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Hamilton Lane Private Assets Fund

Published date February 5, 2026
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Inception Date
September 2020
Fund Size
$5.4 billion AUM (November 2025)
Management Fee
1.40%
Incentive Fee
10% High Water Mark

Market Opportunity

The private equity market offers both breadth and depth beyond what is available in public markets. There are over 140,000 private companies generating over $100 million in revenue compared to just 19,000 public equivalents. This imbalance is widening as companies increasingly choose to stay private longer, seeking to avoid public market scrutiny and benefit from the more flexible capital structures available in private markets.
Private equity has also historically outperformed public markets. Per Hamilton Lane's internal research and third-party benchmarks (Burgiss and Cambridge Associates), private equity has outperformed the S&P 500 and MSCI World Index across nearly all long-term time horizons. Over the 25-year period ending December 2024, private equity produced excess returns of approximately 500 to 700 basis points, net of fees, depending on vintage and strategy.

Background of Firm

  • •
    Founded over 30 years ago as a private markets specialist
  • •
    $1T in assets under management and advisement (November 2025)
  • •
    Coverage of more than 17,500 GPs with 58,000+ funds reviewed
    • Hamilton Lane is one of the largest private markets investment firms globally, with more than three decades of experience managing and advising capital across direct, secondary, and fund investments. The firm has reviewed over 17,500 GPs and over 58,000 funds. Across the platform, the firm monitors over 168,000 portfolio companies held across private equity firms.

    Strategy

  • •
    Multi-strategy approach: direct co-investments, LP secondaries, and GP-led secondaries
  • •
    Emphasis on buyout equity (target 50–70%) with smaller allocations to growth equity and venture capital
    • Hamilton Lane Private Assets Fund (HLPAF) aims to build a diversified and actively managed portfolio composed of direct co-investments, LP secondaries, and GP-led secondary investments. HLPAF continually monitors market conditions and seeks to pursue the best risk-adjusted opportunities across the private equity landscape. Roughly 76% of the portfolio represents private equity buyout positions, with growth and venture capital representing smaller allocations.
    The fund's secondary investments, including both diversified LP portfolios and single-asset GP-led secondaries, serve to mitigate the J-curve effect typically experienced in private equity. LP secondaries also provide the opportunity to purchase compelling assets at discounts to NAV, particularly when a seller is looking to address liquidity needs.
    Direct co-investments, which currently account for 50% the portfolio, are made alongside top-tier general partners with whom Hamilton Lane has deep familiarity. These investments provide targeted exposure to high-conviction opportunities with enhanced visibility into the underlying businesses, cash flows, and management teams. Direct co-investments also offer enhanced control, better fee economics, and higher return potential.
    HLPAF's investment allocation process is driven by the firm's Evergreen Portfolio Committee, which integrates both bottom-up asset-level diligence and top-down macroeconomic perspectives. Sector, strategy, and geographic exposures are adjusted over time to reflect evolving risk/return expectations and capital market conditions. Recent allocations have leaned into defensive sectors such as healthcare and software.

    Learn More

    Visit Hamilton Lane to learn more about HLPAF.
    2261 Market Street, Suite 5190
    San Francisco, CA 94114
    hello@ivyinvest.co
    The Institutional Investment Strategy Fund ("IISF" or "Fund") is an investment company registered under the Investment Company Act of 1940. IISF is a closed-end fund operating as an interval fund that makes quarterly repurchase offers and as such provides limited liquidity. The fund commenced operations on March 5, 2024. An investor should consider the investment objective, risks, charges and expenses of an investment. The Prospectus contains this and other information. Read it carefully before investing.