World Largest Asset Manager $11 Trillion BlackRock to Buy United States $7.3 Billion Real Estate Private Equity Firm ElmTree Funds, Will be Integrated into BlackRock Private Financing Solutions (Created with HPS Investment Partners), ElmTree Funds Founded in 2011 by James Koman
8th July | Hong Kong
The world’s largest asset manager BlackRock ($11 trillion AUM) has announced to buy United States real estate private equity firm ElmTree Funds ($7.3 billion AUM), which will be integrated into BlackRock Private Financing Solutions (Created with HPS Investment Partners). ElmTree Funds was founded in 2011 by James Koman. Announcement (7/7/25): “BlackRock, Inc. (NYSE: BLK) announced today that it has entered into a definitive agreement to acquire ElmTree Funds (“ElmTree”), a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31, 2025. Upfront consideration will be paid primarily in stock, with the potential for additional consideration subject to ElmTree performance over the next five years. Additional financial details were not disclosed. Founded in 2011, ElmTree is a recognized leader in the commercial net-lease sector, with a focus on single tenant, build-to-suit real estate assets that are mission critical to corporate tenants’ core operations and growth. ElmTree is a best-in-class owner-operator, with significant corporate and developer relationships and a broad geographic footprint, including six office locations and investments in 122 properties across 31 U.S. states. Upon closing, ElmTree will be integrated into Private Financing Solutions (“PFS”), the new platform created through BlackRock’s combination with HPS Investment Partners, a part of BlackRock (“HPS”). The combination with ElmTree will position PFS to scale its real estate offering, while expanding into new markets as an owner-operator. As part of PFS, ElmTree will help accelerate the long-term growth of the platform, combining its deep expertise and strong relationships in commercial real estate with HPS’s market expertise and existing capabilities as a leading credit investor. Together, the platform will be positioned to deliver attractive risk-adjusted returns with favorable structures, offering clients the long-term, stable income investment solutions they seek for their portfolios, while meeting the operational needs of investment-grade companies that drive the economy … … The inclusion of long-term performance incentives is designed to align the interests of BlackRock and ElmTree leadership, with Mr. Koman continuing to lead the ElmTree investment strategies. The transaction is expected to close in the third quarter of 2025 subject to regulatory approvals and customary closing conditions.”
“ World Largest Asset Manager $11 Trillion BlackRock to Buy United States $7.3 Billion Real Estate Private Equity Firm ElmTree Funds, Will be Integrated into BlackRock Private Financing Solutions (Created with HPS Investment Partners), ElmTree Funds Founded in 2011 by James Koman “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Scott Kapnick, Chairman of PFS Executive Office and CEO of HPS: “Structural shifts in the real estate sector are creating new opportunities for private capital. The combination of a premier triple-net investor with our leading private financing solutions platform will position us to capture these opportunities for our clients. ElmTree has the team, expertise, and relationships that will help drive growth and deliver differentiated investment solutions, and we are thrilled to welcome Jim and his entire team.”
ElmTree CEO & Founder James Koman: “The net lease market is estimated at $1 trillion, and our continued belief in the industrial build-to-suit model is rooted in the mission-critical nature of this asset class. Our specialized bricks-and-mortar expertise will be augmented by HPS’s ability to provide financing and other solutions that fuel the corporations and developers driving the economy forward. By joining HPS and BlackRock, we are better positioned to meet market demand and serve our partners by growing alongside them for the long term.”
BlackRock – BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable.
ElmTree Funds – ElmTree Funds, LLC, headquartered in St. Louis, Missouri, is a real estate private equity firm that manages capital on behalf of institutional and private investors. ElmTree’s investment philosophy focuses on making strategic investments in the commercial real estate net-lease and build-to-suit sectors with a focus on industrial properties. Since its founding in 2011, ElmTree has acquired, developed, or financed an extensive portfolio of commercial real estate. ElmTree targets investments in primary and secondary markets across the U.S. that are net-leased to investment grade tenants on a long-term basis.
World Largest Asset Manager $11 Trillion BlackRock to Buy United States $7.3 Billion Real Estate Private Equity Firm ElmTree Funds, Will be Integrated into BlackRock Private Financing Solutions (Created with HPS Investment Partners), ElmTree Funds Founded in 2011 by James Koman
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
