Management

Leveraging an extensive industry relationship network, ERI's management team has the depth and breadth of experience to identify, evaluate and execute a variety of unique and complex investment opportunities.

Eggert Dagbjartsson
Managing Director

Mr. Dagbjartsson joined ERI in 1986 and since 1990 has had primary responsibility for ERI's investment decisions. Mr. Dagbjartsson assumed primary responsibility for running the firm in 2002 and today shares this role with his partner, Victor Paci. Mr. Dagbjartsson has responsibility for directing the firm's investment activities and oversees the sourcing, analysis, valuation, pricing, negotiation and execution of transactions in which ERI engages. During Mr. Dagbjartsson's tenure, ERI has substantially increased the scope of its investment activities and has pioneered the application of many innovative financial strategies in its real estate investment process.

Mr. Dagbjartsson has served or currently serves on the board of directors of Beacon Communities, LLC; BioStratum, Inc.; Context Connect, Inc.; and Sleep Holdings LLC.

In 1982, Mr. Dagbjartsson started at Harvard College as a freshman. In his junior year, he took a leave of absence to work full-time for ERI. Mr. Dagbjartsson has not graduated from Harvard College and remains on an official leave of absence.

Victor J. Paci
Managing Director

Mr. Paci joined ERI in 2005 and today shares with Mr. Dagbjartsson the overall management responsibility of ERI and its investment partnerships. Mr. Paci plays a critical role in ERI's investment process and is actively engaged in sourcing, negotiating, and structuring investment transactions on behalf of the firm and its investment partnerships.

Prior to joining ERI in 2005, Mr. Paci was a partner in the Boston office of Bingham McCutchen LLP, where he had practiced corporate and securities law since 1991. Before joining ERI, Mr. Paci had served as ERI's outside counsel, as well as counsel to each of its investment funds for 24 years.

Mr. Paci received a Bachelor of Science degree from the United States Military Academy at West Point and received a J.D. from Cornell Law School, where he graduated cum laude.

Bruce Quinn
Managing Director

Mr. Quinn joined ERI in 2008 with primary responsibility for sourcing investment opportunities for the real estate private equity funds managed by ERI. Immediately prior to joining ERI, Mr. Quinn was a Managing Director in the commercial real estate group of CIT Group, where he was responsible for making equity investments. Active in the real estate industry for many years, Mr. Quinn had been CEO of Cushman & Wakefield Net Lease Trust, Inc., a private REIT and a Managing Director of J.P. Morgan's Real Estate and Lodging Investment Banking Group, providing advisory services. His experience also covers roles as Managing Director of Holberg Industries, where he implemented a strategic development and acquisition program for APCOA, Inc., then the largest U.S. parking management company and as an investment banker at PaineWebber, specializing in real estate finance.

Mr. Quinn received a BS in economics from Georgetown University and an MBA from the Wharton School at the University of Pennsylvania.

Richard J. Zeckhauser
Senior Advisor & Principal

Richard J. Zeckhauser serves as ERI's Senior Advisor, providing perspective and analysis on corporate development, negotiations, and investment strategy. Mr. Zeckhauser is the Frank Plumpton Ramsey Professor of Political Economy at Harvard University's John F. Kennedy School of Government. There, Mr. Zeckhauser teaches economics, finance, decision theory, and game theory, all disciplines that inform the investment strategy of Equity Resources. In addition to teaching at the Kennedy School, Mr. Zeckhauser has also served on the Harvard faculties of Arts and Sciences, Law and Business. He is the author or coauthor of 270 articles and 10 books or edited books. He won the 2007 national mixed pairs championship and came second in the 2012 national mixed teams championship at contract bridge.

Mr. Zeckhauser has been a principal in two investment-banking firms, and a director of a number of high technology companies two of which were sold to Fortune 500 companies, each yielding a nine-figure amount.

Mr. Zeckhauser holds the A.B. and Ph.D. degrees from Harvard University.

Acquisitions

Bill Andrews
Principal, Head of Acquisitions

Mr. Andrews joined ERI in 1999 and currently serves as the Company's Head of Acquisitions with a focus on real estate limited partnerships and tenant-in-common structures. He has extensive experience in valuing and purchasing illiquid investments on the secondary market, managing registered and non-registered tender offers, merger transactions, debt acquisitions and restructurings, preferred equity investments and direct purchases, working in all facets of these transactions from deal origination to closing. Mr. Andrews holds a J.D. from Boston University School of Law.

Paul Coelho
Principal, Acquisitions

Mr. Coelho joined ERI in 2004. His responsibilities include deal origination, underwriting, valuing, negotiating, and executing opportunistic real estate transactions on behalf of the ERI's private equity investment funds. Investment strategies include the acquisition of liquid and illiquid interests with minority or majority positions in limited and general partnerships through direct purchase, tender offer (public and private), or merger. He is also a principal liaison with a number of key relationships for ERI.

Mr. Coelho received an MBA and a Master of Science in Finance from the Carroll School of Management at Boston College.

Philip Darby
Director of Secondary Market Acquisitions

Mr. Darby joined ERI in 2006 and oversees communication with prospective clients of our acquisition activities. He began his career in 1976 as a mortgage analyst at Heitman Mortgage Company. Subsequently, Mr. Darby moved to First Capital Financial Corporation where he worked in property management, rising to the level of Senior Vice President of Portfolio Management, acting as the in-house General Partner for all partnerships managed by First Capital. In 1983 he moved to Marketing as their Senior Vice President. Until his arrival at ERI, Mr. Darby served at The Berkshire Group, initially as Senior Vice President of Marketing, and then as Senior Vice President of Administration and Executive Vice President of Krupp Funds Group. Currently he heads the secondary market funds acquisition team.

Mr. Darby holds a B.B.A. in Finance from University of Miami, and an MBA–Finance from Florida Atlantic University.

Michael Gallerstein
Principal, Acquisitions

Mr. Gallerstein joined ERI in 2012 as a member of the firm's acquisition group. He is responsible for structuring, underwriting, negotiating and closing equity and debt investments. Prior to joining ERI, he was a member of The Clarett Group, a New York City based developer, where he helped to establish the firm's value-added group and worked directly under the CFO in raising debt and equity to pursue development opportunities. Mr. Gallerstein also held the position of Vice President at Lexington Realty Trust, where he was involved in the acquisition of nearly $1.0 billion of single-tenant net-leased office, industrial and special-purpose properties.

Mr. Gallerstein earned a B.B.A. with high distinction from The Stephen M. Ross School of Business at The University of Michigan. He is a LEED Accredited Professional.

Colin Pagnam
Acquisitions Analyst

Mr. Pagnam joined ERI in 2012. He assists the limited partner tender offer investment process, and the research, due diligence and underwriting of portfolio investments. Immediately prior to joining ERI, Mr. Pagnam was a Portfolio Analyst at Boston Capital focusing on property and fund performance of a nationally syndicated tax credit portfolio. Prior to Boston Capital, Mr. Pagnam was a Senior Consulting Associate at Cambridge Associates where he advised institutional clients on investment and asset allocation decisions.

Mr. Pagnam holds a B.A. in History from Connecticut College.

Asset Management

Kurt Spring
Principal, Head of Asset Management

Mr. Spring joined ERI in 2012 and currently serves as the Company's Head of Asset Management with a focus on providing overall leadership and support of the asset management team. His core competencies at ERI include investor and management reporting, valuation and investment performance modeling, development and implementation of resolution strategies for watch list investments, and identification of value enhancement, liquidity, and new investments within the portfolio of private equity investment funds.

Immediately prior to joining ERI, Mr. Spring was a Vice President in the Capital Transactions group at Boston Financial Investment Management (BFIM) where he focused on strategic workouts of challenged assets and the negotiation of opportunistic dispositions of low-income housing tax credit properties. Mr. Spring's experience also includes roles in Asset Management at BFIM where he managed a 10,000-unit portfolio of low-income housing tax credit investments, and Director of Asset Management at structured lender Potomac Realty Capital, LLC where he oversaw asset management of a $350 million portfolio of bridge, mezzanine and preferred equity investments, as well as the REO portfolio.

Mr. Spring received a BA in Economics and Urban Studies from Haverford College and an MBA from the Carroll School of Management at Boston College. Mr. Spring also serves as Chair of the Greater Boston Habitat for Humanity Family Selection Committee and is an active member of REFA, the Boston College Real Estate Club, as well as the alumni associations of both Haverford College and Phillips Academy Andover.

Matthew R. Minier
Senior Asset Manager

Mr. Minier joined ERI in 2000, and since that time his roles have encompassed nearly all aspects of the firm's business. He is presently responsible for the oversight, management and reporting of ERI's funds and their underlying investments. Mr. Minier also serves as a principal liaison with operating general partners that represent key relationships for ERI.

Mr. Minier holds a B.A. in Philosophy from Colgate University. He is a regular member of the CFA Institute and the Boston Security Analysts Society.

Austin T. Greenwalt
Analyst – Asset Management/Underwriting

Mr. Greenwalt joined ERI in 2011 as a member of the firm’s asset management and underwriting group. His role includes evaluating prospective investments, monitoring the performance of existing investments and performing valuations on portfolio assets. Prior to joining ERI, Mr. Greenwalt held internships with Arlington Family Offices in Birmingham, AL and The Linde Group in Munich, Germany.

Mr. Greenwalt holds a B.S. in Business Administration from Auburn University and a M.S. in Finance from the Simon Graduate School of Business at the University of Rochester. Currently, he is a CFA Level III Candidate.

Business Development

Bryn Zeckhauser
Principal, Head of Business Development

Ms. Zeckhauser joined ERI in 2007. As Principal, Head of Business Development she is responsible for capital raising and investor development. Ms. Zeckhauser has spent her entire career in strategy and business development, at McKinsey & Company, for the vice chairman of a Fortune 100 company, and at venture firm Kleiner Perkins Caufield & Byers and one of its portfolio companies.

Ms. Zeckhauser's coauthored business book, How the Wise Decide (Crown Business), draws upon discussions with 21 national and international figures, including 15 Fortune 500 CEOs, a supreme court justice, and a prime minister to distill critical lessons for business success. The book has been translated into 11 foreign languages.

Ms. Zeckhauser holds an A.B. degree magna cum laude from Harvard College, and an MBA with distinction from Harvard Business School, where she won the Robert Jasse Award for Entrepreneurship and Leadership.

Investor Relations

Maria Meyer
Director of Investor Relations

Ms. Meyer joined ERI in 2008 and oversees investor relations for ERI's investment funds. She is also responsible for office management, human resources, and information management. Immediately prior to joining ERI, Ms. Meyer was the Manager of Investor Communications at Berkshire Property Advisors. Ms. Meyer's financial career began at Neuberger & Berman in the syndicate department. She later joined Bear Stearns in the municipal bond department and then was recruited to work at Robinson-Humphrey in institutional equity sales. At Robinson-Humphrey she obtained her Series 7 and Series 63 licenses.

Ms. Meyer received a B.A. from Mount Saint Mary's University.

Sarah Harper
Research Administrator

Ms. Harper joined ERI in 2011. As Research Administrator, Ms. Harper is responsible for ERI's research initiative by tracking, storing, and disseminating useful industry information. In addition, she fulfills administrative duties and assists with investor service. Her previous experience in the real estate investment field includes working as an administrative assistant at Capital Realty Investors, Ltd, in Rockville, Maryland.

Ms. Harper received a B.A. from Providence College and an MSW from the University of Maryland before moving to Boston.

Regulatory Affairs

Robert Porcelli
Director of Regulatory Affairs/Chief Compliance Officer

Mr. Porcelli joined ERI in 2007 to oversee compliance and legal matters for the over 200 entities that ERI maintains. In addition, he manages the closing processes for ERI’s acquisitions. Prior to joining ERI, Mr. Porcelli worked for 11 years as a Senior Paralegal in the corporate department of Bingham McCutchen LLP, where he specialized in mergers and acquisitions as well as new company formation and development. Earlier in his career, Mr. Porcelli was the New England Client Service Manager for Prentice Hall Legal and Financial Services, and later Corporation Service Company, where he assisted law firms and large corporations with the preparation, filing and retrieval of public documents.

He holds a B.A. from the University of New York at Albany.