ElmTree Funds, LLC

ElmTree Funds, LLC is an SEC‑registered adviser that manages pooled investment vehicles and institutional accounts with approximately $7.77 billion in regulatory assets under management. The firm advises private real estate funds and a perpetual‑life REIT and operates a privately offered real estate debt fund that focus on single‑tenant, net‑leased and build‑to‑suit commercial real estate as well as related real estate debt investments.

ElmTree emphasizes disciplined underwriting, tenant‑credit analysis and active asset management, sourcing opportunities through build‑to‑suit projects, sale‑leasebacks and loan origination, with investment‑committee oversight and ongoing portfolio monitoring. Like many firms in its category, ElmTree’s pooled vehicles are primarily compensated through percentage‑of‑AUM management fees paid by the funds it manages.

Following its acquisition and integration into BlackRock’s Private Financing Solutions platform, ElmTree is affiliated with broker‑dealer entities (including HPS Securities and other BlackRock broker‑dealers) and with affiliates that are registered or exempt as commodity pool operators/commodity trading advisers — relationships the firm discloses and that are uncommon among peer investment managers. The brochure also describes the firm’s use of operating affiliates to provide property‑level services (construction and property management, leasing, financing arrangement fees and related services) to funds and portfolio companies, arrangements that the firm identifies as potential conflicts of interest and that it manages through governance and disclosure.