HMI Capital

LPL Financial’s director biography dates Mick HellmanMick HellmanMick Hellman, whose full name is Marco Warren Hellman, is the founder and managing partner of HMI Capital and a musician. His career includes investing at Hellman & Friedman, chairing Blackbaud, family philanthropy and musical work with Hardly Strictly Bluegrass and Highway Wolf.Open the full entry’s founding of HMI Capital to November 2008. HMI describes its origins in the 2008–2009 global financial crisis.⁠[2][1]

HMI traces its investment heritage to Hellman & FriedmanHellman & FriedmanHellman & Friedman (H&F) is a private equity investment firm founded by Warren Hellman and Tully Friedman in 1984. Its website lists offices in San Francisco, New York and London.Open the full entry and Warren HellmanWarren HellmanWarren Hellman (1934–2011) was an investor, philanthropist and banjo player. He served as president of Lehman Brothers, co-founded Hellman & Friedman and founded San Francisco’s free Hardly Strictly Bluegrass festival.Open the full entry. Its history emphasizes Warren’s work with his son Mick and principles of patience, fair dealing and humility. This account concerns people and investment philosophy.⁠[3]

oOh!media’s fundraising documents date HMI’s entry onto its share register to March 2017 and identify it as the largest shareholder by the 2020 capital raising.⁠[4]

The March 26, 2020 announcement described HMI’s pro-rata subscription and sub-underwriting commitment of up to A$17.7 million. A possible increase from 19% to 25% depended on other subscriptions and foreign-investment approval above 20%; it was not an accomplished ownership change.⁠[4]

oOh!media’s annual report identifies HMI Capital Management, L.P. as successor to HMI Capital LLC from January 1, 2021. This was an entity succession, distinct from the firm’s original founding.⁠[5]

New Relic appointed HMI partner RK Mahendran to its board effective June 24, 2021, identifying HMI as its largest institutional shareholder. The cooperation agreement announced alongside this appointment was with a different investor, Engaged Capital.⁠[6]

oOh!media announced on April 11, 2022 that HMI had divested its holding and Mick Hellman’s board resignation had taken effect on April 9.⁠[7]

HMI joined Lew Cirne and JANA in voting support for New Relic’s sale announced on July 31, 2023. Their combined holding was about 20%, not HMI’s individual stake. Buyers Francisco Partners and TPG completed the acquisition on November 8 at an approximately $6.5 billion equity valuation.⁠[8][9]

An October 21, 2024 Schedule 13D reported roughly 7.87 million nCino shares, or 6.8%. The filers considered the stock undervalued and planned discussions on governance, capital allocation, operations and strategic transactions. These were investor views and intentions. Affiliated filers reported the same shares, which must not be added together.⁠[10]

Under a February 9, 2025 cooperation agreement, nCino expanded its board from nine to ten and appointed Justin Nyweide to the board and audit committee. The following day’s filing described him as HMI’s founding partner and chief investment officer. HMI accepted standstill and voting provisions with exceptions and defined termination conditions.⁠[11]

The Form ADV filed March 31, 2026 reported $2,152,424,287 in regulatory assets under management, three accounts and 16 employees. These are adviser-level figures, not the founder’s personal wealth.⁠[12]

nCino’s preliminary proxy for its 2026 annual meeting described Nyweide as an HMI founding partner and senior advisor, and as nCino’s lead independent director since July 2025. The chief-investment-officer description in the 2025 announcement therefore belongs to its historical context.⁠[13]

HMI’s second-quarter 13F, filed August 14, listed 14 entries as of June 30 with a reported total value of $712,363,252. Holdings included Amazon, Microsoft, nCino and Toast. Coupang stock and call options occupied separate rows, so 14 entries did not mean 14 different companies. The 13F total is distinct from regulatory assets under management.⁠[14][15][12]

HMI identifies three main sectors: consumer and business services, financial services, and software and technology. Its stated mandate extends across capital structures and public and private markets.⁠[1]

HMI says it studies businesses’ five-to-ten-year free cash flow, competitive position and management’s capital allocation. It pursues one concentrated strategy and describes direct engagement with management on operations and strategy. These are statements of method, not guarantees of returns or principal.⁠[16]

HMI Capital: Official website: https://www.hmicapital.com/ (opens in a new window). Company LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: https://www.linkedin.com/company/hmi-capital-llc (opens in a new window). The account is listed in its regulatory website directory; partners’ personal accounts are separate from the firm’s account.⁠[1][17][12]