Queensgate Fund I (the “Fund”) is a pan-European real estate private equity fund that won a bid for Executive Office Group, which was subsequently rebranded as London Executive Office. The portfolio comprises an operating company which controls and manages 31 high quality serviced offices, 11 of which are Fund-owned properties all strategically located in the upmarket Mayfair district of London. The Fund presents a classic turnaround story on how to improve and grow the operational side of the business and to maximize the value of the properties in the portfolio. Peterson found the project defensive and took a co-investment limited partnership stake in the portfolio. The Fund has exceeded all the benchmarks set initially, improving EBITDA by more than 80% within two years. Having built a strong relationship with the Fund and having observed the manager’s excellent execution capabilities, Peterson has now forged a new partnership with Queensgate Fund II.