Q1 2022 Update
Hamilton Lane’s Direct Equity (Co-Investment) Funds are focused on providing investors with diversified exposure to unique and differentiated deals through an efficient fee structure.
- Overall performance this quarter remained strong across the Funds and valuations remain at generally healthy levels.
Equity Opportunities Fund Portfolio Summary
Equity Opportunities Fund V (Currently in Market)
- Early performance for Equity Opportunities Fund V is solid, having broken the J-curve in only three quarters. The seed portfolio remains well-positioned and largely assumes flat or contracted multiples at exit.
- Strong seed portfolio with $1.2 billion committed across 29 deals that are backed by robust industry tailwinds and varied value creation theses.
- Continued momentum in fundraising, with closed commitments totaling more than $1.6 billion, with pending and soft-circled commitments standing at more than $2 billion.
- Investments to date have been in hard-to-reach direct SMID buyout and growth equity deals, alongside best-in-class managers.
- Thoughtfully diversified portfolio that we believe is well-insulated from volatile market conditions and macro concerns.
Equity Opportunities Fund IV (CI IV)
- As of March 31, 2022, the Fund had a gross IRR and MOIC of 33.7% and 2.1x, respectively.
- We have seen a fair number of wins in the portfolio across several deals and already have 17 deals marked above a 2.0x MOIC, with three of the 17 above a 5.0x. Despite the relative nascency of the portfolio, the Fund has already returned 48% of invested capital.
FUND III (CI III)
- As of March 31, 2022, the Fund had a gross IRR and MOIC of 19.1% and 2.0x, respectively.
- The Fund is in harvest mode, with more than 130% of capital returned through Q1. We expect meaningful activity this year as several investments have been or are being positioned for liquidity events.
FUND II (CI II)
- As of March 31, 2022, the Fund had a gross IRR and MOIC of 17.9% and 2.1x, respectively.
- The Fund continues to be a top-quartile performer as it winds down (~1.9x of invested capital returned to date). While several positions remain in the portfolio, there are two assets driving the bulk of the NAV.