DFX Intelligence

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SEC-registered adviser

H•• C•••••• M••••••••• L•••

Asset manager (funds and pooled vehicles)San Francisco, CaliforniaCRD 160850SEC 801-74197website IAPD

Latest filing Mar 31, 2026

First filing on the tape Feb 15, 2012 · 37 filings

SEC status approved since Mar 30, 2012

RAUM

$2.2B

reported, Item 5.F

Discretionary

100%

of RAUM

Private clients

0.0%

$0 individuals and HNW

Advisors

registered through the firm on IAPD

RAUM per advisor

n/a

derived; firm RAUM over IAPD count

Employees

8 advisory (5.B.1)

Offices

beyond the principal office

Private funds

reported on Schedule D

History

37 filings and snapshots on the tape

RAUM$2.2B as of Mar 31, 2026

Mar 28, 2013$174M then

HNW client RAUM$0 as of Mar 31, 2026

Mar 29, 2018$0 then

State-registered IARs (5.B.3)0 as of Mar 31, 2026

Mar 28, 20130 then

Employees (5.A)16 as of Mar 31, 2026

Mar 28, 20137 then

Private funds2 as of Mar 31, 2026

Mar 28, 20132 then

RAUM -33% over the last fiscal year-11% a year over threeIARs 0 to 0offices 1 to 0

Practice profile

derived from the filing of Mar 31, 2026; every figure names its basis

RAUM per advisor: unknownderivedRAUM over IAPD advisors; not a book size
Clients per advisor: unknownderivedindividual and HNW clients (5.D) over advisors
Average HNW client: unknownderivedHNW RAUM over HNW clients
Average account: $717MderivedRAUM over accounts (5.F.2.f)
Discretionary: 100%derivedof RAUM
Institutional: 0.0%derivedpensions, charities, corporations, government, insurance, banks, other advisers
Employees per advisor: unknownderivedItem 5.A over advisors
Advisors per office: unknownderived1 offices incl. principal (1.F.5)
RAUM growth, one year: -33%derivedbetween the last two annual amendments
Advisor growth, one year: unknownderivedItem 5.B.3 between annual amendments
Client growth, one year: unknownderived
Compensation: percentage of assets, performance-basedreportedItem 5.E
Advisory activities: portfolio management for pooled vehiclesreportedItem 5.G
Custody: $2.2B, 3 clientsreportedItem 9.A
Ownership: no PE, bank or public-company owner found on Schedule Aderived
Advisor book size: not public; not estimatedreported

Also answered yes on Form ADV

has discretionary authority over which securities are bought or sold (8.C.1)
compensates persons for client referrals (8.G.1)
compensates non-employees for client referrals (8.G.2)
has custody of client cash or bank accounts (9.A.1.a)
has custody of client securities (9.A.1.b)
marketing includes hypothetical performance (5.L.3)

Where the RAUM sits

Form ADV Item 5.D, latest filing

Pooled investment vehicles$2.2B100%

Individual clients: 0reported
HNW clients: 0reported
Pension plan clients: 0reported
Charitable clients: 0reported
Accounts: 3reported
Financial planning clients: reported
Wrap fee programs: noreported
Custody of client assets: $2.2B for 3 clientsreported
Compensation: % of AUM, performancereported
Class basis: private_client_share=0.0 fund_share=1.0 institutional_share=0.0 related_bd=false related_bank=false bd_reps=0.0derived

Advisors registered through the firm

0 on IAPD today, longest tenure first

No representative is registered through this CRD on IAPD.

Advisor movement

Left, latest

none on the tape

Joined, latest

none on the tape

Every departure Every arrival

Private funds

2 reported on Schedule D 7.B.(1)

Fund	Type	Gross assets	Owners	First reported
H•• C•••••• P•••••••• L•••	Hedge Fund	$3.4B	195	Feb 15, 2012
M••••• C•••••• P•••••••• L•••	Hedge Fund	$57.6M	9	Feb 15, 2012

Owners and control persons

Schedule A and B, latest filing

H••••••• M••••• W••••• · Limited Partnercontrol
since 11/2008 · owns 25% to 50%
M••••••••• R••••••••• R•••• · Limited Partnercontrol
since 01/2018 · owns 10% to 25%
N••••••• J•••••• C••• · Limited Partner, Chief Investment Officercontrol
since 02/2009 · owns 25% to 50%
W•• J•••••••• N•• · Limited Partner, Chief Financial Officercontrol
since 01/2018 · owns less than 5%
H••••••• M••••• W••••• · Manager, Membercontrol
since 01/2021 · owns 25% to 50% of M•••••• G•• L••
N••••••• J•••••• C••• · Membercontrol
since 01/2021 · owns 25% to 50% of M•••••• G•• L••
M••••••••• L•••••• N•• · Chief Compliance Officer
since 01/2023 · owns less than 5%

Entity owners

M•••••• G•• L•• · General Partner
direct · owns less than 5%

Related persons

Schedule D 7.A

H•• C•••••• F••• G•• L••
pooled vehicle sponsorn
M•••• W• H••••••
pooled vehicle sponsory

Offices

Schedule D 1.F, the 25 largest

, 1 employees

ADV anomalies

1 against comparable advisers; where to look, not conclusions

RAUM down 25 %Change between filings · filing Mar 31, 2026
RAUM (Item 5.F) moved from $3,218,050,238 to $2,152,424,287 (-33.0%) between the annual amendments of 2025-03-31 and 2026-03-31; the peer median change was +11.0% (1367 comparable advisers, 2.0th percentile of changes)
peers: asset managers, $1B to $5B (1,367) · 2.3% percentile

How anomalies are measured

What changed

consecutive filings, newest first

Advisory employees · 9 to 8
Jan 30, 2026 to Mar 31, 2026
Assets in custody · $3.2B to $2.2B
Jan 30, 2026 to Mar 31, 2026
Employees · 18 to 16
Jan 30, 2026 to Mar 31, 2026
Discretionary RAUM · $3.2B to $2.2B
Jan 30, 2026 to Mar 31, 2026
Pooled vehicle RAUM · $3.2B to $2.2B
Jan 30, 2026 to Mar 31, 2026
RAUM · $3.2B to $2.2B
Jan 30, 2026 to Mar 31, 2026
Other offices · 1 to 0
Mar 31, 2025 to Jan 30, 2026
Advisory employees · 10 to 9
Feb 10, 2025 to Mar 31, 2025
Assets in custody · $3.5B to $3.2B
Feb 10, 2025 to Mar 31, 2025
Employees · 20 to 18
Feb 10, 2025 to Mar 31, 2025
Financial planning clients · unset to
Feb 10, 2025 to Mar 31, 2025
Discretionary RAUM · $3.5B to $3.2B
Feb 10, 2025 to Mar 31, 2025
Pooled vehicle RAUM · $3.5B to $3.2B
Feb 10, 2025 to Mar 31, 2025
RAUM · $3.5B to $3.2B
Feb 10, 2025 to Mar 31, 2025
Assets in custody · $3.1B to $3.5B
Feb 1, 2024 to Mar 29, 2024
Employees · 21 to 20
Feb 1, 2024 to Mar 29, 2024
Discretionary RAUM · $3.1B to $3.5B
Feb 1, 2024 to Mar 29, 2024
Pooled vehicle RAUM · $3.1B to $3.5B
Feb 1, 2024 to Mar 29, 2024
RAUM · $3.1B to $3.5B
Feb 1, 2024 to Mar 29, 2024
Advisory employees · 9 to 10
Jan 31, 2023 to Mar 31, 2023
Assets in custody · $5.3B to $3.1B
Jan 31, 2023 to Mar 31, 2023
Employees · 18 to 21
Jan 31, 2023 to Mar 31, 2023
Discretionary RAUM · $5.3B to $3.1B
Jan 31, 2023 to Mar 31, 2023
Pooled vehicle RAUM · $5.3B to $3.1B
Jan 31, 2023 to Mar 31, 2023
RAUM · $5.3B to $3.1B
Jan 31, 2023 to Mar 31, 2023
Advisory employees · 8 to 9
Apr 23, 2021 to Mar 31, 2022
Assets in custody · $4.2B to $5.3B
Apr 23, 2021 to Mar 31, 2022
Employees · 14 to 18
Apr 23, 2021 to Mar 31, 2022
Other offices · 2 to 1
Apr 23, 2021 to Mar 31, 2022
Discretionary RAUM · $4.2B to $5.3B
Apr 23, 2021 to Mar 31, 2022
Pooled vehicle RAUM · $4.2B to $5.3B
Apr 23, 2021 to Mar 31, 2022
RAUM · $4.2B to $5.3B
Apr 23, 2021 to Mar 31, 2022
Advisory employees · 7 to 8
Feb 17, 2021 to Mar 31, 2021
Assets in custody · $2.2B to $4.2B
Feb 17, 2021 to Mar 31, 2021
Employees · 13 to 14
Feb 17, 2021 to Mar 31, 2021
Discretionary RAUM · $2.3B to $4.2B
Feb 17, 2021 to Mar 31, 2021
Pooled vehicle RAUM · $2.3B to $4.2B
Feb 17, 2021 to Mar 31, 2021
RAUM · $2.3B to $4.2B
Feb 17, 2021 to Mar 31, 2021
Business name · H•• C••••••• L•• to H•• C•••••• M••••••••• L•••
Jan 30, 2021 to Feb 4, 2021
Legal name · H•• C••••••• L•• to H•• C•••••• M••••••••• L•••
Jan 30, 2021 to Feb 4, 2021

Signals

9 dated events

H•• C•••••• M••••••••• L••• reported RAUM $2.2B, down 33% from $3.2B (2026-01-30 to 2026-03-31)
Mar 31, 2026 · RAUM change · derived
Michael Sean Barrett (Limited Partner) no longer on Schedule A of H•• C•••••• M••••••••• L••• (listed 2023-03-31, absent 2024-02-01)
Feb 1, 2024 · Control person left · inference
Mackenzie Emily Brakebill (Limited Partner, Chief Operating Officer, And Head Of Investor Relations) no longer on Schedule A of H•• C•••••• M••••••••• L••• (listed 2023-03-31, absent 2024-02-01)
Feb 1, 2024 · Control person left · inference
H•• C•••••• M••••••••• L••• reported RAUM $3.1B, down 42% from $5.3B (2023-01-31 to 2023-03-31)
Mar 31, 2023 · RAUM change · derived
H•• C•••••• M••••••••• L••• reported RAUM $5.3B, up 27% from $4.2B (2021-04-23 to 2022-03-31)
Mar 31, 2022 · RAUM change · derived
H•• C•••••• M••••••••• L••• reported RAUM $4.2B, up 78% from $2.3B (2021-02-17 to 2021-03-31)
Mar 31, 2021 · RAUM change · derived
H•• C••••••• L•• reported succeeding to the business of Another Adviser (Form ADV Item 4)
Jan 30, 2021 · Succession (Item 4) · fact
H•• C•••••• M••••••••• L••• reported RAUM $2.3B, up 37% from $1.7B (2020-03-06 to 2020-03-30)
Mar 30, 2020 · RAUM change · derived
H•• C•••••• M••••••••• L••• reported RAUM $1.6B, up 59% from $1.0B (2017-11-22 to 2018-03-29)
Mar 29, 2018 · RAUM change · derived

Across DFX

shared identifiers only, never a name match

No identifier-backed link to the venture, private equity, family office or sponsor graphs.

How to reach

public business contact points only, each with its source

Firm profile: linkedin.com/company/hmi-capital-llcreportedpublic record, Form ADV, Mar 31, 2026
Website: h•••••••••.comreportedpublic record, Form ADV, Mar 31, 2026
Principal office phone: 415-391-9500reportedpublic record, Form ADV, Mar 31, 2026

Provenance

Form ADV: SEC filing data 2011 to 2024 and the monthly roster 2025 onreportedadviserinfo.sec.gov
Advisors: IAPD individual compilation feed, dailyreportedadviserinfo.sec.gov
Class: Asset manager (funds and pooled vehicles)deriveda rule over Items 5.D and 7.A
RAUM per advisor: n/aderivedfirm RAUM over the IAPD count; not a book size
Loaded: Sep 14, 2026