ElmTree Funds is a private equity real estate firm specializing in the commercial real estate net-lease sector, with a proven record of excellence in industrial assets. Headquartered in St. Louis, Missouri, and with offices in New York, Chicago, and Phoenix, ElmTree is recognized as a leading player in institutional real estate investment.

Founded in 2011 by James Koman, ElmTree evolved from Equity Capital Management (established in 2003) and has since executed over $20 billion in commercial real estate transactions. The firm’s strategy centers on long-term, income-generating net-lease investments and build-to-suit developments designed for stability, scalability, and sustained value creation.

Backed by a seasoned team of professionals and guided by integrity and discipline, ElmTree continues to deliver high-performing real estate portfolios that align investor capital with enduring economic fundamentals and social impact.