Press Release

Kirkland Advises ElmTree Funds on Sale of ElmTree to BlackRock

Kirkland & Ellis represented ElmTree Funds, a net-lease real estate investment firm with $7.3 billion in total assets under management as of March 31, 2025, on the definitive agreement for the sale of ElmTree to BlackRock, Inc. (NYSE: BLK). 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. Upon closing, ElmTree will be integrated into Private Financing Solutions, the new platform created through BlackRock’s combination with HPS Investment Partners, a part of BlackRock.

Read the transaction press release

The Kirkland team included corporate lawyers Michael Reeves, Jared Maher, Casey Harless, Joseph Grib and Adam Lefkowitz; tax lawyers Bruce Gelman, Mike Greenberg and Patrick Nolan; investment funds lawyers Ben Briggs, Christian Silva and Jordan Mulder; and investment funds regulatory lawyers Joshua Westerholm and Felix Jen.