HMS Hawaii Management makes venture capital investments in start-up, emerging, and established companies with a preference for seed and early-stage Hawaii-based companies and later-stage non-Hawaii-based companies. The firm specifically addresses the opportunities originating in the State of Hawaii where pricing of investments is free of competitive distortion and quality deals are specifically tied to the geographic, technical, and social strengths of the island community. HMS prefers portfolio companies that capitalize on Hawaii's strengths in telecommunications, health & wellness, biotechnology, dual use (military technology adapted to civilian use) and ocean, earth and space sciences. Later-stage, non-Hawaii deals are generally made as co-investments with an extensive group of investment partners. HMS Hawaii Management, a management group headed by Richard G. Grey and William K. Richardson, is the General Partner of HMS Investments, HMS Investments II, HMS Hawaii and HMS Hawaii III.