Industry veteran and ex-Ryanair executive, Howard Millar, seeks to raise US$250 million -- via a London Stock Exchange float -- for his new aircraft leasing business, Sirius Aircraft Leasing Fund (SALF).

SALF will invest the cash from the early November 2018 float to acquire used narrowbody aircraft, mainly A320s and B737s, with leases already attached. SALF is expecting yearly returns of 10% and an annual dividend yield of 8%.

Millar, who is chief executive of SALF's investment advisor Sirius Capital Holdings, plans to take a 1% cut of the fund's net asset value, on top of performance fees.

Joining Millar is former colleagues Edward Coughlan and Edward Hansom, as chief commercial officer and chief investment officer, respectively. Additionally, ex-KPMG executive Patrick O’Brien will join as non-executive director and Kieran Ryan will serve as the chief financial officer.

A prospectus detailing the Guernsey-based fund's plans will be published in October.