Hamilton Lane passes halfway on secondaries fundraise

Hamilton Lane is targeting $3bn for the fund, more than double the target of its 2015-vintage predecessor.

Hamilton Lane has held an interim close on its latest secondaries fund.

The Bala Cynwyd, Pennsylvania-headquartered investment manager raised $875.5 million for Hamilton Lane Secondary Fund V, according to a filing with the Securities and Exchange Commission. The firm told sister publication PE Hub that this figure represents new commitments and that the total raised so far is $1.7 billion.

Secondaries Investor reported in 2018 that Hamilton Lane was coming to market targeting $3 billion for the vehicle. Limited partners include Public Employee Retirement System of Idaho, which committed $50 million, according to Secondaries Investor data.

Fund V held a $700 million first close in April and a $1.1 billion second close in September, Secondaries Investor reported.

Predecessor Fund IV raised $1.9 billion by its final close in 2017, exceeding its $1.25 billion target, according to Secondaries Investor data. The fund had delivered a net internal rate of return of 21.49 percent and a total value multiple of 1.22x as of 30 June, according to data from PERSI.

Recent deals Hamilton Lane has backed include the restructuring of PEI Media owner Bridgepoint’s €4.8 billion 2008-vintage fund, led by HarbourVest Partners, and the $200 million restructuring of Legend Capital’s 2008-vintage China-focused buyout fund.

Secondaries fundraising had its best-ever first quarter this year. The 10 secondaries funds that held final closes raised a combined $24.27 billion, Secondaries Investor reported.