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HamLane: Q1 deal volume ‘triple’ normal rate

Based on Q1 activity, Hamilton Lane expects dealflow to hit $30bn this year.

First quarter secondaries dealflow is nearly three times as high as the same period last year, according to Tom Kerr, managing director at global fund of funds and advisor Hamilton Lane.

“In terms of volume, the pace of what we have seen in the first two months of 2014 is three times that which we saw at the same period of time in 2013,” he said.

“It’s tough to say [what the final volume for the year will be] because it’s the first quarter and this market does ebb and flow, but if it keeps at this pace you’re going to see a first quarter transaction volume that will have a run rate pace to achieve over $30 billion this year.”

Peers have been offering similar estimates.

Paris-based Committed Advisors managing director Daniel Benin told Secondaries Investor previously he expects first quarter transactions to hit $10 billion.

In a report released to Secondaries Investor this week, New York Advisory firm NYPPEX estimated 2014’s transaction volume would reach $32.8 billion.

Hamilton Lane closed its Secondary Fund III on its $900 million hard-cap in September 2013, according to a statement from the firm. The fund was oversubscribed and had an original target of $650 million.

As of September 2013, Fund III had invested $200 million in 10 deals, according to a statement from the firm to PEI at that time. LPs in Hamilton Lane’s Fund III include the Korea Teachers Pension Fund, and the Public Employee Retirement System of Idaho.