David Di Pilla’s HMC Capital has increased its stake in Lendlease above 5 per cent ahead of a critical investor meeting next month, when shareholders are expected to be updated on the company’s strategy.

HMC’s decision to up its stake in Lendlease by up to 2 per cent came a week after the investment firm sold a $52 million allotment of shares in another of its major holdings, Sigma Healthcare, ahead of a planned backdoor listing of Chemist Warehouse through the ASX-listed group.