Hamilton Lane saw record dealflow for secondaries last year

The firm has also made headway with fundraising for its latest secondaries programme, according to vice-chairman Erik Hirsch.

Hamilton Lane, the 12th-largest secondaries fundraiser according to the SI 50, saw more deal opportunities for secondaries last year than it ever has as the firm continues to make headway with fundraising for its latest dedicated programme.

The Conshohocken, Philadelphia-headquartered firm raised $570 million for Secondary Fund VI during the last quarter, bringing the total capital raise to $1.6 billion, vice-chairman Erik Hirsch said on the firm’s Q3 2023 earnings update last week.

The close generated over $2 million in retro fees for the quarter and Fund VI will be in market into the fourth quarter of calendar 2023, Hirsch said.

“Dealflow remained robust across the platform with secondaries, direct equity and direct credit experiencing record years,” chief executive Mario Giannini said on the call. Each strategy saw more than a 15 percent increase in dealflow last year, compared with a year earlier, he added.

Giannini cited a challenged fundraising environment, volatility and uncertainty converging to create “interesting investment opportunities”.

Fund VI launched in November 2021, according to Secondaries Investor data. Its target is undisclosed.

Predecessor Fund V raised $3.9 billion ahead of a $3 billion target, closing in February 2021.

Hamilton Lane has opened offices in Milan, Stockholm and Zug since 2021 and has “additional openings to come”, Giannini said.