Rackind leaves EQT following Exeter merger

After assisting EQT with its $1.8bn acquisition of Exeter Property Group this year, the executive plans to pursue other opportunities.

Rob Rackind
Rackind: launched and led EQT’s real estate business during a six-year spell.

The second of the two executives who started the real estate business at Stockholm-based private equity firm EQT has resigned from his role as head of real estate.

Rob Rackind formed EQT Real Estate in 2014 with Edouard Fernandez. He assumed sole leadership after Fernandez left in 2017.

In a note posted on LinkedIn, Rackind said: “After an incredible six-plus years helping to establish and build EQT’s Real Estate platform… tomorrow will be my last working day with EQT.”

During his tenure, EQT Real Estate has grown into a business with approximately €13 billion of assets under management globally, including about €10 billion inherited in the €1.8 billion acquisition of Pennsylvania-based logistics manager Exeter Property Group, a deal that closed on the second quarter of this year.

Exeter boss Ward Fitzgerald has now assumed the leadership of the EQT Exeter business.

Before the Exeter transaction, Rackind led EQT through the build-out of the firm’s European real estate team and two fundraisings. The first was EQT Real Estate, a value-add fund raised in 2017, which attracted €460 million from investors. The second was EQT Real Estate II, which amassed €1.3 billion, including co-investment capital. Rackind also assisted with the acquisition of Exeter.

It is understood Rackind will be free to join another organization after the end of the year. He is expected to remain in the real estate sector, working at international, institutional level.

In his LinkedIn post, he wrote: “What a fabulous personal and professional journey it has been, culminating in the truly amazing merger between EQT [and] Exeter earlier this year. The investments made and funds raised have been professionally rewarding, but it has been the ‘EQT’arians’ that have made this time so truly special for me, with amazing friendships created across the various teams and global offices.”

In a statement, an EQT spokesperson said: “Rob Rackind has, after 6.5 years with EQT, decided to leave the firm by the end of 2021. We wish him the very best in the future for whatever exciting opportunities come next.”