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BlackRock Closes on Acquisition of ElmTree Funds
BlackRock, Inc. announced on Tuesday that it has completed its previously disclosed acquisition of ElmTree Funds, a net-lease real estate investment firm managing $7.3 billion in total assets as of March 31. Financial terms of the deal were not made public.
The founder and CEO of ElmTree will continue to lead ElmTree’s investment strategies as part of BlackRock’s Private Financing Solutions (PFS) platform. PFS is a newly formed division created through the merger of BlackRock and HPS Investment Partners.
Scott Kapnick, chairman of the PFS Executive Office and founding partner and CEO of HPS, commented on the acquisition, stating, “Combining ElmTree’s expertise in the commercial net-lease sector with our leading capabilities and scale further augments our ability to provide diverse investment solutions for our clients. We are excited to deliver on the potential of this combined platform, with Jim and his team onboard for this next step in our evolution.”
Legal advisory services for BlackRock and HPS were provided by Skadden, Arps, Slate, Meagher & Flom LLP; Fried, Frank, Harris, Shriver & Jacobson LLP; and Sidley Austin LLP. Goldman Sachs served as financial advisor to HPS. Berkshire Global Advisors was the financial advisor to ElmTree, and Kirkland & Ellis LLP served as its legal counsel.
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