HMC Capital Partners Fund I

HMC Capital Partners Fund I (Fund), is an Australian-domiciled unlisted fund providing exposure to a high-conviction investment strategy seeking to generate superior risk-adjusted returns.

The Fund will target public and private companies with real asset backing where there is potential to unlock ‘trapped’ value through improved capital allocation and portfolio management.

The Fund is managed by the same team which led the real estate acquisition of Masters from Woolworths Limited in 2017 and who founded HMC Capital, complemented by additional dedicated and high calibre investment professionals.

This Fund will target our highest conviction ideas and leverage our proven investment track record and skills to generate attractive risk adjusted returns which are non-correlated to equity markets over the long-term

HMC Capital Partners Fund 1 Reporting Season Wrap and Outlook

Victoria Hardie, HMC Capital Head of Private Equity, recently discussed HMC Capital Fund I's investment strategy and key takeaways from the recent results season. To watch the webinar, please click the link below

Webinar

Investment Strategy

To provide exposure to a portfolio of alternative assets targeting medium to long-term capital growth and income by primarily investing, directly or indirectly across the below key strategy.

High-Conviction Strategic Stakes

Listed Australian and New Zealand entities with the opportunity to take a medium to long term strategic stake and influence change.

Research-led approach to identify undervalued ‘asset rich’ businesses trading below fundamental value due to:

Conglomerate discount
Cyclical factors
Suboptimal capital allocation / strategic execution

The team will look to assist investee boards and management teams unlock ‘trapped’ value through improved capital allocation & operational performance.

The Manager may access opportunities across listed and private companies through equity, credit or hybrid instruments.

Livewire with Victoria Hardie | November 2024

Victoria Hardie, HMC Capital’s Head of Private Equity, discussed the proactive approach and strong performance of HMC Capital Partners Fund I in a Livewire interview.

She highlighted investment opportunities, provided updates on the portfolio, and detailed HMC Capital’s role in the proposed Sigma Healthcare and Chemist Warehouse merger, showcasing the Fund’s expertise and broad capabilities.

InDepth with Misha Mohl | October 2023

Misha Mohl, Group Head of Strategy, was recently interviewed by Laurence Parker-Brown from the Inside Network.

Misha’s InDepth interview covers HMC Capital Partners’ investment thesis for Lendlease, and our strategy to shrink the company to greatness.

InDepth with Victoria Hardie | June 2023

Victoria Hardie, Managing Director - HMC Capital Partners, was recently interviewed by Peter White, The Inside Network.

Victoria's InDepth interview with Peter White covers the origins of HMC Capital Partners, investing in high-conviction, scalable real asset strategies and taking a proactive approach to investments.

InBrief with Victoria Hardie | March 2023

Victoria Hardie, Managing Director - HMC Capital Partners, was recently interviewed at The Inside Network's, Alternatives Symposium in Melbourne.

Victoria's interview with Drew Meredith (Inside Network) covers the strategy that HMC Capital Partners Fund 1 uses to invest, the areas where HMC Capital is currently finding opportunities for the fund, what the impact of rising interest rates is having on the portfolio and describing what asymmetric returns means in the context of HMC Capital Partners Fund 1.

Key Fund Features

Feature	Detail
Fund Inception	31 August 2022
Unit Pricing Frequency	Monthly
Target Return¹	15%+ net IRR per annum measured over a 3 to 5 year holding period.
Target Distribution Yield¹	Not applicable. The Fund is not expected to make regular distributions, however the Trustee will be required to distribute any net income and net capital gains to Unitholders on an annual basis.
Manager Participation	As at 30 April 2025, HMC Capital had $220m invested in the Fund.
Concentration	The Fund will invest in HMC Capital's best and highest conviction ideas and will target a highly concentrated portfolio of primarily listed investments².
Available to	Investors who meet the definition of a wholesale investor and who have a minimum investment amount of $100,000
Fees	Management fee: 1.0% p.a. of NAV Performance fee: 20% performance fee above 9% p.a. hurdle rate subject to a high-water mark³.
Buy / Sell Spread	0.30% / 0.30%
Applications	Monthly applications with instructions to be sent through 10 business days before month end.
Redemptions	Quarterly on the last business day of Mar, Jun, Sept, and Dec with 90 days' prior notice. Redemptions will be subject to a limit of 5% of the fund units outstanding at the end of each quarter.
Platform availability	Mason Stevens, Netwealth, Powerwrap, HUB24
Ratings⁴

Target Return is net of base management fees and costs but before tax (if applicable) and performance fees. This is only a target and may not be achieved.
The Fund has the flexibility to hold up to 25% unlisted assets should that arise from execution of listed investment value maximization strategy.
The hurdle return for periods prior to 1 July 2025 was 7% per annum.
The rating is issued by SQM Research Pty Ltd ABN 93 122 592 036 AFSL 421913. SQM Research is an investment research firm that undertakes research on investment products exclusively for its wholesale clients, utilising a proprietary review and star rating system. The SQM Research star rating system is of a general nature and does not take into account the particular circumstances or needs of any specific person. The rating may be subject to change at any time. Only licensed financial advisers may use the SQM Research star rating system in determining whether an investment is appropriate to a person's particular circumstances or needs. You should read the information memorandum and consult a licensed financial adviser before making an investment decision in relation to this investment product. SQM Research receives a fee from the Fund Manager for the research and rating of the managed investment scheme.