Alternative asset manager HMC Capital has expanded into decarbonisation and digitalisation with the launching an energy transition platform and the acquisition of North American digital infrastructure development platform StratCap for US$28.5m (€26.5m).
At its earnings call, the ASX‑listed company announced plans to launch new vehicles this year aiming to double its funds under management to A$20bn (€12bn) over the next few years.
David Di Pilla, HMC Capital’s managing director, said these two sectors offered growth and diversification for the group, which had already targeted other long-term growth thematic including healthcare and private credit.
Di Pilla said the acquisition of StratCap gives HMC a platform to build a global digital infrastructure capability.
“We have been particularly impressed with StratCap’s origination capability in data centres and mobile towers. StratCap has over US$1bn of actionable pipeline opportunities, mostly in data centres, including a hyperscale development in Los Angeles and has under review a further US$5bn of identified opportunities.”
StratCap also has US$700m commitments to its funds.
He added: “Had we tried to organically build a digital infrastructure capability it will take three years. With this acquisition, we have accelerated three years of business development and importantly, we have (now) an experienced, highly credentialled team in the US data centre and telco space.”
On energy transition, Di Pilla said HMC recruited Angela Karl from QIC to form an energy transition team.
“We are already looking a number of opportunities ahead of the launch of our global energy transaction fund in the second half of this year with an up-to-A$2bn target. The fund will target large-scale investment opportunities in utilities and innovations.”
But he said HMC’s game was not to build large solar or wind farm. Instead, it planned to seek out mispriced, dislocated assets, where, for example, the PPAs (power purchasing agreements) were coming to an end, and they needed refinancing.
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