Alpha Trains is a rolling stock leasing company operating in the European Union and European Free Trade Association (EFTA) regions of mainland Europe.
It was created as Angel Trains International as a spin-off from the British rolling stock leaser Angel Trains in August 2008; as such, its former continental European assets were reallocated to this newly created entity. In January 2010, the Alpha Trains branding was adopted by the company. Through the 2010s, the company expanded its presence with a series of acquisitions, buying up rolling stock of the Royal Bank of Scotland (RBS) and Société Générale. New-build locomotives and multiple units were also bought in from manufacturers such as Stadler Rail and Alstom, while existing assets were subject to retrofits to improve their capabilities.
Between 2019 and 2021, the ownership of Alpha Trains underwent a series of changes; while the Arcus European Infrastructure Fund and AMP Capital sold their shares to APG, the Public Sector Pension Investment Board also sold its stake to PGGM Infrastructure Fund. By December 2019, Alpha Trains' portfolio consisted of 363 locomotives and 432 trainsets.