Orlando, Florida

BLACKSTONE Group LP, vying with financiers including Citigroup Inc, is starting a new fund to provide loans for a luxury-jet market projected to reach US$280 billion over the next decade.

The fund's creation adds Blackstone, the world's largest alternative-asset manager, to a growing roster of lenders taking advantage of a business-aviation rally. The fund says it will be able to finance as much as US$2.5 billion in plane purchases and will focus on the biggest models costing US$30 million or more.