Dubai Aerospace Enterprise (DAE) and Neuberger Specialty Finance on Monday announced an agreement to launch Mustang Aerospace (Mustang), a new aircraft leasing co-investment venture.

Mustang will target to invest approximately $6 billion in aircraft assets over the medium-term across multiple vehicles. It  will enable both DAE and Neuberger Specialty Finance managed funds to acquire a diverse fleet of aircraft and support the fleet needs of airlines worldwide.

It will deploy capital steadily over a long-term period to build Mustang into an entity of significant size and heft.

DAE’s four-decade track record in aircraft leasing and disciplined asset management aligns closely with Neuberger Specialty Finance’s focus on asset-based investments that seek to offer downside protection, durable cash flows and shorter-duration characteristics.

Headquartered in Dubai, DAE is a seasoned aircraft asset manager and serves over 200 airline customers in over 80 countries from six office locations in Dubai, Dublin, Amman, Singapore, Miami, and Seattle.

DAE’s approximately 700-aircraft fleet, including more than 100 aircraft under management, is valued at $25 billion as of 31st March 2026. Through its Aircraft Investor Services (AIS) group, DAE acts as servicer in seventeen servicing and management agreements for institutional and financial investors, including seven structured aircraft portfolio transactions.

Neuberger Specialty Finance is the Asset Based Finance arm of Neuberger, a private, independent, and employee-owned investment manager, which manages $567 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals.

Firoz Tarapore, Chief Executive Officer of DAE, said that collaborating with Neuberger will allow DAE to expand its offering at a greater scale and support its ambition to continue growing the AIS offering.

"We look forward to deploying our industry-leading franchise in search of opportunistic investments on behalf of Neuberger Specialty Finance and the funds it manages," he said.

Sean Hinze, Managing Director at Neuberger Specialty Finance, said: “Launching Mustang with DAE is an exciting opportunity to reignite our partnership and expand it into a scaled, durable franchise within Neuberger’s Asset Based Finance platform. We’re thrilled to combine DAE’s world-class aircraft management capabilities with our flexible capital and structuring expertise to build a long-term leasing franchise that can serve airline customers globally.”

Concurrently, Mustang announced on Monday that it has signed an agreement with Goldman Sachs, Mizuho, BNP Paribas, MUFG, Société Générale, and Truist to provide committed warehouse financing to support the growth of the co-investment vehicle.