FoF and co-investment fund closes boost Hamilton Lane growth

The US organisation announced that it has experienced a 13% year-on-year growth in assets under management and 5% growth in assets under advice, during a presentation of second-quarter results.

The fee-earning assets under management have reached $36bn, consisting of $13bn in specialised funds and the remainder in customised separate accounts.

The growth drivers included the close of Hamilton Lane Private Equity Fund X and Hamilton Lane Co-Investment Fund IV, along with the fundraising for Hamilton Lane Secondary Fund V and an evergreen fund that provides private clients with exposure to alternative asset classes.

Hamilton Lane Private Equity Fund X is a multi-strategy fund-of-funds that held a final close on $278m in September. It targets small and medium-sized funds and transactions.

"While we have seen a shift in investors' preferences towards customised special accounts or other special funds, the multi-strategy structure continues to feed the needs of certain investors seeking diversified exposure to the private markets," chief client officer Jeff Meeker said during a conference call.

Meeker also said that Hamilton Lane Secondary Fund V reached a second close on $1.1bn in September. The fund's predecessor, Hamilton Lane Secondary Fund IV, reached a final close on $1.9bn in June 2017, and remains the manager's largest secondaries vehicle to date.

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