Key Takeaways
- • Altérra partnered with Thoma Bravo to co-invest $50 million in Jeppesen ForeFlight, a digital aviation tools platform, signaling the UAE-based LP's expansion into structured co-investment vehicles.
- • Thoma Bravo acquired Boeing's Digital Aviation Solutions portfolio (including Jeppesen, ForeFlight, AerData, and OzRunways) for $10.55 billion, with Altérra participating as a minority co-investor in the ForeFlight segment.
- • Altérra is establishing a dedicated co-investment fund structure as part of its "next stage of growth," according to Chairman Sultan Al Jaber, reflecting a shift toward larger-scale institutional deployment across multiple sectors.
- • The partnership demonstrates Thoma Bravo's continued focus on software and digital infrastructure investments, leveraging its acquisition of critical aviation digitalization assets from Boeing.
- • Altérra is simultaneously developing a $1.2 billion climate co-investment vehicle with BBVA, with the Spanish bank committing $250 million, indicating parallel diversification across ESG and climate-focused infrastructure.
Summary
Altérra, the Abu Dhabi-based investment entity, has partnered with Chicago-based private equity firm Thoma Bravo to co-invest $50 million in Jeppesen ForeFlight, a leading provider of digital tools designed to enhance safety and operational efficiency in aviation. This investment represents part of a broader strategic shift at Altérra toward establishing dedicated co-investment fund structures to deploy capital more systematically across institutional-grade opportunities.
The underlying asset originated from Boeing's divestiture of its Digital Aviation Solutions portfolio to Thoma Bravo for $10.55 billion in April 2025. That portfolio encompassed four critical digital aviation platforms: Jeppesen, ForeFlight, AerData, and OzRunways. Altérra's $50 million co-investment in ForeFlight reflects a selective entry into the aviation digitalization segment, leveraging Thoma Bravo's operational expertise and market position in software-driven infrastructure.
According to Altérra Chairman Sultan Al Jaber, the firm is entering the "next stage of growth" by institutionalizing co-investment capacity. This strategic shift complements Altérra's parallel development of a $1.2 billion climate-focused co-investment vehicle established in partnership with BBVA, Spain's largest bank, which has committed $250 million to the vehicle. These parallel initiatives indicate Altérra's intent to scale capital deployment across multiple thematic verticals—aviation digitalization, climate infrastructure, and potentially broader software and digital infrastructure markets.
Thoma Bravo's acquisition and subsequent partnership structure with institutional LPs such as Altérra reflects the firm's established track record of scaling software and digital infrastructure platforms through disciplined operational management. The Boeing aviation asset acquisition represents one of the largest software platform acquisitions in recent years, consolidating mission-critical tools used across commercial and business aviation sectors globally. By structuring co-investment vehicles around this portfolio, Thoma Bravo provides institutional investors like Altérra direct exposure to high-margin, recurring-revenue aviation software platforms without requiring full capital commitment to the parent acquisition.
The co-investment mechanism allows Altérra to participate in specific platform investments at scale while managing portfolio diversification and liquidity profiles—a structural approach increasingly favored by sovereign wealth vehicles and family offices seeking precision deployment of capital into specific digital infrastructure and software assets.
The underlying asset originated from Boeing's divestiture of its Digital Aviation Solutions portfolio to Thoma Bravo for $10.55 billion in April 2025. That portfolio encompassed four critical digital aviation platforms: Jeppesen, ForeFlight, AerData, and OzRunways. Altérra's $50 million co-investment in ForeFlight reflects a selective entry into the aviation digitalization segment, leveraging Thoma Bravo's operational expertise and market position in software-driven infrastructure.
According to Altérra Chairman Sultan Al Jaber, the firm is entering the "next stage of growth" by institutionalizing co-investment capacity. This strategic shift complements Altérra's parallel development of a $1.2 billion climate-focused co-investment vehicle established in partnership with BBVA, Spain's largest bank, which has committed $250 million to the vehicle. These parallel initiatives indicate Altérra's intent to scale capital deployment across multiple thematic verticals—aviation digitalization, climate infrastructure, and potentially broader software and digital infrastructure markets.
Thoma Bravo's acquisition and subsequent partnership structure with institutional LPs such as Altérra reflects the firm's established track record of scaling software and digital infrastructure platforms through disciplined operational management. The Boeing aviation asset acquisition represents one of the largest software platform acquisitions in recent years, consolidating mission-critical tools used across commercial and business aviation sectors globally. By structuring co-investment vehicles around this portfolio, Thoma Bravo provides institutional investors like Altérra direct exposure to high-margin, recurring-revenue aviation software platforms without requiring full capital commitment to the parent acquisition.
The co-investment mechanism allows Altérra to participate in specific platform investments at scale while managing portfolio diversification and liquidity profiles—a structural approach increasingly favored by sovereign wealth vehicles and family offices seeking precision deployment of capital into specific digital infrastructure and software assets.
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