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Directional Aviation
Directional Aviation, founded by Kenneth Ricci and Richard Santulli, invests across private credit, infrastructure, and real estate with aviation focus.
Directional Aviation
Directional Aviation was founded in 2002 by Kenneth Ricci and Richard Santulli, who each built independent aviation empires before joining forces. Ricci previously founded Flight Options and multiple aircraft leasing companies; Santulli started NetJets, which he sold to Berkshire Hathaway in 1998 for $725 million. The firm operates as a single-family office based in Cleveland with an additional office in New York. The firm's strategy spans private credit, infrastructure, and real estate, with a heavy emphasis on aviation-related assets. Known investments include aircraft leasing, airport infrastructure, and maintenance facilities. Directional Aviation targets direct deals and co-investments, often partnering with institutional lenders or operators. Geographic focus includes North America and select European markets. Directional Aviation maintains a lean team and has not disclosed total assets or number of professionals. The firm has been active in private credit transactions providing capital to aviation companies, including a reported $200 million deal in 2023. It operates no separately named philanthropic foundation or adjacent vehicles in public records. A structural differentiator is the firm's deep aviation expertise combined with flexible capital—it can act as both a debt provider and an equity investor in the same asset class. This hybrid posture lets Directional Aviation take complex positions that pure credit funds or pure equity funds avoid.
General information
Firm type
Single Family Office
Year founded
2002
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Cleveland
Corporate office
Cleveland, OH, United States
Additional offices
New York, NY, United States
Principals
Kenneth Ricci
Principal
Richard Santulli
Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at Directional Aviation?
Kenneth Ricci serves as principal, overseeing all investment decisions. Richard Santulli co-founded the firm but his current role is advisory. Both have deep aviation industry backgrounds—Ricci through his aircraft leasing companies, Santulli through NetJets (per public record).
How does Directional Aviation source proprietary deal flow?
The firm leverages the co-founders' aviation industry networks to source direct deals, particularly in aircraft leasing, airport infrastructure, and maintenance facilities. Ricci and Santulli maintain relationships with aircraft manufacturers, airlines, and private equity firms (per public record).
Is Directional Aviation structured as a single family office or does it operate more like a venture firm?
Directional Aviation is a single-family office managing the wealth of Kenneth Ricci and Richard Santulli. It operates with a lean team and does not raise external capital. Its mandate is flexible—it can deploy capital as debt or equity primarily in aviation and related sectors.
Does Directional Aviation participate in fund commitments or only direct deals?
Directional Aviation primarily makes direct investments and co-investments rather than committing to third-party funds. It has been active in private credit transactions providing capital to aviation companies, and it may partner with institutional lenders on larger deals.
What investment stages does Directional Aviation typically target?
Directional Aviation targets middle-market companies and assets in aviation and aviation-adjacent sectors. It invests across the capital stack—both debt (private credit) and equity—and typically prefers established companies with cash flows rather than startups.
Where does the underlying wealth come from?
The underlying wealth originates from Santulli's sale of NetJets to Berkshire Hathaway in 1998 and Ricci's successful aircraft leasing and management companies. Both men built their fortunes in the private aviation industry (per public record).
Does Directional Aviation maintain philanthropic structures, and how are they separated?
Directional Aviation as a firm does not publicly disclose a philanthropic foundation. Ricci and Santulli likely have personal charitable vehicles, but no formal family foundation is associated with the firm in public records.
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