from Princeton University and a Masters in International Affairs, cum laude, from Institut d’études politiques de Paris.

Ross Sylvester
Vice President, New York

Ross joined Napier Park in 2016, based in New York, and focuses on the sourcing, evaluation, underwriting and monitoring of the firm’s Real Assets investments in the transportation and equipment sectors. Prior to joining Napier Park, Ross was an Investment Banking Associate in the Financial Institutions Group at Macquarie Capital, where he focused on the execution of specialty finance mergers & acquisitions and joint venture formations, including Napier Park’s initial railcar leasing and early-life aircraft leasing JVs. Ross received a BA in Mathematics and BS in Economics from Duke University.

Chris Sparrow
Vice President, London

Chris joined Napier Park in 2019, based in London, and focuses on its Real Assets investments in the transportation and equipment sectors. Previously, Chris was a Vice President at DVB Bank, working in the aviation principal investment team, where he was responsible for origination, underwriting and financing of the funds’ investments in physical aircraft and engine assets, interacting directly with LPs, finance providers and airlines. Prior to joining DVB, Chris was an Equity Research Analyst at Numis Securities, focusing on the aerospace and engineering sectors. Chris received an MPhil from Cambridge University, an MA from Edinburgh University and a Diploma in Physics from The Open University. He also holds an EASA Airline Transport Pilot License with over 2,500 hours on the Airbus 320 family of aircraft.

Manu Rana
Partner and Co-Head of Private Investments

Manu Rana is a Partner and a Co-Head of Financial Partners at Napier Park Global Capital (“Napier Park”). Napier Park separated from Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), in February 2013. Prior to joining CCA in 2007, Mr. Rana was a Managing Director of Old Lane, where he led negotiated investments in financial services businesses. Mr. Rana joined Old Lane from Lazard Alternative Investments, where he was a Managing Director of the firm and a Principal of Lazard Technology Partners. At Lazard, Mr. Rana was responsible for equity and debt investments in financial- and related business, as well as information services investments. Mr. Rana started at Lazard in 1994, initially in its financial institutions investment banking group and, from 2000 on, he worked at Lazard Alternative Investments. Prior to Lazard, Mr. Rana was a member of A.T. Kearney’s financial institutions practice. Mr. Rana received a BA from Columbia University.

Joseph Lane
Vice Chairman, New York
Ross Sylvester
Vice President, New York
Manu Rana
Partner and Co-Head of Private Investments
Jared Keating
Managing Director, London
Chris Sparrow
Vice President, London

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