HMC Capital reaches first close on Last Mile Logistics Fund and on-track to establish over $2 billion of unlisted funds.

HMC Capital (ASX: HMC) today announced it has reached first close for its ~$800m Last Mile Logistics Fund (LML).

The fund has secured $400m of equity commitments, including $350m from a major Australian institutional investor and $50m from HomeCo Daily Needs REIT.

The Fund will target traditional retail properties which can be repositioned to provide last mile omni-channel solutions for Australia’s leading daily needs retailers.

HMC Head of Funds Management, Nicholas Harris, said “We are delighted to reach first close and welcome a major new strategic capital partner for the first LML fund. This is a high conviction strategy which we believe is unique and leverages our track record in this sector”.

This represents the first of a series of funds which can scale into a multi-billion-dollar strategy over time. HMC Capital is in active discussions with additional institutional investors for future LML fund series.

Today’s announcement supports HMC’s strategy to establish over $2bn of unlisted funds in the near-term with the ~$1bn Unlisted Healthcare & Life Sciences fund (UHF) on-track to reach first close in Sep-23 following final settlement of the Healthscope hospital transaction.

View the announcement here: HMC Capital Announcement