Novus and SMTB Launch Third Ortus Aircraft Leasing Fund Ortus III

This article is based on an official press release from Novus Aviation Capital.

On May 11, 2026, Novus Aviation Capital and Sumitomo Mitsui Trust Bank (SMTB) officially announced the launch of their third co-sponsored operating lease fund, the Ortus Aircraft Leasing Fund, L.P. III (Ortus III). The new fund is strategically focused on acquiring commercial aircraft manufactured by Airbus and Boeing, which will subsequently be placed on operating leases with airlines globally.

This latest iteration of the Ortus platform marks a significant geographic expansion for the partnership. While the first two funds were marketed exclusively to institutional investors in Japan, Ortus III is broadening its fundraising footprint. According to the official press release, the new fund will be offered to investors across Asia-Pacific and the Middle-East, aiming to capture the region’s escalating demand for alternative, asset-backed investment opportunities.

The launch of Ortus III arrives at a critical juncture for the global aviation industry. As passenger traffic continues its robust post-pandemic resurgence, airlines are grappling with severe aircraft shortages. With major manufacturers facing historic production backlogs, the leasing market has become an indispensable resource for operators seeking flexible capacity and financing solutions.

The Evolution of the Ortus Platform

A Decade-Long Partnership

The introduction of Ortus III underscores a ten-year collaborative relationship between Novus Aviation Capital, an independent aircraft leasing and financing platform, and SMTB, Japan’s largest trust bank. Industry data indicates that the inaugural fund, Ortus I, was established in June 2016 with a target size of $200 million. This was followed by Ortus II in 2019, which launched with a similar initial target but was highly successful, ultimately raising close to $300 million before the close of that year.

In the company’s press release, Takeru Mifune, Head of the Asset Finance Team at SMTB, highlighted the durability of the joint venture through recent global disruptions.

“We are pleased that we have successfully launched our third aircraft leasing fund in partnership with Novus. This achievement represents another significant milestone in our decade-long collaboration. Despite the unprecedented challenges posed by the COVID 19 pandemic, our existing funds have demonstrated the strength and resilience of our partnership, while underscoring Novus’s exceptional management capabilities throughout the period.”

Geographic Expansion and Investor Appetite

The decision to expand the fund’s reach beyond Japan reflects broader macroeconomic trends. By targeting the wider Asian and Middle Eastern markets, Novus and SMTB are tapping into emerging wealth hubs that show a growing appetite for aviation-backed alternative investments. George Ai, Head of Asia and Capital Formation for Novus, noted in the release that the renewed collaboration signals a shared confidence in the aviation sector’s long-term viability.

“After a period of pause driven by the impact of COVID, this renewed collaboration reflects our shared confidence in the long term resilience of the aviation sector. With investor interest in asset backed strategies continuing to strengthen, this new fund reinforces our commitment to meeting the industry’s evolving financing needs while delivering stable, attractive returns for our investors.”

Market Dynamics Driving Leasing Demand

OEM Backlogs and Supply Chain Constraints

A primary catalyst for the current aircraft leasing boom is the inability of Original Equipment Manufacturers (OEMs) to deliver new aircraft at the pace required by global airlines. According to March 2026 commercial aircraft order and delivery reports from Forecast International, Airbus currently holds a backlog of 9,031 commercial aircraft, representing approximately 10.4 years of production coverage. Boeing’s backlog stands at roughly 6,719 aircraft, equating to about 10.1 years of production.

These record-high backlogs are further compounded by severe supply chain disruptions and ongoing engine supply issues, such as Pratt & Whitney GTF inspections and wiring defects. Because airlines cannot easily acquire new aircraft directly from manufacturers in the near term, they are increasingly reliant on leasing companies to secure the necessary fleet capacity to meet surging passenger demand.

Leasing Market Growth Projections

As airlines shift toward asset-light business models to manage capital expenditures, the leasing sector’s valuation is climbing rapidly. Market research from Global Market Insights and Research and Markets estimates the global aircraft leasing market was valued between $187 billion and $197 billion in the 2024/2025 period. Driven by the need for fleet modernization and flexible capital management, the market is projected to reach between $320 billion and $354 billion by 2030, expanding at a compound annual growth rate (CAGR) of roughly 8% to 11.8%.

AirPro News analysis

We view the launch of Ortus III as a highly strategic maneuver that capitalizes on a unique bottleneck in commercial aviation. The reality of a 10-plus-year production backlog at both Airbus and Boeing means that airlines have virtually no choice but to turn to lessors if they want to expand or modernize their fleets before the mid-2030s. Furthermore, the geographic pivot from a Japan-exclusive investor base to the broader Middle East and Asia is a shrewd acknowledgment of where current institutional liquidity resides. The Middle East, in particular, is heavily investing in aviation infrastructure and asset-backed alternatives, making it fertile ground for a fund like Ortus III. Ultimately, the fact that Novus and SMTB are launching this third fund after a pandemic-induced pause serves as a strong indicator that institutional confidence in commercial aviation has fully rebounded.

Frequently Asked Questions

What is the Ortus III fund?

The Ortus Aircraft Leasing Fund, L.P. III (Ortus III) is an operating lease fund co-sponsored by Novus Aviation Capital and Sumitomo Mitsui Trust Bank (SMTB). It focuses on acquiring Airbus and Boeing commercial aircraft to lease to airlines worldwide.

Why is the aircraft leasing market growing so quickly?

The market is expanding due to a combination of surging post-pandemic travel demand and severe supply chain bottlenecks at major manufacturers. With Airbus and Boeing facing production backlogs of over 10 years, airlines must rely on leasing companies to acquire the aircraft they need today.

How does Ortus III differ from previous Ortus funds?

While Ortus I (launched in 2016) and Ortus II (launched in 2019) were marketed exclusively to institutional investors in Japan, Ortus III is expanding its fundraising efforts across the broader Asian and Middle Eastern markets.

Sources

• Novus Aviation Capital Official Press Release