Hamilton Lane is halfway to target on flagship secondaries fund

Hamilton Lane has raised 50 percent of the target of its latest private equity secondaries vehicle and is also eyeing a final close on its second infrastructure secondaries fund this year.

The Conshohocken-headquartered asset manager has raised $2.5 billion for Hamilton Lane Secondary Fund VI, vice-chairman and head of strategic initiatives Erik Hirsch said on the firm’s FY2024 first quarter earnings call on Tuesday.

Fund VI is seeking $5 billion, according to a July 2022 presentation. The vehicle launched in November 2021, according to Secondaries Investor data.

Hamilton Lane raised $3.9 billion for its predecessor fund, Hamilton Lane Secondary Fund V, which closed early 2021 against a $3 billion target.

The firm is also in market with its sophomore infrastructure secondaries fund, Hamilton Lane Infrastructure Opportunities Fund II, according to a presentation for Boston Retirement Systems’ board meeting last month. The presentation, which lists the fund’s target as $1 billion, shows the firm expects to hold the final close on Fund II in the fourth quarter of this year.

Fund II will focus on diversified core-plus and value-add infrastructure equity and secondaries positions, according to the materials. It has a target 12-14 percent net internal rate of return.

Its debut Infrastructure Opportunities Fund closed on $590 million in July of last year, according to Secondaries Investor data.

The firm posted an 8 percent rise in total assets under management year-over-year to $117.1 billion as of 30 June. Compared with the same period last year, the firm’s fee-earning AUM rose 17 percent from about $51 billion to $59.7 billion.

– Katrina Lau contributed to this report.