On the eve of the presidential inauguration, an unlikely alliance is forming between a private equity investor and a billionaire billionaire who is pushing to make private planes a reality.
This alliance could change how you fly private.
And if it succeeds, you can get to the next presidential election in less than four years.
Read more: The private jet business is boomingIn the meantime, some are trying to figure out how to make flying private a reality again.
A New York-based investor has joined forces with billionaire investor Robert Mercer to launch the PrivatejetNow program, which has raised more than $5 million and aims to turn private planes into “cabin-style luxury jetliners” that offer “comfortable cabin access, unparalleled safety and superior value for customers.”
It’s also trying to change the way Americans pay for air travel.
Read More: Why are private jets so expensive?
The new partnership, which will begin this week, has attracted the backing of two other investors, the New York Times and The Wall Street Journal, as well as private equity firm Andreessen Horowitz.
The two companies have agreed to invest in a startup to design and develop a new private jet.
PrivatejetNow hopes to launch a new version of the Private Jet to be built in partnership with the company it has teamed up with, according to a statement from its founder, Jason D’Aloisio, in which he says the new Private Jet will be “the future of air travel.”
Privatejet is a private aircraft startup, according the statement, which says that the company is aiming to create a “faster, cheaper and more affordable private jet that is focused on passenger comfort and security.”
D’Alessio says that “the new PrivateJet will deliver a world class private jet experience that will rival the comfort and luxury of a jet seat.”
In a press release, D’Anoisio said that the PrivateJetNow program is a way for a few investors to work together to develop and bring to market a private airplane that would “serve the needs of our global clientele.”
D’Amoreio, who has previously worked for a number of investment firms, including Blackstone and Cerberus Capital Management, said that his group, called Privatejet Now, has partnered with the Mercer family, whose investment firm is one of the biggest private equity investors in the world.
Private JetNow plans to launch its Private Jet on its own dime, he says, without having to make investments in the private jet companies.
“Private jet companies are built around the need for quick delivery of the aircraft that meet our clients needs.
This makes the need to invest on their behalf a critical factor,” D’Antoisio wrote.
“The idea of having private jets for sale to our customers to purchase is also a viable investment for our business, and the investment we will make is a return on our investment.”
The announcement comes a week after private jet billionaire Robert Mercer announced plans to give away an estimated $1.4 billion worth of his company’s shares in the first quarter of 2018, in the hope of raising $1 billion to build private jets.
Mercer is an outspoken advocate for private planes, and his new venture, which he plans to call Privatejet.
Now, private jet investors like Mercer and D’Agostino are hoping to get behind the Private jet program, and they want to do it in partnership.
“If private jet is the future of airline travel, then Private JetNow is a great way to bring it to life,” Mercer said in a press statement.
“We are thrilled to partner with Private Jet Now, a private venture company, and we believe this innovative venture can help us bring private jet to market.”
The private jet program is part of a broader effort to change how Americans pay air travel, according an article in Fortune, an online business publication that is devoted to technology and business.
The magazine found that in 2015, people spent $1,400 per person on private flights compared with $1 the year before, and that by 2020, private flights would cost Americans $3,400 more per person than in 2015.
Mercer’s group is one member of a group of private companies that are seeking to build a private plane that would fly for less.
In addition to Mercer, the private plane companies backing Private Jet are Robert and Anna D’Amico, the family of a billionaire who founded an investment firm called Blackstone.
The D’amicos are a major financial backer of Mercer’s New York City hedge fund, the Mercer Family Fund, according a profile of Mercer in Fortune.
The Mercer family’s investment in Private Jet now includes the D’Armeis, and private jet firms like Private Jet have long relied on the family for funding.
In a 2013 interview with Business Insider, Mercer said he had to make several big investments, but only one of those was a direct investment in a private company.
The investment is part a broader plan by the Mercer and Mercer family to change