Australian investment firm HMC Capital has acquired North American digital infrastructure investor StratCap.
Announced this week as part of HMC’s quarterly results, the company will be acquiring 100 percent of StratCap from private investors for $28.5 million.
Completion of the deals is subject to entering into full form legal agreement, obtaining regulatory approvals, and fulfilling customary acquisition conditions.
“HMC today announced a new divisional structure which reflects our continued evolution into a much more diversified business following the establishment of three major new platforms in energy transition, capital solutions, and digital infrastructure,” said HMC managing director and CEO, David Di Pilla.
“Importantly, these initiatives are consistent with our stated strategy to build a large-scale and increasingly global funds management platform. We are incredibly excited about the growth potential we are now embedding into our platform. We are confident that this platform can grow FUM well beyond $20bn over the next few years.”
Formerly known as Strategic Capital, StratCap has previously acquired data centers in Colorado, Florida, Wisconsin, Ohio, and Georgia in the US as well as at least one facility in Ontario, Canada. It has regularly acquired small numbers of cell towers across the US.
According to HMC’s HY24 presentation, StratCap has closed more than 200 cell tower and 13 data center investments since its inception in 2019. The company reportedly has a $1 billion development pipeline and ~$5bn in future identified pipeline.
HMC said it would be able to use the acquired experience in digital infrastructure to expand into markets such as Australia.
HMC describes itself as an alternative asset manager focused on real estate, private equity, energy transition, and digital infrastructure. The company manages more than AU$10bn on behalf of institutional, high net worth, and retail investors.
HMC this week also announced a new Energy Transition investment platform. The new platform will be led by Angela Karl, who was previously a partner at QIC Global Infrastructure.
