Hamilton Lane Private Assets Fund

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.

• Founded over 35 years ago as a private markets specialist
• $1.1 trillion in assets under management and supervision (June 2026)
• ~$20.0 billion in Evergreen platform assets under management (June 2026)

Hamilton Lane is one of the largest private markets investment firms globally, with more than 35 years of experience managing and advising capital across direct, secondary, and fund investments. As of June 30, 2026, the firm's proprietary database represented almost 20,000 unique managers and over 72,000 funds across more than 63 vintage years. The database also included over 180,000 portfolio companies.

Hamilton Lane's Evergreen Platform provides diversified access to private markets through 12 Evergreen funds spanning private equity, credit, infrastructure, secondaries, venture capital and growth. As of June 30, 2026, the platform had almost $20 billion in AUM and a seven-year evergreen track record, dating back to the launch of the Global Private Assets Fund in 2019.

• 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 75% of the portfolio represents private equity buyout positions, with growth and venture capital investments representing approximately 23% of the portfolio.

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 approximately 45% of 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.

Visit Hamilton Lane to learn more about HLPAF.