Flexjet, the world’s second-largest private jet company, has been valued at around $4bn (£2.9bn) after securing £800m in new funding.

The US firm’s latest funding round has been led by private equity giant L Catterton – which itself is backed by luxury group LVMH.

Other backers of the round include KSL Capital Partners and J. Safra Group.

Flexjet was advised by Jefferies, Morgan Stanley and Goldman Sachs, according to the FT.

When contacted for comment by City AM, Flexjet’s representatives said a statement would be issued later today.

Flexjet is chaired by American aviation entrepreneur Kenn Ricci, the principal of Directional Aviation Capital.

The company is headquartered in the USA, was founded in 1995 and owns and operates more than 270 aircraft and 19 helicopters globally.

Flexjet has operated its shared ownership and access programmes in the UK and Europe, under the banner of Red Label by Flexjet, since 2021.

Its European fleet includes the Gulfstream G650, Praetor 600 and the Sikorsky S-76 helicopter.