Adveq expands management team

The Zurich-based private equity firm has strengthened its management team as it nears a final close on its third fund of funds.

Swiss fund of funds manager Adveq has promoted Rainer Ender and Tom Eriksson to managing director and Nils Rode to executive director.

Ender, 37, joined Adveq in 2001 following a period as an underwriter for alternative risk transfer at Zurich Reinsurance Company. Prior to that, he was a manager in the financial risk management practice at Arthur Andersen.

Eriksson, 38, previously held management positions at power plant business Wärtsilä Corporation of Finland, including CFO, marine division, vice president, group M&A and strategy, and treasury manager. Prior to that, he worked in capital markets trading at both Dresdner Kleinwort Benson in Frankfurt and Union Bank of Finland in Helsinki. Eriksson joined Adveq in 2004.

Nils Rode, 35, came to Adveq in early 2005 having previously worked as a management consultant for McKinsey & Company and in the equity fund management business at Deutsche Bank’s DWS Investments. Prior to Adveq, Rode was vice president of a US private equity-backed IT and telecommunications business.

Adveq said that the promotions expand its management team to include five managing directors and two executive directors.

Founded in 1997, Zurich-based Adveq currently has $1.7 billion under management. The firm began fundraising for its third European fund of funds, PEE III, last May with a target of €325 million. A spokesperson for Adveq said that the vehicle is on target to reach its hard cap and is expected to hold a final close around the end of the first quarter of this year.