In 2023 CAPA - Centre for Aviation (CAPA) published three reports on investors in the airport business by sector - sovereign wealth funds; private equity; and pension funds. Together they form a substantial block of investors into airports, and their numbers continue to grow. The fourth and final report follows, on airline investors.
There are just as many of them, but their overall impact is limited compared to the other groups. In most cases their investment level is low, and they may amount to being as little as a small part of a consortium (for example, in Japan). There is no airline or group that can be considered a significant investor in a major airport or group, with the single exception of Lufthansa, which has equity in Fraport and a share in a terminal at Munich.
Most of the players are 'Full Service Carriers' and alliance members, but they also embrace regional airlines and LCCs. Management at the latter are often keen to let their opinion on airports be known, and to suggest that they could "do things better" without actually making much of an effort to prove it. The Capital A (AirAsia) group is one such entity, which has recently been vocally active on the matter - and not for the first time - but which has yet to put pen to paper. Ryanair did much the same in the past, but has not so much nowadays.
In the immediate future the greatest opportunities will probably come in the US, where the public and private partnership method of airport development has increasingly found favour with airport operators, constructors, and both domestic and foreign airlines at major airports. It stands ready to be repeated at smaller airports throughout the country. This report also contains a brief overview of the regulatory issues connected to such investments in the various world regions.