ElmTree Funds, LLC (collectively with its affiliates and subsidiaries, “ElmTree” or the “Adviser”)
was formed in 2011. ElmTree is principally owned and controlled by James G. Koman, through
one or more trusts formed for the benefit of Mr. Koman and his family members.
In 2019, ElmTree launched a privately offered real estate debt fund, ElmTree Unity Debt Fund,
LP (the “Debt Fund”), which is exempt from registration under the Investment Company Act of
1940, as amended. The Debt Fund focuses primarily on investing in commercial real estate debt
products used for acquisitions, refinancing, new construction, renovations and working capital, or
any combination thereof, principally in the United States. The Debt Fund is an expansion of Elm
Tree’s existing real estate advisory business, which has centered on managing private funds that
own real estate and real estate-related investments, such as single-tenant, net leased commercial
real estate in the United States, with a focus on institutional quality industrial, office and healthcare
properties that are leased to, or guaranteed by, investment grade and other high-quality tenants on
a long-term triple-net basis.
In 2023, Elm Tree launched ElmTree U.S. Net Lease Fund V, LP (“Fund V”) to invest primarily
in single-tenant, net-leased commercial real estate in the United States. Fund V is the successor
vehicle to four previous net lease funds sponsored by ElmTree no longer open to investors. Fund
V offers investors parallel investment entities, the structure of which may differ from that of the
main Fund V investment vehicle but that will invest proportionately in all transactions on
substantially the same terms and conditions as the main Fund V vehicle, except as necessary to
address legal, tax, regulatory or other considerations. Parallel
investment entities will be included
in all references to Fund V herein as appropriate. Fund V is exempt from registration under the
Investment Company Act of 1940, as amended.
In April of 2023, ElmTree Funds launched the first of its two perpetual-life real estate investment
trusts (individually each a “REIT”, “REITs) - ElmTree Industrial Trust, Inc. (“Industrial Trust
REIT”). ElmTree launched a companion REIT - ElmTree Industrial Access Trust, Inc.
(“Industrial Access Trust REIT”) in November of 2023. The REITs intend to acquire and actively
manage a diversified portfolio of net lease industrial properties across the United States. The
REITs will offer an unlimited number of shares to accredited investors at an initial purchase price
of $1,000 per share. ElmTree Industrial Trust is available to investors advised by registered
investment advisors and ElmTree Industrial Access Trust is available to investors advised by
independent broker-dealers The REITs are exempt from registration under the Investment
Company Act of 1940, as amended.
ElmTree manages the Funds consistent with the investment strategies described in their offering
documents. Investment advice is provided directly to the Funds, subject to the discretion and
control of the Funds’ general partners and advisers. ElmTree does not provide specifically tailored
advice to individual investors in the Funds. Any investment restrictions applicable to the Funds
are set forth in their respective offering documents.
ElmTree also manages additional existing real estate vehicles for other entities that are closed to
new investors and, therefore, not the focus of this brochure.
Total regulatory assets under management as of 12/31/2023 were $7,155,619,787.