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"It's all about relationships."
  Bill Richardson, General Partner
HMS Hawaii Management


Global markets are increasingly a major factor in the growth of companies. HMS uses its relationships with the University of Hawaii and other Hawaii business sources and the international relationships of the general partners, limited partners and affiliates to provide a flow of investment opportunities and to facilitate the development of portfolio companies through such activities as the transfer of technology and development of joint ventures.

We invest in privately held companies. We balance the investments by investing in companies at different stages of development, in different market areas, industry segments and technologies.

We prefer to co-invest with other experienced venture capital firms. We typically lead investment syndicates in Hawaii and follow a lead in non-Hawaii-based companies. Our normal practice is to stage investments in a company, timed to the company’s needs and performance. Our later stage investment preference is to join in investments led by our existing investment partners.

Our preference is to hold a board seat on portfolio companies. When that is not possible, we request observers’ privileges.


Track Record
HMS has originated four funds: HMS Investments I, HMS Investments II, HMS Hawaii and HMS Hawaii III.

HMS Investments, a Hawaii limited partnership, was formed in September 1995. The fund is fully invested. More than 90 investment proposals were accepted for review. Five opportunities were selected for investment.*

HMS Hawaii, a Hawaii limited liability corporation, was formed in January 1999. The fund is fully invested. More than 300 investment proposals were accepted for review. Nine opportunities were selected for investment.**

HMS Hawaii III, a Hawaii limited liability corporation, was formed in March 2004. The fund is currently investing. To date investments have been made in three opportunities.

These portfolio companies demonstrated:

  • An adequate number of investment opportunities occur within Hawaii.

  • The quality of deals is excellent.

  • Valuations are realistic.

  • Competition for investment opportunities is limited.

  • Individual deals can be syndicated with venture capital investors from out of state.

* HMS Investment was a first round investor in Digital Island (ISLD), a Hawaii-based startup, and participated as a board observer and invested in the next two rounds of investment.

** HMS Hawaii has invested, committed and reserved for future investment approximately 85% of the fund in eight deals in telecommunications, Internet, mariculture and intensive aquiculture fields. HMS Hawaii Management actively participates in portfolio company management.



"I ha`aheo no ka lawai`a I ka lako I ka `upena"
(good tools help the worker succeed)
  Hawaiian proverb


HMS Hawaii Management is committed to the community. Our goal is to add to the economy by creating wealth, to provide new business and new career opportunities. We know that things don’t do very well in a vacuum. As such, we are working to build tools and create an environment that will nurture the promise of Hawaii. We believe that venture capital investment is the most efficient method of job creation.

To promote entrepreneurialism, develop deal flow and improve the prospect of success, we helped:

  • Build University Connections in February 1999, as one of the initial co-chairs, to help connect entrepreneurs inside and outside the University of Hawaii with the resources they need to succeed.

  • Found Hawaii Business Entrepreneur Acceleration Mentors (HiBEAM). Its mission is to help launch new companies with excellent growth potential by providing expert professional advice to selected startups at critical stages of development.

  • Enable well-respected and knowledgeable Silicon Valley venture capitalists and angels in Hawaii to get actively involved in the entrepreneurial community, creating a “buzz,” providing singular expertise to our portfolio companies and integrating Hawaii into the Silicon Valley community.

  • Promote entrepreneurial training, such as Guy Kawasaki’s Bootcamp; John Dean’s Kipapa lecture series; business plan competition and training by University of Hawaii’s Entrepreneurial Training Center.

  • Encourage the return of successful Hawaii entrepreneurs.

  • Encourage the return of Hawaii residents who are involved in high tech enterprises that fit Hawaii’s targeted niche markets.

  • Found the Entrepreneurs Foundation of Hawaii, a nonprofit organization that helps develop a culture of community service and philanthropy in early stage Hawaii companies. EFH supports these companies, which have little time and no spare cash to devote to anything but building their businesses, through community involvement and community investment.
About Hawaii
Hawaii’s potential in several key areas is creating a business environment you won’t want to miss. The State’s unique location gives it unparalleled advantages in the ocean, earth and space sciences, as well as civilian adaptation of technology developed for homeland defense including remote health care delivery. Its mid-Pacific location, as well as its strategic military importance, makes Hawaii the communications hub of the Pacific, opening doors for almost any information technology business.

The infrastructure is in place and strengthening, and both US and Asian venture funds are participating in this emerging Pacific Basin marketplace.

The appeal of Hawaii’s quality of life, its dual East-West character and its time zone advantage are working together to build niche knowledge-based industries that investors are now discovering.

From a business and investor perspective, Hawaii is also a staging platform…its cultural and linguistic characteristics providing a comfort zone for Asian businesses looking to expand westward and to US enterprises looking for help in adapting their products or establishing a secure and neutral base for Asian operations.

For more information about Hawaii and venture capital, please visit:

DBEDT - Hawaii Department of Business, Economic Development & Tourism

University Connections - Helps connect entrepreneurs inside and outside the University of Hawaii with the resources they need to succeed

HiBEAM - A Hawaii business and entrepreneur accelerator

Entrepreneurs Foundation of Hawaii - A non profit organization that helps develop a culture of community service and philanthropy in early stage Hawaii companies

National Venture Capital Association

UH Angels - The first official angel investment network in Hawaii