HMI Capital

HMI Capital, established during the 2008 – 2009 global financial crisis, is based in San Francisco at 555 California Street, Suite 4900. The firm invests in three primary sectors: software, internet and media, and fintech/financial services. HMI Capital invests across the capital structure in both public and private companies, maintaining a market cap agnostic and concentrated portfolio. The firm aims to deliver high risk-adjusted real returns over long time frames with a low probability of permanent loss of capital. HMI Capital focuses on companies with high-quality business models capable of robust growth and genuine free cash flow over a 5- to 10-year horizon. The firm favors management teams that balance strong growth orientation with disciplined resource use. HMI Capital actively manages its portfolio, exploiting price volatility to find value, and operates a single strategy with a tightly scripted target universe of investments. The company nurtures a culture of intellectual curiosity and truth-seeking, emphasizing relentless research, sector specialization, and institutional knowledge accumulation. HMI Capital trusts in its knowledge to act counter to conventional wisdom when necessary and engages with portfolio companies to strengthen them. The firm leverages deep sector knowledge to exploit value differentials when they arise.