London, 30 April 2026 – Arcus Infrastructure Partners (“Arcus”) is pleased to announce the agreement to acquire c. 74% of TrueNoord (or the “Company”). The acquisition is the second investment for Arcus European Infrastructure Fund 4 SCSp (“AEIF4” or the “Fund”), which successfully reached its €3bn hard cap in December 2025, following a seven-month fundraising period.
Founded in 2016 with offices in Amsterdam, Dublin, London and Singapore, TrueNoord is a leading specialist lessor of regional aircraft, operating predominantly across Europe and North America, while also serving other growing international markets. The Company focuses on the acquisition, leasing and active management of turboprop and regional jet aircraft supporting socially and economically critical medium‑haul connectivity, underpinned by disciplined fleet, credit and technical management.
TrueNoord serves a diversified customer base of commercial, regional and State‑backed airlines, leasing a well‑invested fleet managed by an experienced in‑house team. The fleet comprises approximately 111 aircraft leased to 37 airlines across 25 countries, primarily under long‑term leases of up to 15 years at inception. The business has demonstrated resilience through multiple economic cycles, including the COVID‑19 pandemic, and continues to perform very well amid ongoing macroeconomic and geopolitical volatility, with strong lease renewal dynamics and very high fleet utilisation.
The Company benefits from robust infrastructure characteristics operating in a heavily regulated industry with high capital intensity, predictable cashflows, diversified lessee exposure, and meaningful downside protection. Regional aviation plays a vital social and economic role, providing essential connectivity where alternative transport options are limited. These fundamentals are reinforced by constrained new‑build supply alongside growing demand for asset‑light fleet solutions from airlines, supporting long‑term lease rate stability. The management team are highly experienced and entrepreneurial, having grown the business from a “start-up”, and have a long track record of leasing regional aircraft through their full lifecycle.
TrueNoord has multiple growth avenues, including sale-and-leaseback transactions with airlines, secondary purchases of mid-life aircraft, and a secured new build order book. The platform has established a strong reputation and track record of disciplined growth, risk management and capital optimisation, supported by a best-in-class management team.
From an ESG perspective, TrueNoord aligns well with Arcus’ long‑term sustainable investment strategy. The Company operates a modern, fuel‑efficient fleet, reports Scope 1, 2 and material Scope 3 emissions, and is well positioned to benefit from improved aircraft efficiency and the adoption of sustainable aviation fuel. Arcus will work with management to further strengthen ESG governance and advance a science‑based decarbonisation roadmap.
Michael Allen, Partner and Head of Transport at Arcus, commented: “TrueNoord is an excellent fit with our AEIF4 investment strategy, providing critical connectivity through its specialist regional aircraft portfolio. TrueNoord stood out as a high‑quality aircraft leasing platform combining a strong track record of disciplined growth, risk management and capital optimisation, supported by an experienced management team. TrueNoord benefits from attractive infrastructure characteristics and a differentiated position supported by growing demand for regional aircraft. This is an ideal entry point for Arcus, where we can apply our experience in asset leasing and capital optimisation to support the next phase of the Company’s growth. We look forward to partnering with the TrueNoord management team as the business continues to scale and strengthen its market position.”
Anne-Bart Tieleman, CEO of TrueNoord, said: “We are delighted to welcome Arcus Infrastructure Partners as our new long-term investor to facilitate our growth in the 50-150 seat regional aircraft leasing sector. They are investing in our business development expertise, our knowledgeable and experienced team, as well as our dynamic brand. The whole team at TrueNoord embraces this change and the momentum of our future trajectory.”
The transaction is expected to complete by Q3 2026, subject to certain regulatory and other conditions precedent.
Arcus was advised by PWP (M&A), Freshfields LLP (Legal), Weil, Gotshal & Manges LLP (Legal – Funds counsel), IBA (Commercial), PwC (Financial, Tax), Deloitte (Structuring), and Aon (Insurance).
– End –
About Arcus
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and currently manages €12.5bn of assets (as at 31 December 2025). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors. Further information on Arcus Infrastructure Partners can be found on www.arcusip.com.
For media enquiries
harriet.saywell-lee@arcusip.com | press@arcusip.com
