HMC Capital (ASX:HMC) said that HMC Capital Partners Fund I declared an interim distribution worth AU$300 million for the fiscal year ending June 30, payable to fund unitholders, reflecting realized gains from its investments in Sigma Healthcare (ASX:SIG) and Ingenia Communities (ASX:INA), according to a Tuesday Australian bourse filing.

As the largest investor in the fund, HMC will receive a distribution of around AU$150 million in mid-April and will retain an ongoing investment valued at around AU$230 million.

A review was conducted in consultation with the trustees of the fund, resulting in the trustees determining to re-weight future investments towards unlisted opportunities and the highest conviction strategic stakes in listed entities where there is material upside and/or the potential for corporate merger activity.

Unitholder approval will be sought to amend the trust deed and certain fund terms to change the fund name to HMC Capital Partners Fund II, increase the performance fee hurdle from 7% to 9%, and change from an open-ended structure with limited quarterly liquidity to a closed-end structure.

Its shares fell 3% in recent trading on Tuesday.