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Ernesto Bertarelli reports indirect MAIR stakes via LPs on Form 3

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

Madison Air Solutions Corp insider filing shows initial indirect holdings. Ernesto Bertarelli reports beneficial ownership of Class A Common Stock held through two investment limited partnerships. The filing lists 7,224,073 shares held by Kedge Capital Principal Opportunities V, LP and 37,616,998 shares held by K.C. Armada, LP. Mr. Bertarelli disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.

Positive

  • None.

Negative

  • None.
Insider BERTARELLI ERNESTO
Role null
Type Security Shares Price Value
holding Class A Common Stock -- -- --
holding Class A Common Stock -- -- --
Holdings After Transaction: Class A Common Stock — 37,616,998 shares (Indirect, By K.C. Armada, LP)
Footnotes (1)
  1. Represents securities held by K.C. Armada, LP, which may be deemed to be beneficially owned by Ernesto Bertarelli. Mr. Bertarelli disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein. Represents securities held by Kedge Capital Principal Opportunities V, LP, which may be deemed to be beneficially owned by Mr. Bertarelli. Mr. Bertarelli disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.
Indirect holdings via Kedge Capital 7,224,073 shares Class A Common Stock held by Kedge Capital Principal Opportunities V, LP
Indirect holdings via K.C. Armada 37,616,998 shares Class A Common Stock held by K.C. Armada, LP
Reported holding entries 2 entries Transaction summary shows two holding entries and no buys or sells
Net buy/sell shares 0 shares Transaction summary netBuySellShares for this Form 3
beneficial ownership financial
"which may be deemed to be beneficially owned by Ernesto Bertarelli"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
pecuniary interest financial
"disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein"
indirect financial
""ownership_type": "indirect""
Class A Common Stock financial
""security_title": "Class A Common Stock""
Class A common stock is a category of a company’s shares that carries a specific set of ownership rights—most commonly defined voting power and claims on dividends—set out in the company’s charter. For investors it matters because the class determines how much influence you have over corporate decisions, the share’s likely dividend and trading behavior, and how it compares in value to other share classes, like choosing a particular seat with different privileges at the company’s decision-making table.
Understanding Insider Trading Forms →
SEC Form 3
FORM 3UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0104
Estimated average burden
hours per response:0.5
1. Name and Address of Reporting Person*
BERTARELLI ERNESTO
(Last)(First)(Middle)
C/O AVENUE GIUSEPPE MOTTA 31-33
PO BOX 145
(Street)
GENEVASWITZERLANDCH-1211
(City)(State)(Zip)
SWITZERLAND
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
04/16/2026		3. Issuer Name and Ticker or Trading Symbol
Madison Air Solutions Corp [ MAIR ]
3a. Foreign Trading Symbol
5. If Amendment, Date of Original Filed (Month/Day/Year)
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
DirectorX10% Owner
Officer (give title below)Other (specify below)
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock37,616,998IBy K.C. Armada, LP(1)
Class A Common Stock7,224,073IBy Kedge Capital Principal Opportunities V, LP(2)
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4) 2. Date Exercisable and Expiration Date (Month/Day/Year)3. Title and Amount of Securities Underlying Derivative Security (Instr. 4) 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 6. Nature of Indirect Beneficial Ownership (Instr. 5)
Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Represents securities held by K.C. Armada, LP, which may be deemed to be beneficially owned by Ernesto Bertarelli. Mr. Bertarelli disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.
2. Represents securities held by Kedge Capital Principal Opportunities V, LP, which may be deemed to be beneficially owned by Mr. Bertarelli. Mr. Bertarelli disclaims beneficial ownership of such securities, except to the extent of his pecuniary interest therein.
Remarks:
Exhibit 24.1 - Power of Attorney
/s/ Edward Patrick Butler, as attorney-in-fact for Ernesto Bertarelli05/01/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What does Ernesto Bertarelli’s Form 3 for Madison Air Solutions (MAIR) report?

The Form 3 reports Ernesto Bertarelli’s indirect beneficial ownership of Madison Air Solutions Class A Common Stock. Shares are held through Kedge Capital Principal Opportunities V, LP and K.C. Armada, LP, with Bertarelli disclaiming beneficial ownership except for his pecuniary interest.

How many Madison Air Solutions (MAIR) shares are held by Kedge Capital Principal Opportunities V, LP?

Kedge Capital Principal Opportunities V, LP holds 7,224,073 shares of Madison Air Solutions Class A Common Stock. These shares may be deemed beneficially owned by Ernesto Bertarelli, who disclaims beneficial ownership except to the extent of his pecuniary interest in that entity.

How many Madison Air Solutions (MAIR) shares are held by K.C. Armada, LP?

K.C. Armada, LP holds 37,616,998 shares of Madison Air Solutions Class A Common Stock. These securities may be deemed beneficially owned by Ernesto Bertarelli, though he disclaims beneficial ownership except for the portion corresponding to his pecuniary interest.

Are there any buy or sell transactions in Ernesto Bertarelli’s Form 3 for MAIR?

No buy or sell transactions are reported in this Form 3. The entries are characterized as holdings, with transaction codes unknown and zero shares recorded as bought or sold in the transaction summary, indicating an initial ownership report rather than trading activity.

What does it mean that Ernesto Bertarelli disclaims beneficial ownership in the MAIR filing?

Disclaiming beneficial ownership means Bertarelli states he should not be treated as full beneficial owner of the LP-held shares, beyond his economic, or pecuniary, interest. The securities are held by K.C. Armada, LP and Kedge Capital Principal Opportunities V, LP, which are the direct owners.