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REAL ASSETS
U.S. Real Estate

As much as any HMC strategy, U.S. Real Estate is distinguished in the market by our philosophical
approach to investing. “I joined HMC because I wanted to be part of a firm that’s committed to making
transformative investments,” says Senior Managing Director Jon-Paul Momsen. “Investments that
create real value, not the kind that are simply bets on market momentum.”

e target undervalued properties, typically It’s an approach that’s clearly resonated in the market over the past
between $20 million and $80 million; decade. Since 2008, the fund size has grown from $130 million to
entrepreneurial transactions that are too just under $500 million. Our decade of continual success is perhaps
large for individual investors, but too small best exemplified by an exceptionally rewarding series of multifamily
for the larger funds — where we can create renovation projects we launched in 2009, in the wake of the housing
W value through focused operational and collapse, before anyone else in the market recognized the opportunity.
financial management. Moreover, we maintain a diverse portfolio.
HMC and its affiliates have owned, developed and managed “Ultimately,” Momsen continues, “our strategy is about creating
multifamily, office, industrial, retail and hotel properties a value proposition for everyone involved — from our investors
throughout the Southeastern and Southwestern United States. to the end users. That’s why I enjoy working for HMC.”

“An investment company’s approach to data is one of the first items on my punch list. Not only is HMC
incredibly detailed with data, their overall approach to real estate is the same as ours. Just as importantly,
they are extraordinarily institutional — in the level and sophistication of their back office support — for
a strategy their size. They are extremely thoughtful — both in their processes and their decisions.”

Søren JacoBSen
Head of Real Estate & Infrastructure – Sampension
Hellerup, Denmark

$2.2 Billion $3.7 Billion

Total Realized Sales for Six Funds Real Estate Purchases Across Six Funds

11.7% 64 / $2.4 Billion

Net Internal Rate of Return Across Six Funds Properties / Real Estate Assets Under Management

17