The four bidders shortlisted by Virgin Australia’s appointed administrator Deloitte include a mix of Australian and foreign-based players and some with greater aviation focus than others.

Virgin Australia and its administrator Deloitte have shortlisted four parties who could end up being the new owners of Australia’s second major carrier.
Here’s what we know about them and how they may run an airline if they carry through and win the bid.
Final bids are due on June 12.
Bain Capital
Boston-based Bain Capital is one of the world’s leading private investment firms with about $US105 billion ($163 billion) in assets under management.
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It was founded in 1984 and has 19 offices worldwide and about 240 investment managers investing in areas including healthcare, retail, financial and business services, industrials, technology, and media and telecommunications.
It brings in local aviation experience with the assistance of former Jetstar CEO Jayne Hrdlicka, who has also previously worked at Bain’s consulting arm.
Bain played key roles in several airline restructurings including Atlas Air and it currently has a cruise ship joint venture with the Virgin Group called Virgin Voyages.
The firm has been an active investor in Australia for a few decades and manages money for the Future Fund.
Bain Capital brings in local aviation experience with the assistance of former Jetstar CEO Jayne Hrdlicka.(AAP: Tracey Nearmy)
BGH Capital
Melbourne-based BGH Capital, headed by Ben Gray, is a $2.6 billion fund and one of the largest private equity funds that is focused on Australia and New Zealand.
It has reportedly been bidding for Virgin with the backing of Australia’s $170 billion superannuation fund, Australian Super.
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Established in 2017, BGH’s founding partners have extensive investment experience.
Mr Gray and Simon Harle established and led the Australian and New Zealand private equity team at TPG Capital, while Robin Bishop was previously the head of Macquarie Group’s investment banking business in Australia.
In 2006, when Mr Gray was at TPG Capital, it and Macquarie jointly launched a failed takeover bid for Qantas.
According to the AFR newspaper, Melbourne law firm Arnold Bloch Leibler is advising BGH on the deal.
RMIT University senior lecturer in management Warren Staples said BGH also potentially has the backing of Temasek, Singapore’s sovereign wealth fund and primary shareholder in Singapore Airlines.
“Partnering again with Singapore Airlines is eerily reminiscent of the circumstances of both Ansett and Virgin, and transparency around the sharing of revenues between Singapore and the new Virgin 2.0 carrier would be crucial to any long-term viability,” Dr Staples said.
Ben Gray is a founding partner of BGH Capital.
Indigo Partners
Phoenix-based Indigo Partners is a private equity firm with a focus on aviation.
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It was co-founded by Bill Franke and has set up a number of ultra-low-cost airlines around the world.
It has interests in airlines such as America’s Frontier Airlines, Chilean low-cost JetSmart and European low-cost carrier Wizz Air. Mr Franke is their chairman.
Dr Staples said the fact that Indigo Partners mainly invests in low-cost carriers means they may run Australia’s second airline in that way.
“It will be more of a return to Virgin Blue, focused on cherrypicking highly profitable routes,” he said.
“The dilemma here is that this won’t result in the high levels of service that people in regional areas have come to expect.”
Phoenix-based Indigo Partners is a private equity firm with a focus on investing in low-cost airline carriers.(Unsplash)
Cyprus Capital Partners
New York-based investment advisory firm Cyrus Capital Partners was established by Stephen Freidheim in 1999.
The fund became independently-owned in 2005 and now manages about $US4 billion ($6.2 billion) in investments globally.
Mr Freidheim has served on several corporate boards, including that of the airline Virgin America.
His firm was one of the original backers in Virgin America when Sir Richard Branson established the airline.
Cyrus Capital Partners was one of the original backers in Virgin America when Sir Richard Branson established the airline.(ABC News)
Cyrus Capital Partners was the only bidder to emerge as a surprise after weeks of media speculation about who could step in to take over Virgin Australia.