Private jets in the corporate world?
Out of curiosity, does anyone know if any bank, consulting firm, PE firm, real estate firm, etc owns a private jet?
Who is usually allowed to fly on it? Partners/MDs? Or do you have to be a C-level?
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Employment agreements often make mention of access to the corporate jet for certain executives, directors, C-suites, even major investors. Sometimes the agreement breaks the access down into hours [say 120 hours in any set fiscal year] or sometimes it's broader as in a number of set days.
If the company is public, you can check out SEC filings, as employment agreements are often publicly filed in 8-K's or proxy documents.
A few years back, some hospitality or hotel union was fighting with Leonard Green & Partners regarding the apparent excessive use of the company jets by managers to use it to travel for vacation.
I worked at a $1-2bl AUM fund who had access to a PJ through Delta's PJ program which essentially operates in a timeshare like model where you get X hours per year. It was only used in select situations where a group of individuals needed to get to multiple operating sites (typically somewhat remote from major metro areas) in an abbreviated period. It wasn't a perk for one of the senior guys to enjoy and take on vacations with the family.
I don't know of any of my friends in the MM world at funds that directly own a jet and I feel like it's probably pretty rare in the PE world. Most do either willingly charter flights when needed or have access to a similar program like I mentioned.
Summit Partners has a company jet
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