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Certares Has Put About $2.3 Billion Into European and UK Rail, Founder Says
Private equity firm Certares has committed roughly $2.3 billion to rail across Europe and Britain, with its founder betting that government limits on short-haul flying will push more travelers onto trains. Greg O'Hara said the firm owns the challenger to SNCF in French high-speed rail.
O'Hara, Certares' founder and senior managing director, outlined the strategy during a panel on where transatlantic travel capital is heading, held at a travel investment summit in Dublin on Thursday, October 15, 2026. He joined by video from the Italian offices of train manufacturer Hitachi; he lives in Milan.
The thesis rests on regulation. France already prohibits domestic flights on routes where a direct rail journey takes less than 2.5 hours, with certain connecting services exempt. O'Hara expects other European governments to adopt comparable rules, telling the panel that trains appeal to his firm precisely because lawmakers are moving to bar flying over short distances.
In France, Certares is positioning itself as a rival to incumbent operator SNCF in high-speed rail, according to O'Hara, who described owning the challenger railway as the core of the plan. Ferrovie dello Stato, the Italian state railway group, is named as a partner in the venture.
His comments point to a broader effort to win over American visitors, for whom rail in Europe has long been a hard sell. Climate considerations, marketing and competition are among the factors that could shift that pattern, per the discussion.
The roughly $2.3 billion Certares has invested spans European and UK rail assets, O'Hara said.