Wisa Majamaa

Wisa Majamaa is Deputy CEO of ICECAPITAL Asset Management and Managing Director of ICECAPITAL REAM Ltd, the group's authorised alternative-investment-fund manager for its residential real estate private equity business. He oversees the group's real estate funds — a series of closed-end limited partnerships that invest in non-subsidized residential rental and development property. ICECAPITAL describes itself as an independent, fully employee-owned Nordic financial group operating in investment banking, asset management and real estate private equity, and positions itself as "Finland's leading residential real estate investor."

Majamaa is an academically credentialled real estate economist. He earned a Doctor of Science (Technology) degree from Helsinki University of Technology (TKK, now Aalto University), where his 2008 doctoral dissertation, *"The 4th P – People – in Urban Development Based on Public-Private-People Partnership,"* was publicly examined on 14 November 2008. The thesis is widely credited with introducing the "4th P" (People) concept to public-private partnership theory, arguing that PPP-based urban development too often ignores end-users, and it has since spawned a substantial academic literature on "public-private-people partnerships" (4P). He has remained connected to Aalto University's Department of Built Environment / Real Estate Economics group and has published peer-reviewed research (e.g., on European private equity real estate compliance under the AIFMD).

Within ICECAPITAL, Majamaa has led the residential fund platform for well over a decade. In 2013, for example, ICECAPITAL contracted YIT — one of Finland's largest construction companies — to build residential housing companies for its funds in the Helsinki region, a model of fund-financed, developer-built rental housing that has characterised the group's Housing Fund series. By 2026 the platform had grown to multiple funds with over €1 billion in cumulative assets.

• Invests through institutional closed-end real estate private equity funds, not personal angel checks — capital is raised from institutional investors (pension funds, insurers and similar LPs) and deployed into property.
• Core strategy: new-build, non-subsidized residential rental housing in Finnish growth areas, built via partnerships with large construction firms to increase housing supply.
• The "Housing Fund" series (through ICECAPITAL Housing Fund VII, announced 2026) is the flagship residential vehicle; the group frames each fund around "increasing housing supply and creating jobs."
• Intellectual thesis rooted in his "Public-Private-People Partnership (4P)" research: successful urban/residential development must incorporate the end-user/resident perspective, not just public and private stakeholders.
• The wider ICECAPITAL platform has expanded beyond residential into private debt (e.g., ICECAPITAL Global Private Debt, developed with StepStone Group).