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Genesta founder Palmgren returns

Returning founder is to take on fundraising and transaction duties to free up company CEO David Neil to focus on strategy .

Anders Palmgren, one of the founders of Nordic real estate investment manager Genesta, has returned to the firm seven years after leaving.

He has joined the Stockholm-based firm as senior director in a move by the firm intended to free up chief executive officer David Neil to spend more time on strategy and business development.

He will be focused on fundraising and transactions and will work closely with head of transactions David Renger and head of investor relations and business development, Philip Bjork.

Palmgren spent the last six years working for Nordic advisory Catella as head of its corporate finance division, taking in a pan-Europe property advisory operation as well as mergers and acquisitions and fixed income strategies.

Neil said of the hire: “Ander’s vast experience and expertise in the Nordics property markets will make a significant contribution to our team. We continue to invest in our fund management platform and are dedicated to providing our investors with the best possible investment management in the Nordic property markets.”

Palmgren said he was looking forward to building upon a “team I helped to create”.

In March last year, PERE reported how Genesta was in capital raising for its second private equity real estate fund, targeting about €250 million of capital commitments. In a departure from the firm’s first fund, the equity was expected to also come from US investors.

Placement advisory firm Capra Global Partners – formerly known as RiverBridge Capital Partners – is assisting the firm in its capital raising