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 valuing and purchasing illiquid investments on the secondary market, managing registered and non-registered tender offers, merger transactions, debt acquisitions 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. 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.

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 focuses on business and product development for ERI, drawing on broad experience in asset management and financial services. He also functions as CEO of the firm's proprietary broker/dealer.

Mr. DeSimone assumed responsibility as product manager for an affiliate of New England Investment Companies, working with Copley Real Estate Advisors to raise equity capital for private partnerships and registered securities, including REITs. His responsibilities enlarged to encompass strategic projects involving expansion of NEIC asset management subsidiaries, including its mutual fund divisions and securities broker/dealer. Mr. DeSimone later joined the Assurance & Financial Services division of Skandia Life, as COO & CFO of their U.S. division. There he had a visible role facilitating creation of four product lines, building a multi-manager investment platform and a legendary distribution business, which grew AUM from $1 B to $12 B in 4 years. He was recruited to MassMutual Financial Group as head of a $13 billion asset management division. Most recently, Mr. DeSimone was an officer of Prudential Financial, overseeing strategy, analytics, channel and account management functions, and private label product development, in addition to making contributions to significant M&A transactions for the firm.

Mr. DeSimone received a B.A. from Tufts University, and an MBA – Finance from Boston University. He is a registered General Securities Principal with FINRA and an active member in numerous industry committees and trade associations.

Matthew R. Minier
Fund Manager

Mr. Minier joined ERI in 2000 as director of client communications for ERI investment funds. His responsibilities have expanded to encompass asset management, fund performance reporting, preparation of investor status reports, financial statement analysis and aspects of tax reporting. His accountability spans all ERI investment funds. Mr. Minier serves as a principal liaison with operating general partners that represent key relationships for ERI. He also actively supports ERI's traditional investor base as a relationship officer.

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.

Michael Phelan
Principal

Mr. Phelan contributes to ERI's investment underwriting and asset management processes. In this dual role, Mr. Phelan is responsible for sourcing and evaluating new investment opportunities and for monitoring and analyzing the assets that comprise ERI's investment portfolio.

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 .

Bruce Quinn
Principal

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.

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 (Crown Business), draws upon her discussions with 21 national and international figures, including 15 CEOs, a supreme court justice, a prime minister and President Obama's top economic advisor to distill critical lessons for business success. The book will be published in Chinese, Japanese, Portuguese, Danish, Hebrew and Russian in 2010.

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.