HMC Capital

HMC Capital is itself an ASX-listed company, not a private partnership. That means investors can buy shares in the management company's earnings stream, rather than just investing in its individual funds. The firm runs multiple listed REITs — including HomeCo Daily Needs REIT and HomeCo Healthcare & Wellness REIT — alongside unlisted institutional mandates, making its structure a hybrid between an asset manager and an operating platform.

David Di Pilla, as Managing Director and CEO, sets the group's overall capital allocation and investment strategy. He is the firm's largest shareholder and remains actively involved in originating new fund strategies and major acquisitions. Each listed REIT has its own management team and board, but strategic direction flows from Di Pilla and the HMC Capital executive group.

HMC Capital launched an energy transition fund in 2023 to invest in solar generation, wind farms, battery storage systems, and supporting infrastructure. The strategy targets opportunities across Australia and New Zealand, reflecting the firm's view that the region's decarbonization push will require significant private capital deployment over the next decade. It operates alongside the firm's more established real estate and healthcare property verticals.

HMC Capital operates both listed and unlisted vehicles. Its ASX-listed REITs, such as HomeCo Daily Needs REIT and HomeCo Healthcare & Wellness REIT, provide daily liquidity for retail and institutional investors. The firm also manages unlisted institutional funds, particularly in infrastructure and its newer private credit strategy, which launched in 2024 and is not publicly traded.

HMC Capital traces its origins to UBS's Australian real estate and infrastructure funds management business. CEO David Di Pilla led a management buyout of that division in 2016, rebranding it as HMC Capital and listing it on the ASX. The firm is now fully independent from UBS, with Di Pilla and the management team owning a significant equity stake.

HMC Capital has not publicly codified strict negative screens, but its investment history shows a clear preference for necessity-based, demographically supported assets — hypermarket-anchored retail, medical centers, and regulated infrastructure. It has shown no appetite for speculative technology, venture capital, volatile commodities, or high-volatility public equities that fall outside its real-asset and private-market mandate.

HMC Capital has the ability to co-invest alongside its listed REITs via its balance sheet, a feature enabled by its own ASX listing. The management company can seed new funds or acquire assets before syndicating them into one of its listed vehicles, providing an alignment mechanism that private fund managers often cannot match without raising external partner capital.