Hamilton Lane targets $1.25bn for Fund IV

The global private equity firm launched the fund in August and is looking to raise its biggest secondaries fund.

Hamilton Lane, a Philadelphia-based alternative investment manager, is in market with its largest dedicated secondaries fund, according to a presentation made to the Fresno County Employees’ Retirement Association.

The firm is seeking $1.25 billion for Hamilton Lane Secondary Opportunity Fund IV and has $91 million in pending commitments, according to an October presentation document. UK regulatory filings show the fund was registered on 6 August.

Hamilton Lane’s previous secondaries fund, Hamilton Lane Secondary Opportunity Fund III, launched in 2012 and exceeded its $650 million target, closing on $900 million in September 2013. Investors in the fund include Korea Teachers Pension Fund and pension investor Zurich Invest, according to PEI Research & Analytics division.

Hamilton Lane Secondary Opportunity Fund III had a net internal rate of return (IRR) of 28.6 percent as of 31 December, according to a performance report by the Public Employee Retirement System of Idaho, also an investor in the fund. The 10-year net IRR for the firm’s secondary performance was 12 percent, according to the presentation to the Fresno County Employees’ Retirement Association.

Hamilton Lane were not immediately available to comment.

Founded in 1991, Hamilton Lane has over 235 staff in offices spanning the US, Europe, Asia, Latin America and the Middle East. The firm had more than $233 billion in assets under management and supervision as of 31 June, according to its website.