Key Takeaways
- • Intermediate Capital Group (ICG) appoints Adam Golebiowski as Managing Director and Luca Lelli as Principal to expand its European private equity real estate investment platform, representing a strategic build-out of the firm's value-add and opportunistic equity strategy across Europe.
- • Both hires bring combined 28+ years of experience in European real estate investing, sourcing, and transactions across value-add, development, opportunistic, and special situation strategies, with prior roles at Baupost Group where Golebiowski co-headed the European real estate business.
- • Golebiowski's background includes senior investment leadership at Alberta Investment Management Corp. (AIMCo), the Lewis Trust Group, Citi Property Investors, and J.P. Morgan M&A, with multilingual capabilities (English, French, Polish, German) supporting pan-European operations.
- • Lella's prior experience spans Victory Advisors (a real estate private equity firm) and J.P. Morgan M&A, positioning him to lead sourcing and transaction execution for the expanded European platform.
- • ICG Real Estate operates approximately 50 investment professionals across four major financial centers—London, Paris, Frankfurt, and New York—with dedicated teams spanning asset management, construction, and related disciplines, supporting the firm's broader $127 billion alternative asset management platform.
Summary
Intermediate Capital Group, a global alternative asset manager with $127 billion in assets under management, announced the appointment of two senior investment professionals to strengthen its European private equity real estate platform. Adam Golebiowski joins as Managing Director and Luca Lelli as Principal, both transitioning from Baupost Group in London, where they held complementary roles driving the firm's European real estate strategy.
Golebiowski brings extensive real estate investment experience spanning more than two decades. Prior to Baupost, he served as head of the European real estate business at Alberta Investment Management Corp. (AIMCo), where he led the growth and diversification of the portfolio across Europe. His earlier career included senior investment positions at the Lewis Trust Group and Citi Property Investors, as well as an initial role in mergers and acquisitions at J.P. Morgan. His multilingual proficiency—English, French, Polish, and German—positions him to navigate complex pan-European transactions and stakeholder relationships. At Baupost, Golebiowski co-headed the European real estate business, establishing a track record in value-add, development, opportunistic, and special situation investing across multiple capital structure levels and real estate sectors.
Lella's career similarly reflects deep expertise in real estate private equity and capital markets. Before Baupost, where he led sourcing and transaction execution, he held positions at Victory Advisors, a real estate-focused private equity firm, and at J.P. Morgan in mergers and acquisitions. Combined, the two executives bring over 28 years of collective experience in European value-add, development, and opportunistic real estate investing.
Kevin Cooper, Co-Head of ICG Real Estate, characterized the appointments as a "natural evolution" of the business, emphasizing the firm's confidence in forthcoming investment opportunities. The hires support ICG's stated strategy to build out its opportunistic and value-add equity business on a pan-European basis while leveraging existing capital and the firm's established real estate platform. ICG Real Estate currently operates approximately 50 investment professionals distributed across London, Paris, Frankfurt, and New York, with dedicated teams spanning asset management, construction, and ancillary functions. This expansion aligns with ICG's broader positioning as a high-conviction capital solutions provider for institutional real estate investors and asset managers.
Golebiowski brings extensive real estate investment experience spanning more than two decades. Prior to Baupost, he served as head of the European real estate business at Alberta Investment Management Corp. (AIMCo), where he led the growth and diversification of the portfolio across Europe. His earlier career included senior investment positions at the Lewis Trust Group and Citi Property Investors, as well as an initial role in mergers and acquisitions at J.P. Morgan. His multilingual proficiency—English, French, Polish, and German—positions him to navigate complex pan-European transactions and stakeholder relationships. At Baupost, Golebiowski co-headed the European real estate business, establishing a track record in value-add, development, opportunistic, and special situation investing across multiple capital structure levels and real estate sectors.
Lella's career similarly reflects deep expertise in real estate private equity and capital markets. Before Baupost, where he led sourcing and transaction execution, he held positions at Victory Advisors, a real estate-focused private equity firm, and at J.P. Morgan in mergers and acquisitions. Combined, the two executives bring over 28 years of collective experience in European value-add, development, and opportunistic real estate investing.
Kevin Cooper, Co-Head of ICG Real Estate, characterized the appointments as a "natural evolution" of the business, emphasizing the firm's confidence in forthcoming investment opportunities. The hires support ICG's stated strategy to build out its opportunistic and value-add equity business on a pan-European basis while leveraging existing capital and the firm's established real estate platform. ICG Real Estate currently operates approximately 50 investment professionals distributed across London, Paris, Frankfurt, and New York, with dedicated teams spanning asset management, construction, and ancillary functions. This expansion aligns with ICG's broader positioning as a high-conviction capital solutions provider for institutional real estate investors and asset managers.
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