A large European private equity concern, EQT AB, a company with ties to the Swedish Wallenburg family, has acquired Chicago-based multifamily investment manager Redwood Capital Group. EQT late Friday afternoon confirmed an earlier Bloomberg report.

Redwood Capital will combine with EQT Exeter, Stockholm-based EQT’s U.S. real estate unit, complementing its development capabilities.

David Carlson, co-founder and CIO of Redwood Capital, said, “When Mark Isaacson and I founded RCG over 15 years ago, our goal was to create one of the premier real estate investment management platforms in the industry. We are proud of what our people, track record and culture have allowed us to achieve and believe that with this combination with the EQT Exeter multifamily team, and the backing of EQT AB, we will continue to fulfill that vision.”

The deal for Redwood, which owns about 30 multifamily communities in many states, including Arizona, Florida and Georgia, is expected to close in the third quarter. EQT Exeter has more than 1,800 properties worldwide. It invests in everything from warehouses to offices, life sciences centers and housing.