BlackRock has successfully completed its acquisition of ElmTree Funds (“ElmTree”). The addition of ElmTree will further elevate BlackRock’s Private Financing Solutions (PFS) platform as one of the industry’s premier providers of comprehensive solutions for companies and investors alike. As a leader in the commercial net-lease sector, ElmTree will accelerate PFS’s efforts to scale its range of investment solutions for clients looking for long-dated contractual income for their portfolios, while supporting the critical infrastructure and growth plans of companies across the U.S.

Scott Kapnick, Chairman of PFS Executive Office and Founding Partner and CEO of HPS Investment Partners, said, “We are thrilled to welcome our new colleagues from ElmTree Funds to PFS. 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.”

James Koman continues to lead the ElmTree investment strategies as part of PFS.

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 & Co. LLC served as financial advisor to HPS. Berkshire Global Advisors served as financial advisor and Kirkland & Ellis LLP acted as legal counsel to ElmTree Funds.