Provide investors with access to long-lived, cash-generating, essential-use transportation and renewable energy assets.

Reliable current income, long-term capital appreciation, uncorrelated to public markets and positively sensitive to rising rates and inflation.


Best-in-class partners with durable, structural edges

Investors benefit from access to high-quality asset servicing with minimal fixed costs. Operating partners gain access to long-dated, non-dilutive and non-threatening capital


Alignment of interests and downside mitigation through creative investment structuring

Focus on governance, operating partner economic participation and appropriate incentive structures to enhance the quality of investors’ returns

Real Assets

Seeking cash generating, essential-use transportation and renewable energy assets, our strategy aims to benefit investors with current cash yield, while preserving capital and maintaining appreciable upside.

Operating Partners

Trinity Industries, Inc.

Railcar Leasing Programs

Leading North American manufacturer and lessor of freight railcars

Air Lease Corp.

Early-life Aircraft Leasing Program

Leading global aircraft lessor

AAR Corp.


Late-life Aircraft Investment Program

Leading independent global provider of aviation parts and services

Heritage Global Partners

Industrial Equipment Liquidation Program

Leading auction, liquidation and asset advisory firm

Ethical Power Group

Renewable Energy Investment Program

Leading provider of construction and management services to the renewable energy industry

Real Assets Senior Investment Team


Manu Rana

Head of Real Assets
Manu Rana joined Citigroup’s alternative investment arm, Citi Capital Advisors (“CCA”), a predecessor to Napier Park Global Capital (“Napier Park”) in 2007. Manu was among the founding partners of Napier Park when it separated from CCA, in February 2013. Prior to joining CCA, Manu was a Managing Director of Old Lane, where he led negotiated investments in financial services businesses. Manu joined Old Lane from Lazard Alternative Investments, where he was a Managing Director of the firm and a Principal of Lazard Technology Partners. At Lazard, Manu was responsible for equity and debt investments in financial- and related business, as well as information services investments. Manu started at Lazard in 1994, initially in its financial institutions investment banking group and, from 2000 on, he worked at Lazard Alternative Investments. Prior to Lazard, Manu was a member of A.T. Kearney’s financial institutions practice. Manu received a BA from Columbia University.

Joseph Lane

Vice Chairman, Chairman of Management Committee
Joe is a Senior Managing Director, Vice Chairman of Napier Park Global Capital, Chairman of the firm’s Management Committee and a Managing Director of the Real Assets strategy.  Joe joined Napier Park in 2015 and has over 40 years of experience in financial services. He has held a number of executive roles in the commercial finance sector, including president and CEO of GATX Capital; CEO of GE Technology Finance; president of IBM Credit Corporation, group executive of IBM Global Financing, and senior vice president of IBM Corporation. Joe currently serves on several corporate and philanthropic boards, and has served on boards in North America, Europe and Asia.

He has been a director, vice chairman and chairman of the Equipment Leasing and Finance Association (ELFA), and a trustee and chairman of the Equipment Leasing and Finance Foundation. In 2015 he was elected by the ELFA to the Equipment Finance Hall of Fame.

 Joe received a Bachelor of Arts degree from Yale University, and is an Associate Fellow of Davenport College at Yale.

Ross Sylvester

Managing Director
Ross joined Napier Park in 2016, based in New York. At Napier Park, Ross focuses on the sourcing, underwriting and structuring of the firm’s Real Assets investments in the transportation and renewable energy sectors. Prior to joining Napier Park, Ross was an investment banker in the Financial Institutions Group at Macquarie Capital, where he focused on the execution of specialty finance mergers & acquisitions and joint venture formations, including Napier Park’s railcar leasing and early-life aircraft investment programs. Ross received a BA in Mathematics and BS in Economics from Duke University.

Christopher Sparrow

Managing Director
Chris joined Napier Park in 2019, based in London, and focuses on its Real Assets investments in the transportation and renewable energy sectors. Previously, Chris was a Vice President at DVB Bank, working in the aviation principal investment team, where he was responsible for origination, underwriting and financing of the funds’ investments in physical aircraft and engine assets, interacting directly with LPs, finance providers and airlines. Prior to joining DVB, Chris was an Equity Research Analyst at Numis Securities, focusing on the aerospace and engineering sectors. Chris received an MPhil from Cambridge University, an MA from Edinburgh University and a Diploma in Physics from The Open University. He also holds an EASA Airline Transport Pilot License with over 2,500 hours on the Airbus 320 family of aircraft.

Lance Davis

Managing Director
Lance joined Napier Park in 2022. Lance was previously Vice President, Finance and Treasurer of Trinity Industries, Inc. During his 31 year career at Trinity, Lance held numerous finance and accounting leadership positions, including heading up Trinity’s capital markets and investor services organization which lead to the development of Napier Park’s railcar leasing investments. Lance’s experience includes over $10 billion of railcar leasing financing transactions. Lance holds a BS in Accounting from Texas A&M University and passed the CPA exam in 1994.