Private equity backers RRJ Capital and Rhône Group could see their positions in Vista Global converted into listed equity, as the private aviation group weighs a European IPO, says Bloomberg. A consortium led by RRJ Capital agreed to invest $600m in the group last year, joining existing backer Rhône Group. That investment came through convertible preference shares, which turn into ordinary stock once Vista lists.

An IPO would therefore convert the consortium’s preferred position into tradable equity, handing its backers a clearer route to realising value on the holding. Vista is reportedly working with Bank of America, UBS, and Uni Credit on the potential offering, and has weighed listing venues including Milan and Zurich, according to sources cited by Bloomberg. Deliberations remain ongoing, and details such as size and timing could still change.

The company confirmed it was reviewing its position. A spokesperson said Vista had engaged a group of advisers and was assessing options, “including a potential European listing.” Founded by Thomas Flohr in 2004, Vista runs a subscription-based model under which members book flights across its fleet, with non-stop journeys ranging from 30 minutes to 17 hours. Leona Qi, president of Vista Jet US, told Bloomberg Businessweek this month that demand for private jets is growing, adding that customers increasingly treat the service as a management tool for “productivity and mobility” and less as a luxury flex.