AdvisorCensus / Financial advisors / California / San Francisco / HMI Capital Management, L.P.
HMI Capital Management, L.P. is an SEC-registered investment advisory firm in San Francisco, CA, registered since 2012, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.
Quick answers
From the filingHow is HMI Capital Management, L.P. compensated?
On its Form ADV (Item 5.E, October 2026), HMI Capital Management, L.P. reports these compensation arrangements: a percentage of assets under its management; performance-based fees.
Where is HMI Capital Management, L.P. located?
HMI Capital Management, L.P.'s principal office is in San Francisco, CA, according to its Form ADV.
Is HMI Capital Management, L.P. registered with the SEC or a state?
HMI Capital Management, L.P. is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 160850.
How much does HMI Capital Management, L.P. manage?
HMI Capital Management, L.P. reports $2,152,424,287 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).
How have HMI Capital Management, L.P.'s assets and staff changed since 2021?
In the Form ADV data for HMI Capital Management, L.P.: Regulatory assets under management: $4,178,600,315 in the October 2021 data and $2,152,424,287 in the October 2026 data, down 48%. Total employees: 14 in October 2021 and 16 in October 2026. Assets under management move with markets as well as with clients coming and going.
What types of clients does HMI Capital Management, L.P. serve?
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (3).
Does HMI Capital Management, L.P. report any disciplinary disclosures?
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/160850
What changed in HMI Capital Management, L.P.'s recent Form ADV filings?
In the April 2026 filing data: Employees performing advisory functions went from 9 to 8. Regulatory assets under management went from $3,218,050,238 to $2,152,424,287 (-33%).
From the Form ADV filing
Every figure below is as the firm filed it with regulators, as of October 2026.
How the firm is compensated
Item 5.E- A percentage of assets under your management
- Performance-based fees
Item 5.E lists how the firm is compensated for its advice; Items 5.B, 6.A, and 7.A show whether its people or related companies can also earn commissions. Percentage of assets, fixed, hourly, subscription, and performance-based fees come from clients (a performance-based fee depends on investment results); commissions come with a sale or a trade, often from the company behind the product. How fees, commissions, and other arrangements differ
Fees and minimums
Form ADV Part 2ASee the firm's brochure (dated March 31, 2026) for its fees and any account minimum, on the SEC's IAPD site.
Regulatory assets under management
Item 5.F$2,152,424,287 as of October 2026, filing dated March 31, 2026.
A measure of scale, not skill or returns. Discretionary means the firm decides trades; non-discretionary means clients approve each one. What assets under management means
Who the firm serves
Item 5.DA firm with no individual clients is an institutional manager even if it manages billions; the mix tells you whom the practice is built around.
Advisory services
Item 5.G- Portfolio management for pooled investment vehicles (other than investment companies)
Registration and firm details
Items 1, 2, 5- Registration
- SEC-registered investment adviser. Status as filed: Approved.
- Registered since
- 2012 (14 years)
- Employees
- Total: 16. Performing investment advisory functions: 8.
- Wrap fee program participation
- No.
- States registered or notice-filed
- Not reported.
SEC-registered investment advisers are examined by the SEC. SEC, state, and exempt registration
Disclosures
Item 11None Reports no disclosure items on Form ADV Item 11. View on IAPD.
Item 11 asks about criminal, regulatory, and civil events involving the firm and its advisory personnel. The detail of each yes answer is on the IAPD record. Reading a firm's disclosures
Assets and staff over time
Items 5.A, 5.F| Data period | Assets under management | Employees | Filing dated |
|---|---|---|---|
| October 2026 | $2,152,424,287 | 16 | March 31, 2026 |
| October 2025 | $3,218,050,238 | 18 | March 31, 2025 |
| October 2024 | $3,506,017,116 | 20 | March 29, 2024 |
| October 2023 | $3,085,032,942 | 21 | March 31, 2023 |
| October 2022 | $5,303,068,368 | 18 | March 31, 2022 |
| October 2021 | $4,178,600,315 | 14 | April 23, 2021 |
Regulatory assets under management: $4,178,600,315 in the October 2021 data and $2,152,424,287 in the October 2026 data, down 48%.
Total employees: 14 in October 2021 and 16 in October 2026.
As filed in each year's data for the same month. Assets under management move with markets as well as with clients coming and going; they measure scale, not skill or returns. Most firms update these figures once a year.
Changes in the filing
Last 12 months- April 2026
- Employees performing advisory functions went from 9 to 8.
- Regulatory assets under management went from $3,218,050,238 to $2,152,424,287 (-33%).
- February 2026
- Updated its list of owners and control persons (Schedule A).
Compared month to month from the SEC's monthly adviser data and the state compilation feed. Owners and control persons are summarized, never named.
Websites listed on Form ADV
Item 1.ISource: Form ADV, as of October 2026. Values appear as filed; a value the firm did not report is shown as "Not reported."
Cite this page
AdvisorCensus. HMI Capital Management, L.P. (CRD 160850): Form ADV filing data as of October 2026. https://advisorcensus.com/firm/hmi-capital-management-l-p-san-francisco-ca-160850