set out a diversification push into wind farms, data centres and telco towers that will help double funds under management to $20 billion over the next few years.“These initiatives are consistent with our stated strategy to build a large-scale and increasingly global funds management platform,” says CEO David Di Pilla.The expansion into renewable energy and digital infrastructure as well as HMC’s first overseas acquisition were unveiled as the fund manager delivered half-year earnings of $57.
“We have a profitable underlying business, with a strong outlook for the second half of the year, and we have a clear vision and road map to go from $10 billion to $20 billion over the medium term,” Mr Di Pilla toldThis road map includes the launch of a new energy transition division and a move into digital infrastructure through the acquisition of a North American development platform called StratCap for $US28.5 million .
The immediate focus, he said, would be on delivering StratCap’s $1 billion development pipeline including hyperscale data centre developments. As part of a new growth initiatives, a new capital solutions platform to manage “strategic balance sheet investments” will be led by Mr Di Pilla’s former UBS banking colleague Robbie Vanderzeil,With a strategic stake in Lendlease through its HMC Capitals Partners Fund 1, Mr Di Pilla backed the restructuring efforts under way at the developer, whose share price fell 15 per cent on Monday after it reported a 42 per cent slump in interim profit.