Doric Nimrod Air One launched back in 2010. The idea behind the aircraft-leasing fund was to buy an Airbus A380 and lease it to Emirates for an initial term of 12 years. That lease and the resulting lease payments would help fund a wedge of debt (initially $122m) plus equity that paid a dividend of 9p a year.
At the end of the lease it was reasonable to assume the plane might undergo some renewal and then be leased out again. Aircraft-leasing funds seemed compelling options for specialist income investors. Doric Nimrod Two and Three duly followed, with the same structure but more aircraft. Amadeo Air Four Plus was a similar fund with a slightly different structure and different planes.
