ElmTree Funds
Private equitySt. Louis · 36 people tracked
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Investment thesis
ElmTree Funds pursues a focused investment strategy in the build-to-suit, net-lease commercial real estate market. It targets the acquisition of newly constructed, mission-critical and operationally significant single-tenant industrial assets leased on a long-term basis to credit-worthy, investment-grade tenants throughout the United States. The firm emphasizes its investment team's depth of experience across sourcing, construction, investing, and financing. As of 2025, ElmTree was acquired by BlackRock.
Source: firm website, verified Nov 3, 2026.
Team · 36 people
from the firm's website & curated & public directoriesJames G. Koman is the CEO and Founder of ElmTree Funds, which he started in 2011, and leads firm management, investment strategy, acquisitions, dispositions, and portfolio management as a member of the Investment Committee. He has 40 years of commercial real estate and development experience and has transacted roughly $20 billion of net lease and other real estate assets. He holds an AB in Economics from the University of North Carolina at Chapel Hill.
Managing Director overseeing the firm's Strategy and Research department and serving on the investment committee. Previously worked in M&A consulting at CBIZ Valuation Group and equity research at Kennedy Capital Management.
Managing Director and head of Investor Relations responsible for capital formation. Previously a Director at Lazard's Private Capital Advisory group and Managing Director at Jadian Capital.
Managing Director of Acquisitions focused on net lease industrial real estate and build-to-suit transactions. Previously at Oak Street Real Estate Capital, VEREIT/Cole Real Estate Investments, and PwC; a CPA.
Managing Director of Asset Management overseeing asset management functions and separately managed accounts. Previously at McKinley, Inc. and Jones Lang LaSalle.
Managing Director focused on investor relations and institutional capital raising. Formerly President and COO of Bridge Trading Company and managed Midwest regional offices of Instinet/Nomura.
Founder and Managing Partner of Measured Capital with experience in investing, operating, and advisory roles at PwC, KPMG, his own consulting practice, and an autotech startup, and who has taught entrepreneurship at the University of Alabama's Culverhouse College of Business. He holds a bachelor's in accounting, an MBA, and a master's in management information systems, all from the University of Alabama.
Chris Salley is a Managing Director at Auldbrass Partners, which he joined within its first year, and sits on the firm's Investment Committee. His responsibilities include capital formation, marketing, investor reporting and interaction, and oversight of professional services. He previously served as Senior Vice President and Head of Asset Management at Greenfield Partners and as a Vice President and Portfolio Manager at Heitman Capital Management, where he managed multiple commingled real estate funds. He earned an MBA from Northwestern University's Kellogg School and a BS from the University of Pennsylvania's Wharton School.
Associate of Data Analytics and Research in the Strategy & Research department developing statistical models for property valuations and researching data center demand. Previously at Bamboo Private Equity.
Senior Associate responsible for construction draws for build-to-suit properties, financial reporting, and statement preparation. Previously Senior Accountant at Colliers International.
Senior Associate responsible for asset management functions for ElmTree's fund portfolios. Previously a Property Administrator at Cushman & Wakefield and Valuations Analyst at Jones Lang LaSalle.
Director responsible for financial reporting, financial statement review, and the construction draw process for build-to-suit properties. Previously a Supervisor in the audit practice at RSM US LLP; an Illinois CPA.
Director of Acquisitions responsible for origination and evaluation of industrial real estate with an emphasis on build-to-suit and sale leaseback. Previously a principal at WeBuild and managing director at SimonCRE.
Associate in Data Analytics & Research developing predictive models for property valuations and researching the data center market. Previously a Software Engineer at JP Morgan's Asset & Wealth Management division.
Director assisting with financial modeling, underwriting acquisitions, fund management, and sourcing debt. Previously at Mercer and Cambridge Associates; a CFA and CAIA Charterholder.
Associate coordinating construction activities related to new acquisitions and build-to-suit projects. Previously Director of Construction at Building Consultants, LLC with over 13 years of experience.
David Leavitt is General Counsel and Head of Strategy at ElmTree Funds, a private equity real estate firm that has executed more than $20 billion of commercial real estate assets. He has over 14 years of experience in fund management and began his career as an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, later serving as a partner and national leader of PwC's real estate tax practice. Leavitt holds a Bachelor of Arts from New School University, a Juris Doctor from Chicago-Kent College of Law, and an LLM in Taxation from New York University School of Law.
Associate responsible for asset management functions and day-to-day activities of ElmTree's assets. Previously a Lease and Asset Administrator at a private commercial real estate company.
Associate in the Strategy & Research department evaluating investment opportunities through financial modeling and market research. Previously an advisor at Cresa's Capital Markets and Brokerage team.
Associate assisting with financial modeling, fund management, portfolio monitoring, and performance reporting. Previously a Group Leader at NISA Investment Advisors.
Senior Associate with more than twenty years of accounting experience handling general accounting and financial reporting operations.
Vice President of Investor Relations managing institutional relationships and guiding capital formation, co-leading investor outreach across the East Coast and Southeast. Previously a Capital Markets Associate at Newmark.
Associate responsible for lease administration functions, working with Accounting and Asset Management. Previously a Portfolio Administration Associate Manager at Cushman & Wakefield.
COO responsible for coordinating the firm's operations across capital markets, asset management, investor relations, portfolio management, and acquisitions. Previously SVP and Team Lead at Associated Bank and VP at Regions Bank.
Associate supporting asset management functions for ElmTree's net lease portfolio. Previously interned at Woodside Funds on the asset management and acquisitions teams.
Associate assisting with capital markets and portfolio management processes and sourcing debt. Previously a Credit Officer at Bank of America and Private Bank Analyst at Stifel Bank & Trust.
Director in the Strategy and Research department assisting with investment strategies and underwriting, and active on the capital markets team. Previously in Commercial Real Estate Underwriting at Stifel and at KP Development.
Senior Vice President of Capital Markets with over 30 years of investment sales experience. Spent over 25 years at Franklin Templeton; a CPA with a CIMA designation.
Executive Office Manager with more than twenty-five years of experience in the legal, real estate, and financial industries, assisting in coordination of the firm's operations.
Vice President of Investor Relations supporting institutional capital raising and servicing current investors. Previously at Jamestown and Invesco; holds Series 7 and 66 licenses.
Vice President of Asset Management responsible for asset management functions and day-to-day activity for ElmTree's assets. Previously a General Manager at JLL and Property Manager at Intelica CRE.
Fund performance · per public LP disclosures
as of Sep 2024| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| ElmTree LeaseLPs: New York City Fire Department Pension Fund | 2020 | — | — | 12.00x | — |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- What is ElmTree Funds's typical check size?
- ElmTree Funds typically writes checks of $20M – $150M.
- What sectors does ElmTree Funds focus on?
- ElmTree Funds focuses on PropTech.
- Where is ElmTree Funds located?
- ElmTree Funds is headquartered in St. Louis, US.
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