BlackRock, Inc. said Tuesday it had completed its previously announced acquisition of ElmTree Funds, a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31. Terms were not disclosed. ElmTree founder and CEO will continue to lead the ElmTree investment strategies as part of BlackRock’s Private Financing Solutions (PFS), the new platform created through BlackRock’s combination with HPS Investment Partners.
Scott Kapnick, chairman of PFS Executive Office and founding partner and CEO of HPS, said, “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 as we continue to capture the immense opportunities created by structural shifts in the capital markets. 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.”
Skadden, Arps, Slate, Meagher & Flom LLP; Fried, Frank, Harris, Shriver & Jacobson LLP; and Sidley Austin LLP acted as legal counsel to BlackRock and HPS. Goldman Sachs served as financial advisor to HPS. Berkshire Global Advisors served as financial advisor and Kirkland & Ellis LLP acted as legal counsel to ElmTree.
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