Muzinich Aviation Income Fund (mAIR) ("mAIR" or the "Fund") is a continuously offered, non-diversified, closed-end interval fund. The Fund seeks to provide total return primarily consisting of current income. Under normal circumstances, the Fund invests at least 80% of its net assets in aviation-related debt and securities ("Aviation Assets"). The portfolio centers on Aviation-Backed Debt — asset-backed securities, private secured loans, CLOs, and other debt secured by aircraft and engines — and debt issued by special purpose vehicles that own, finance, and lease aircraft ("Leased Aircraft Assets"). Under normal circumstances, the Fund expects to allocate no more than 75% of Managed Assets to Aviation-Backed Debt and no more than 45% to Leased Aircraft Assets, with allocations shifting based on market conditions and opportunity availability. The Fund may also invest in aviation-related corporate debt and in loan participations across the capital structure, including senior secured, junior secured, and mezzanine positions.
The Investment Manager applies bottom-up fundamental research to every investment, with no minimum credit rating requirement. Evaluation criteria include the strength of debt-repayment commitment, anticipated cash flow, and asset coverage, alongside aircraft-specific factors such as type, age, maintenance condition, and loan-to-value levels. Deep, longstanding relationships across airlines, lessors, and manufacturers support sourcing across the capital structure. Positions may be sold when they meet return expectations, no longer offer compelling relative value, or when market conditions support an opportunistic exit.
