HMC Capital Partners Fund I

Strategic Investment in Sigma Healthcare

HMC Capital Partners Fund 1 holds a strategic stake in Sigma Healthcare Limited (ASX:SIG), a leading Australian full line wholesale and distribution business to community pharmacy.

During the period of its investment, the Fund has supported Sigma in relation to a number of value enhancing initiatives, including successfully winning a material supply contract to Chemist Warehouse Group and the proposed transformational merger with Chemist Warehouse Group announced in December 2023.

View the Sigma Healthcare case study

Strategic Investment in Lendlease

HMC Capital Partners Fund 1 holds a strategic stake in Lendlease Group (ASX:LLC), an Australian real estate construction, development and investment management company.

Lendlease is currently executing a strategic transition to a more focused, simplified structure which is planned to include the release of A$4.5bn of capital back to the balance sheet. This strategy is in line with the recommendations the Fund set out in its paper released in August 2023.

View the Lendlease presentation

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

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	2 to 4% per annum (post the second anniversary of First Close).
Manager Participation	HMC Capital has invested $170 million into the Fund.
Portfolio Positions	Up to 10 positions in listed investments²
Available to:	Investors who meet the definition of a wholesale investor and who have a minimum investment amount of $50,000
Fees	Management fee: 1.0% p.a. of NAV Performance fee: 20% performance fee above 7% p.a. hurdle rate subject to a high-water mark.
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.

Target Return and Target Distribution Yield are 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

Reports

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Fund Collateral

Fund Collateral

TitleDate
HMCCP Fund I - NAV Statement - October 202411/11/2024
HMCCP Fund I - Sigma Healthcare ACCC approval07/11/2024
HMCCP Fund I - Quarterly Report - September 202414/10/2024
HMCCP Fund I - Information Memorandum18/03/2024
HMCCP Fund I - Fund Summary - November 202323/11/2023

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.