Volotea — Other · €50M

First tranche of a capital reinforcement plan of up to €100M: Aegean Airlines put in €25M through a convertible profit-participating loan (for 13% of the airline, rising to as much as 21% if a second €25M tranche converted), matched by €25M from existing shareholders including US fund PAR Capital and the founders' and management vehicle Alaeo. The deal came with a commercial alliance (code-share and cross-selling, notably on Greek regional routes); separately, Volotea had drawn a €200M state participative loan from Spain's SEPI solvency fund in June 2022, which is not counted here as a venture round.