real assets

David Di Pilla’s group made its bones flipping unloved real assets into a sprawling network of essential retail centres. Now HMC Capital is leaning into its public/private hybrid style of management and eyeing off investment in a host of sectors.

Eighteen months ago, the fund started by former US banker David Di Pilla announced its target to achieve net-zero for scope 1 and scope 2 emissions by FY28. Alongside this came an energy road map and the first phase of its ‘Energy Management System’, which was subsequently rolled out across 18 sites.

David Di Pilla’s listed property group is shaking things up with a fund that combines the best features of private and public investing to create a pro-active management style equity fund.

Private equity may provide outsized returns, but it comes with a liquidity catch. Traditional listed equity investing doesn’t, but it has its own drawbacks. Combine the two, says HMC’s Victoria Hardie, and you have a better balance.

With some real asset trading at 20 to 30 per cent below their fundamental value, HMC’s David Di Pilla says there are “compelling” opportunities for managers that can spot value and raise capital.

HMC Capital sees “fantastic opportunities” in current market dislocation.