AIP Capital has announced the closing of an LP investment in a VIG Partners fund which holds a control investment in Korean low-cost carrier, Eastar Jet, and placement of five new Boeing 737 MAX 8 aircraft.

Two aircraft delivered to Eastar Jet in August with one more scheduled for September and a final two in Q3 2024.

This investment and aircraft placement follows the recent joint-venture announcement with Dreamstone Aviation Partners. 

Established in 2007, Eastar Jet is a low-cost airline based in Seoul, South Korea. The airline is currently flying three daily flights between Gimpo International Airport (GMP) in Seoul and Jeju International Airport (CJU).

Eastar Jet was recently acquired by the South Korean-based private equity fund VIG Partners which will see the airline expand its scale and presence in the region.

AIP’s 737 MAX 8 aircraft will form the core of the international network and fly from Seoul (GMP and ICN) to Tokyo, Osaka, Bangkok, and Taipei initially.