Hamilton Lane INC

Hamilton Lane Incorporated

Overview

• Global private markets investment solutions provider.
• Designs, implements and oversees portfolios of private markets funds and direct investments.
• Offers products and services across primary, secondary, direct investments and advisory services.
• Focus areas: private equity, private credit, real estate, infrastructure and real assets, growth equity, venture capital and impact.

Offerings and structure

• Customized Separate Accounts (discretionary)
  • Creates customized portfolios of private markets funds and direct investments under discretionary mandates.
  • Approximately $92 billion of AUM in customized separate accounts as of 3/31/2026.
  • Fees typically asset-based on committed capital, net invested capital or NAV; some accounts use fixed fees; some single-client funds include carried interest or incentive fees.
• Specialized Funds (drawdown and evergreen)
  • Manages commingled funds across primary, secondary, private credit, direct equity and multi-strategy strategies (including venture, infrastructure, real estate and impact).
  • Approximately $50 billion of AUM in specialized funds as of 3/31/2026.
  • Drawdown funds: capital commitments, defined investment periods, fees based on commitments or net invested capital, and incentive fees with carried interest and clawback protections where applicable.
  • Evergreen funds: continuous offerings with subscription/redemption or repurchase features; some registered under the Investment Company Act; diversified across strategies and geographies.
  • Manager typically Hamilton Lane Advisors, LLC acting as discretionary manager under investment management agreements.
• Advisory Services
  • Non-discretionary advisory services covering asset allocation, policy development, due diligence, monitoring and reporting.
  • Fees generally fixed annual amounts or basis points for specific scopes; typically no incentive fees.
  • Advisory clients include large institutions and private wealth clients.
• Distribution Management
  • Active portfolio management for liquidation/management of publicly traded securities distributed to clients; often bundled with other services.
  • Fees usually transaction-based or asset-based; some arrangements include incentive components.
• Reporting, Monitoring, Data and Analytics
  • Comprehensive client reporting and investment monitoring, including cash flows, valuations and portfolio details.
  • Cobalt LP: proprietary analytics platform providing benchmarks, forecasts and client-specific analytics on a subscription basis.
• Investment Process and Risk Management
  • Structured, cross-functional due diligence with investment committees holding ultimate authority by strategy.
  • Emphasis on responsible investing and sustainability; data collection via the Novata platform; net-zero pledge for discretionary AUM by 2050 or sooner.
  • Data and analytics support transparency and investment decision-making.

How clients are served

• Client base: over 2,800 institutions and intermediaries globally.
• Serves institutional and private wealth clients, including public and sovereign pension funds, endowments, foundations, banks and family offices.
• For fiscal 2026, the top 10 clients provided ~11% of management and advisory fee revenues; the top 20 clients provided ~16%. No single client accounted for more than 2% of management and advisory fee revenues.

Assets under management and advisement (as of 3/31/2026)

• Total AUM and AUA: approximately $1.0 trillion combined.
  • AUM (discretionary): approximately $142 billion (customized separate accounts and specialized funds).
  • AUA (non-discretionary): approximately $905 billion (advisory accounts).
• Fee-earning AUM: approximately $82 billion.
  • Difference from total AUM reflects discretionary AUM earning flat fees or fees based on number of funds, and portions of AUA that are inactive or not currently fee-earning.

Growth history

• AUM grew from about $106 billion (3/31/2022) to $142 billion (3/31/2026) — ~7% CAGR.
• AUA grew from about $795 billion (3/31/2022) to $905 billion (3/31/2026) — ~3% CAGR.

Geographic and operating footprint

• Global platform with 23 offices worldwide.
• Headquarters: Conshohocken, Pennsylvania.
• Clients served across North America, Europe, the Middle East, Asia, Australia and Latin America.

People

• Approximately 785 employees as of 3/31/2026.
• Approximately 265 investment professionals.

Organizational structure and governance

• UP-C structure: pre-IPO owners retain pass-through interests and there is a tax receivable agreement (TRA) with legacy holders.
• Legal entities and ownership:
  • Hamilton Lane Incorporated (parent) and Hamilton Lane Investments, LLC (HLA) as the operating/management entity.
  • HLI is a Delaware holding company that holds equity in HLA and is the issuer of Class A common stock.
• Class A and Class B common stock:
  • Class A: publicly traded, 1 vote per share.
  • Class B: 10 votes per share until a sunset, after which 1 vote per share; held by significant outside investors and certain insiders. Voting control is concentrated in HLAI until sunset.
  • Class B holders hold approximately 73% of combined voting power; a stockholders agreement aligns votes with HLAI.
• Tax receivable agreement (TRA):
  • 85% of realized tax savings from tax basis step-ups due to exchanges and related items paid to legacy HLA members; 15% retained by HLI.
  • The TRA runs with the tax attributes; early termination options exist and may have material payment implications.
• Change of control considerations:
  • Advisory agreements may be subject to assignment risk if a change of control occurs before sunset.

Investments, debt and liquidity

• Uses debt facilities to fund operations and to warehouse seed investments.
• Outstanding debt and facilities:
  • Senior Notes: $100 million aggregate principal, 5.28% due October 15, 2029.
  • Term Loan maturities: July 1, 2029 (Term Loan), April 1, 2030 (2020 Term Loan), October 1, 2029 (2022 Term Loan).
  • Revolving facility: maturity October 7, 2027.
• Debt arrangements are with JPMorgan Chase & Co. and include covenants (leverage, EBITDA, minimum net worth, etc.).
• Debt and liquidity considerations affect distributions, dividends and operating flexibility; the company relies on HLA distributions to fund corporate expenses and tax obligations.

Market positioning and product expansion

• Strategic priorities include:
  • Using scale as a large allocator of primary capital to leading private markets fund managers.
  • Expanding evergreen platforms and specialized funds.
  • Broadening geographic reach and client channels, including institutional and private wealth.
  • Building strategic technology partnerships and exploring tokenization/digital asset access for evergreen funds.
  • Expanding into defined contribution plans and retail sectors, including international markets.

Key revenue drivers

• Management fees on fee-bearing AUM (variable with base and tiering, often tied to committed capital, net invested capital or NAV).
• Advisory fees (non-discretionary).
• Incentive fees and carried interest (variable, realization-driven).
• Monitoring, reporting and data services (including Cobalt LP subscriptions).
• Distribution management fees (transaction-based or asset-based, with possible incentives).
• Fees from primary investments in specialized funds (offsets when investments occur on a primary basis).

Notes

• All material AUM/AUA figures and client counts are as of March 31, 2026.

Summary

Hamilton Lane operates a global private markets platform that combines discretionary separate accounts and specialized funds with non-discretionary advisory services, distribution management and data/analytics. The firm serves a diversified base of institutional and private wealth clients from 23 offices, manages or advises on approximately $1.0 trillion of assets, and maintains a substantial investment team and proprietary technology to support its offerings.