Elwing departs from EQT Real Estate – Exclusive

EQT Real Estate’s managing director has left the firm after setting up its first dedicated real estate team and overseeing its debut fund launch and first acquisitions. 

Fredrick Elwing, a managing director at EQT Real Estate, the real estate arm of the Swedish-headquartered private equity giant EQT, has decided to leave the firm after more than two years in the role. 

It is understood that Elwing will step away from the world of private equity real estate for a short while, to pursue personal interests, before an eventual return to the market at some point in 2017.

Elwing joined EQT Real Estate in September 2014, not long after it was formed by partners Edouard Fernandez and Rob Rackind, with an initial remit of setting up the firm’s first dedicated real estate team and pursuing deals that matched the firm’s investment strategy, namely pan-European, multi-sector assets, with an emphasis on offices in central locations with enough potential to generate an opportunistic-type return.

After successfully hiring a string of recruits from firms such as Clearbell Capital, AXA IM Real Estate, PGIM, Mount Kellett and Carlyle Real Estate, the firm went about launching its debut real estate fund, also called EQT Real Estate. By July last year, it had raised €200 million towards its target of €400 million.

Between July and September last year, EQT Real Estate also acquired three office assets, two in Paris and one in Cologne, for a total of €272 million – its first purchases through the vehicle.

Prior to working at EQT, Elwing spent four years at placement agents Greenhill & Co, also in a managing director role, where he was responsible for the firm’s European activities, specifically placing capital advisory mandates with clients such as Meyer Bergman, Infrared, Cerberus, EQT and Bentall Kennedy.

Before working at Greenhill, Elwing was also a managing director of Credit Suisse’s real estate private funds group and senior vice-president at investment bank Lehman Brothers.

EQT, launched in 1994, has historical ties to prominent Swedish financial dynasty, the Wallenberg Family, which to this day still invest in EQT funds. The firm has managed to raise approximately €22 billion across 17 funds from more than 300 global institutional and professional investors across asset classes, including private equity, infrastructure, credit and direct lending.