Morgan Stanley PE Secondaries, Clairvest Invest in Top Aces 

Morgan Stanley Private Equity Secondaries and Clairvest Group have made a growth equity investment in Top Aces, a Dorval, Quebec-based provider of advanced airborne training. 

The investment was made in conjunction with Top Aces’ other shareholders, including global investment group Caisse de Dépôt et Placement du Québec (CDPQ). 

Top Aces provides adversary air (ADAIR) and joint terminal attack controller (JTAC) training to the armed forces of the US, Canada, Germany and other NATO allies. It operates out of 11 bases in four countries. The company has a fleet of commercially operated fighter aircraft and is a commercial owner/operator of the F-16. Top Aces has more than 500 employees including 70 fighter pilots. 

Toronto-based Clairvest and CDPQ led a $100 million financing round of Top Aces to support the company’s expansion and acquisitions in 2019. Clairvest invests its own capital and that of third parties through its Clairvest Equity Partners funds in owner-led middle-market businesses. 

Morgan Stanley Private Equity Secondaries is the investment arm of Morgan Stanley Investment Management. The firm had $1.4 trillion in assets as of the end of March. 

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