In 2005 its real estate group generated 36% of the company's net revenue. This division made investments on behalf of the company itself, and also of property-focused managed funds that it had organised. It had considerable success in property investments in Japan and Germany. In infrastructure and project finance, an area in which Macquarie Bank is probably best known in Australia, Babcock & Brown LP emerged as a significant investor in a range of power, transport, water and public-private partnerships (PPPs). Starting out in England with PPP projects, this part of B\Babcock & Brown LP's business generated 24% of the company's net revenue. In 2004 it established Prime Infrastructure, an ASX listed infrastructure fund containing coal distribution and related assets. It also had an operating leasing business (Babcock & Brown Aircraft Management), listed in NY under the ticker symbol FLY, which generated 24% of net revenue and managed around 300 leased commercial jets for airline clients, in a portfolio worth approximately US$8.1 billion on 1 June 2008, one of the largest portfolios of commercial jets in the world. FLY did not appear to have been materially affected by the problems at B&B. Babcock and Brown Air changed its name to FLY Leasing in February 2010. The senior management of FLY Leasing's manager (Babcock and Brown Aircraft Management) completed a MBO of Babcock and Brown's aircraft leasing business in April 2010. The company was renamed BBAM LLC. In 2017, BBAM was the seventh largest aircraft leasing company in the world, managing a fleet of 390 aircraft. Babcock & Brown LP's "bread and butter" business was its role as a financial adviser in structured finance, including leases, debt placement for large leases, hedging, and securitisation. It focused on businesses looking to lease equipment essential to their business in the most tax-effective and low cost way possible. Babcock & Brown LP was one of the world's leading financial advisers. It was considered the market leader in the United States and the United Kingdom in this area. The structured finance advisory business generated 23% of the company's net revenue. The company had a highly successful listing on the Australian Stock Exchange in 2004 where it raised over $550 million in new capital. By 2009, though, the company became a high-profile victim of the credit crunch. Nevertheless, some aspects of Babcock & Brown LP's business, particularly the infrastructure related activities were well-founded and have re-emerged from the collapse.