HMI Capital Management: Platform Profile

Overview

HMI Capital Management is a San Francisco investment manager established around the 2008–2009 financial crisis. The firm runs a single concentrated strategy focused on high-quality businesses, long investment horizons, free-cash-flow generation and opportunities across the capital structure and geographies.

Its current investment universe includes software and technology, financial services, and consumer and business services.

May fit better for

• investors seeking concentrated long-term fundamental investing;
• allocators comfortable with a single-strategy manager;
• investors willing to tolerate substantial position concentration;
• qualified investors seeking public/private flexibility and company engagement.

May fit less well for

• investors seeking broad diversification;
• retail users seeking public self-service access;
• investors uncomfortable with 5- to 10-year underwriting horizons;
• users who interpret “low probability of permanent loss” as principal protection.

HMI is SEC registered

• Legal adviser: HMI Capital Management, L.P.
• CRD: 160850
• SEC number: 801-74197
• SEC registration effective: 2012-03-30
• SEC registered investment adviser: Yes

Current regulatory AUM is $2.152B

Current March 31, 2026 Form-ADV-derived data:

• Regulatory AUM: $2.152B
• Regulatory AUM as of: 2026-03-31
• Discretionary AUM: $2.152B
• Client accounts: 3
• Employees: 16

Current private-fund GAV equals the reported RAUM figure

Current Form-ADV-derived data:

• Private fund count: 3
• Private fund gross assets: $2.152B

The numerical equality should not be generalized into a rule that private-fund GAV and regulatory AUM are always interchangeable.

Q2 2026 13F value is $712.363M

Current SEC filing:

• Q2 2026 13F value: $712.363M
• Q2 2026 13F as of: 2026-06-30
• Q2 2026 13F holding count: 14

HMI's strategy can invest across the capital structure and in public/private opportunities that are not fully visible on Form 13F.

Current first-party strategy is single, concentrated and long term

Current strategy page supports:

• Single strategy: Yes
• Concentrated: Yes
• Long term: Yes
• Five to ten year horizon: Yes
• Free cash flow focus: Yes
• Across capital structure: Yes
• Global value search: Yes
• Constructive company engagement: Yes

HMI explicitly describes a tightly scripted target universe and one strategy.

Current investable sectors

• Software and Technology: Yes
• Financial Services: Yes
• Consumer and Business Services: Yes

These are areas of focus within one strategy, not separate funds.

Capital-loss language is an objective, not protection

HMI describes an emphasis on risk-adjusted real returns and reducing the probability of permanent capital loss.

A concentrated portfolio can experience substantial drawdowns even when the underwriting process emphasizes permanent-loss risk.

Private offering evidence does not establish current universal terms

A Form D record for HMI Capital Partners LP reflects a private pooled offering relying on Section 3(c)(7).

The Form D does not establish one current managerwide minimum, fee or liquidity term.

Assessment

HMI's public-equity filing is concentrated—14 reportable positions in Q2—but the 13F is still only $712.363M against $2.152B of regulatory AUM.

The right conclusion is not that the rest is “missing”; it is that Form 13F does not describe the full public/private, cross-capital-structure strategy.