Opinion

Unpicking David Di Pilla’s HMC Capital is no easy feat

There’s little doubt that the investment manager’s metrics and structure – from fund management charges to fees for acquiring assets – push the envelope.

Joyce MoullakisAssociate editor

Updated Mar 24, 2025 – 11.06am, first published at 5.00am

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Unpicking the operating model of HMC Capital, the asset manager run by veteran dealmaker David Di Pilla, is no easy feat.

And there’s plenty to unpick. The big question? Whether its model of housing a combination of listed and unlisted funds and a clutch of direct equity stakes is sustainable.

clarification —

This article has been updated to clarify that MA Financial also provides corporate advisory services.

Joyce Moullakis writes on banking and finance, specialising in investment banking, private equity, and financial services.