HMC Capital has abandoned plans to convert its flagship unlisted vehicle into a closed fund to chase private equity assets after the Trump administration’s tariff policies created a volatile sharemarket and opened up investment opportunities in mispriced mid-cap companies.

The firm said it had listened to feedback from investors and would not proceed with a proposal to convert the HMC Capital Partners Fund I into a closed fund – in which backers could withdraw their support for a minimum of five years – and had decided to make a number of other changes.