Private equity firm EQT is saying goodbye to its U.S. multifamily fund and hitting the brakes on life sciences and office investments to home in on industrial activity.

The Swedish firm has ended its multifamily fund initiative because of a tough fundraising environment, Chief Financial Officer Kim Henriksson said on an earnings call.

EQT Exeter, EQT’s real estate arm, has 34 multifamily properties across California, Illinois, Minnesota, Philadelphia, Maryland, Virginia, Rhode Island, Georgia and Texas listed on its website.

On the industrial front, it acquired a 1M SF purpose-built distribution building portfolio in Napa Valley in November, bringing its logistics total to 60M SF. That month it also bought 21 last-mile industrial buildings totaling 4.5M SF in the Southeast, Midwest and Texas.

Meanwhile, its step back from office includes selling a 207K SF Houston building earlier this month with a value of $42M.

The costs associated with dissolving the multifamily fund, like revaluation of investments, total $83M in net taxes and are excluded from the company's adjusted financials because they "are treated as an item affecting comparability," according to the report.

EQT is also changing the name of its real estate division. What has been known as EQT Exeter will now operate under the firm’s existing EQT Real Estate brand. EQT Exeter was created in 2021 when Exeter Property Group was bought out by EQT.

EQT declined to comment on the changes being made within the company.