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 served as the firm's Chief Investment Officer. Mr. Dagbjartsson assumed responsibility for running the firm in 1996 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, Metatomix, Context Connect, Inc., Flaga hf, and BioStratum, Inc

Prior to joining ERI, Mr. Dagbjartsson attended Harvard College, where he pursued Asian studies.

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.

Bill Andrews
Principal

Mr. Andrews joined ERI in 1999 and oversees much of the firm's current partnership acquisition activities. He has extensive experience managing registered and non-registered tender offers, merger transactions, direct investments, and debt acquisitions, working in all facets of these transactions from deal origination to closing. Prior to joining ERI, Mr. Andrews focused his attention on community, economic and affordable housing development issues, spending time with the Hudson River Valley Greenway Council and Chelsea Neighborhood Housing Services.

Mr. Andrews holds a B.A. from The College of St. Rose and received a J.D. from Boston University School of Law.

Philip Darby
Director of Corporate Operations

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.

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

Paul DeSimone
Executive Vice President & Principal

Mr. DeSimone is focused on business and product development for ERI by drawing on his broad experience in the real estate and financial services packaged product industry. His early career as a real estate finance analyst was spent at MHFA and Housing Economics / Housing Associates. Mr. DeSimone was recruited to New England Investment Companies to act as product manager and syndication leader for an affiliate of Copley Real Estate Advisors. He assumed responsibility as Chief Operating Officer and CFO of American Skandia Marketing, Inc.; and was later appointed by MassMutual Financial Group as Senior Vice President – with P/L responsibility for a $13 billion business unit. Mr. DeSimone was most recently Senior Vice President with a unit of Prudential Financial, with varied responsibilities for Business Development, Strategic Account Management and Asset Management.

Mr. DeSimone holds a B.A. from Tufts University, and an MBA – Finance from Boston University. He is a registered General Securities Principal with the NASD.

Matt Minier
Fund Manager

Mr. Minier joined ERI in 2000 and directs client communications on behalf of ERI's investment funds. In this role, Mr. Minier has primary responsibility for preparation and dissemination of financial statements, tax filings, performance information, and related correspondence on behalf of investors in over 45 ERI managed entities. Mr. Minier also serves as principal liaison to several of ERI's local operating partners and plays an active role in support of ERI’s capital raising process and investor outreach efforts.

Mr. Minier holds a B.A. in Philosophy from Colgate University and is pursuing the CFA designation.

Michael Phelan
Principal

Mr. Phelan is responsible for sourcing, analyzing, evaluating and pricing investment opportunities on behalf of ERI investment funds. Mr. Phelan began his career in 1987 as an analyst, and later as a portfolio manager at Liquidity Fund, a limited partnership secondary market firm based in the San Francisco Bay Area. In these roles, Mr. Phelan was responsible for all aspects of fund management including investment sourcing, valuation analysis, deal pricing, performance measurement, and investor reporting.

Since 1994, Mr. Phelan has served as president of The Valuations Group, Inc., an ERI subsidiary that specializes in the valuation and analysis of minority interests in non-traded real estate limited partnerships. In this role, Mr. Phelan has overseen the issuance of fairness opinions in connection with SEC regulated tender offer transactions and has served as an expert on behalf of the United States Department of Justice in a federal tax valuation matter. A recognized expert in the valuation of limited partnership interests, Mr. Phelan has been interviewed for and quoted in articles appearing in The Wall Street Journal, Financial Planning Magazine, San Francisco Chronicle, and Partnership Spectrum.

Mr. Phelan holds an A.B. in Economics from the University of California at Berkeley.

Bryn Zeckhauser
Principal

Ms. Zeckhauser joined ERI in 2007 to focus on business development opportunities. She began her career in strategy and business development at McKinsey & Company and American Express. During and after business school, she worked for Kleiner Perkins Caufield & Byers and one of its portfolio companies.

Ms. Zeckhauser's coauthored book, How the Wise Decide, will be published in fall 2008 by Crown Business, a division of Random House. The book draws upon interviews with 21 national and international figures, including the CEOs of Goldman Sachs, Starbucks, American Express and the Blackstone Group to distill critical lessons for business success.

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.

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 235 articles and 10 books or edited books. He won the 2007 national mixed pairs 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. He is currently a senior advisor to both Dial Directions and Tengion Corporation.

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