Virgin said the $745 million deal with asset management firm Apollo would "further strengthen" its balance sheet and fund "continued investment" in its premium customer offering.
This will see Virgin from 2028 refurbish its entire fleet Boeing 787-9 aircraft with the introduction of upgraded interiors and expanded Upper and Premium cabins.
Meanwhile, 10 new Airbus A330neo aircraft will begin to join the Virgin fleet starting from Q3 2026, which will feature expanded Premium cabins and six Retreat suites.
The cash will also allow Virgin to roll out free "streaming quality" Starlink WiFi across its entire fleet.
The deal doesn't affect existing shareholding arrangements in the carrier; Sir Richard Branson's Virgin Group continues to own a 51% controlling share, with Delta Air Lines holding the remaining 49%.
Shai Weiss, Virgin Atlantic's outgoing chief executive, said the agreement was an "important milestone" for the carrier in its efforts to continuing strengthening its balance sheet.
"We’re delighted to partner with Apollo on this transaction, and for their confidence in Virgin Atlantic, as we invest in delivering the best experience in the skies for our guests," he said.
"From flying the youngest fleet across the Atlantic as the first UK airline to have free streaming quality WiFi to introducing larger premium cabins and a full retrofit of our 787 fleet, the best is yet to come."
Apollo partner Ben Eppley added: "This creative, asset-backed structure unlocks important capital investment for Virgin Atlantic, a strong, established brand we believe is well-positioned for continued success with its differentiated offering in aviation."
