David Di Pilla has emerged as one of the most closely followed investors in Australia. He led a swift turnaround, as the Managing Director and CEO of HMC Capital, from a once property house, to a diverse alternative assets manager aiming at a target of 50billion of funds under management in the next 3-5 years. His aggressive plan encompasses real estate, private equity, private credit, digital infrastructure, and energy transition.
From Investment Banking to Funds Management Powerhouse
Di Pilla has more than 20 years of experience in investment banking, including stints as the head of UBS Australia and J.P. Morgan. His track record in directing larger M&A dealings, as well as in debt-equity, is found before engineering the purchase of the former Master’s property portfolio of Woolworths in 2016, which became the cornerstone of HMC Capital.
HMC has changed significantly ever since. It currently manages the HomeCo Daily Needs REIT, HealthCo Healthcare & Wellness REIT and a growing range of private equity and credit platforms that have been developed through HMC Capital Partners Fund I.
Diversification into Megatrend Infrastructure
In 2024, Di Pilla made revolutionary steps into digital aerial and renewables. HMC aims to purchase the Global Switch Australia GSA) for ~1.94bn, as an initial seed property to its new DigiCo Infrastructure REIT, together with StratCap and iseek co-location properties. Upon floating, the platform was expected to come on go with more than 4 billion dollars of assets.
Increasingly alongside this venture, HMC set up a $2 billion Energy Transition Fund, centred on the $950 million acquisition of Neoden Victorian renewable assets and a 50 million interest in Stor Energy, a battery systems developer. Former PM Julia Gillard chaired the fund, and Angela Karl was the head of it.
Di Pilla has said publicly that each of the five platforms of HMC, including real estate, private equity, credit, digital infrastructure, and energy transition, expects to grow to a minimum of $10bn. All of these will aid his goal of achieving $50 billion AUM.
Market Response: From Growth to Pressure
The share price of HMC has been unstable. Although the aggressive purchases and acquisition plans of Di Pilla initially gained trust among investors, the last few months were not easy. HMC stocks fell by 19 per cent after delaying their strategic behaviours of closing the Neoen deal and the resignation of Angela Karl.
Additional pressure was because the REITs of HMC were performing poorly. Healthscope postponed rent payments at HealthCo, and the company had to revise the earnings. In the meantime, another listed entity like DigiCo Infrastructure REIT was not spared by the headwinds of a tech-driven market correction.
However, HMC recorded good profits–pre-tax earnings of 129 million in FY 2024, a 57 per cent increase over the previous year as asset under management (AUM) moved up to 12.7 billion.
Strategic Maneuvers and Future Prospects
Although the results of growth efforts in the short term are disappointing, Di Pilla is still implementing growth strategies. HMC is seeking strategic partners or mergers in its energy platform and positioning battery-containing Neoen assets under the helm of Stor Energy.
Expansion into other countries is also being made. HMC has taken due diligence processes on U.S. digital infrastructure assets, and is establishing a global data centre platform comprising Australian and North American investments.
In February 2025, HMC had joined a consortium that was to acquire Healthscope in the recapitalisation that would instead maintain the functions of the hospital and employment. This is an indication of increasing ambition in the field of real estate and services to private healthcare.
Balancing Ambition with Execution Risk
This is a bold vision of David Di Pilla. It rarely occurs to have a five major vertical fund management house on a blueprint of AUM lower than 50 billion. However, the road is not easy: seamless delivery through many different asset classes, prudent capital allocation, and persistent generation of earnings must be ensured.
HMC has had good traction in retail real estate, affiliate investments and private equity, but new areas of investment, i.e. energy and data infrastructure work, are turning out to be more troublesome. Investors and analysts are observing whether the current super-trend strategy of HMC can be converted to sustainable growth and recurring earnings.
Legacy and Market Influence
The profile of Di Pilla in the financial sector has increased drastically. Large national sources describe him as one of the most popular investors, as he is engaged in such transactions as the sale of Sigma Healthcare and Woolworths ‘ Master’s portfolio, as well as large data centre acquisitions.
HMC is now generating recurring fees based on a capital-light model with the right balance of privately and listed platforms, a model that puts the firm in the same boat as Macquarie and Brookfield as it grows into scale.
Final Thoughts
The experience of David Di Pilla at HMC Capital represents courageous leadership and strategic aspiration. His quest to create a diverse international alternative asset builder based on digital infrastructure, healthcare, credit, real estate, and renewable energy is a great foresight and a global, mega-trend-oriented approach.
It is not going to be an easy road. There are execution risks, capital requirements, as well as macroeconomic turbulence that loom large. However, the success would reposition HMC in the funds management of Australia- and transform the role of Di Pilla as a pioneer-turned-leader.
It is yet to be seen whether HMC is able to meet its goal of achieving $50 billion AUM goal. However, this much is apparent: David Di Pilla is transforming the discourse on contemporary asset management in the land Down under and the rest of the world.
