# 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.

- CRD: 160850
- Filed as: HMI CAPITAL MANAGEMENT, L.P.
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: San Francisco, CA
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/160850
- AdvisorCensus page: https://advisorcensus.com/firm/hmi-capital-management-l-p-san-francisco-ca-160850

## Quick answers

**How 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. The amounts are in Item 5 of its Form ADV Part 2A brochure.

**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

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $2,152,424,287
- Discretionary: $2,152,424,287
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 3 | $2,152,424,287 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |
| Other | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2012 (14 years)
- Employees: 16 total, 8 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Websites listed on Form ADV (Item 1.I)
- hmicapital.com
- LinkedIn @hmi-capital-llc

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $4,178,600,315 | 14 | April 23, 2021 |
| October 2022 | $5,303,068,368 | 18 | March 31, 2022 |
| October 2023 | $3,085,032,942 | 21 | March 31, 2023 |
| October 2024 | $3,506,017,116 | 20 | March 29, 2024 |
| October 2025 | $3,218,050,238 | 18 | March 31, 2025 |
| October 2026 | $2,152,424,287 | 16 | March 31, 2026 |

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.

## 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).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. HMI Capital Management, L.P. (CRD 160850): Form ADV filing data as of October 2026.