# United Airlines Ventures

United Airlines Ventures is a Venture Capital based in Chicago, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 233 S. Wacker Drive, Chicago, IL 60606
- **Founded:** 2021
- **Assets under management:** 3403 (Altss estimate)
- **Website:** united.com
- **LinkedIn:** https://www.linkedin.com/company/united-airlines-ventures

## Regulatory record

- **CRD number:** 326636
- **SEC file number:** 802-128025
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/326636

## About

United Airlines Ventures was established in 2021 as the dedicated investment vehicle for United Airlines. Michael Leskinen serves as its president while holding the CFO title at the parent airline. The structure channels corporate balance-sheet capital into technologies that support flight operations and emissions reduction. Deployment centers on aerospace hardware, sustainable fuels, and energy storage. Confirmed holdings include Heart Aerospace, ZeroAvia, Boom Supersonic, JetZero, and 1PointFive. The Sustainable Flight Fund has committed capital alongside Air Canada, GE Aerospace, Honeywell, and Google. Activity spans the United States, Sweden, and Canada with a focus on seed through growth rounds and select co-investments. The team occupies headquarters space in Willis Tower, Chicago. United Airlines Foundation operates as the adjacent philanthropic vehicle with annual giving near $584K directed to climate and community programs. September 2025: Leskinen spoke at the Morgan Stanley Laguna Conference on portfolio strategy and AI applications in travel. The vehicle operates as an internal corporate unit rather than an independent fund. Decision rights rest with airline leadership, and investment theses align directly with United's fleet, fuel, and operational requirements.

## Sectors

- Aerospace
- ClimateTech
- Renewable Energy

## People

- Michael Leskinen — President
- Andrew Chang — Managing Director and Head

## Questions

### Who runs investment decisions at United Airlines Ventures?

Michael Leskinen serves as president while also acting as CFO of United Airlines. Andrew Chang holds the role of managing director and head of the unit.

### Does United Airlines Ventures participate in fund commitments or only direct deals?

The unit executes direct equity investments and takes ownership stakes in startups. It also anchors its own $200M Sustainable Flight Fund vehicle.

### What investment stages does United Airlines Ventures typically target?

Activity covers seed, startup, and expansion rounds. Holdings include both early-stage aerospace companies and later-stage climate technology businesses.

### Which sectors does United Airlines Ventures explicitly prioritize?

Primary focus areas are aerospace hardware, sustainable aviation fuel, and energy storage. Portfolio companies operate in these verticals across North America and Europe.

### How is United Airlines Ventures related to the parent airline?

It functions as an internal corporate venture arm. Capital originates from United Airlines balance sheet and investment mandates align with airline operational needs.

### What is United Airlines Ventures posture on co-investments alongside external partners?

The Sustainable Flight Fund was formed with anchor commitments from Air Canada, GE Aerospace, Honeywell, and Google. Direct holdings frequently involve board participation with these co-investors.

## Related profiles

- [Norfund](https://altss.com/profile/norfund)
- [Alberta Special Forces Pension Plan](https://altss.com/profile/alberta-special-forces-pension-plan-sfpp)

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Last updated: 2026-06-03T20:00:00.000Z

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