Hamilton Lane eyes hard-cap for secondaries fund

The firm, which raised $591m for its prior secondaries fund, has collected $728.4m for Secondary Fund III.

Hamilton Lane has already beaten its $650 million target for its third secondary fund and is approaching its $900 million hard-cap.

The fund has collected $728.4 million, according to documents recently filed with the US Securities and Exchange Commission. It’s not clear when the fund launched or when it is expected to close; however, the fund’s first marketing documents were filed with the SEC last June.

Hamilton Lane declined to comment.

The firm’s previous secondaries fund closed on $591 million in August 2009, having received commitments from pension funds including the Public Employee Retirement Sytem of Idaho and the City of Burlington Employees’ Retirement System, Private Equity International reported earlier.

The firm’s secondary activities are run by Tom Kerr, managing director, and Erik Hirsch, chief investment officer of Hamilton Lane, PEI previously reported. The firm is also fundraising for its eighth private equity vehicle, which launched in 2012 and is targeting $400 million.

Founded in 1991, Hamilton Lane had about $159 billion assets under management, as of 31 March, according to its website.

In the last year, Hamilton Lane was selected by Nevada’s Permanent School Fund to run the pension fund’s first private equity allocation, PEI reported earlier. The firm also has made moves to expand its presence in Europe. At the beginning of this year, the firm hired Paul Waller, former 3i managing partner, to become a partner in Hamilton Lane’s London office, PEI reported.