Venture Capital at an Inflection Point

Venture capital is entering a new phase shaped by artificial intelligence (AI), concentrated capital flows and evolving exit dynamics. As companies scale faster and remain private longer, an increasing share of value is being created before IPO. Understanding where that value is accruing—and how to access it—has become critical for investors navigating today’s market.

Read the Article
We have been arguing for some time that, in the end, all the discussion and worry over interest rates, the dollar, tariffs, etc., is largely overdone. We spend too much time pondering those movements and not enough on the one thing that has driven, and will likely drive, investment returns for the foreseeable future. That one thing? Artificial Intelligence.
Miguel Luina
Co-Head of Venture Capital & Growth Equity

Value creation is shifting private

Today’s leading companies are reaching a significant scale before IPO, with more value created and captured in the private markets. Access earlier in the lifecycle is becoming increasingly critical for investors.

Capital is concentrating

Venture capital is flowing into fewer companies at larger check sizes, driven by AI and rapid revenue scale. This concentration is raising the bar for manager selection and sourcing advantage.

Liquidity is evolving

While traditional exits remain selective, liquidity has shifted toward secondaries, strategic M&A and a reopening IPO window, creating new pathways for both investors and companies.


Our approach to venture capital and growth equity investments

We aim to access top-tier venture and growth equity companies through fund investments, direct investments and solution-oriented secondaries. Our strategy is designed to produce an asymmetric return profile that seeks to limit losses, while capturing the attractive upside that venture and growth equity investments can provide.


$124B+

VC & Growth Assets Under Management & Supervision1,2

260+

General Partners With Whom We Actively Invest3

Venture Market Overview

Venture capital is entering a new phase. We explore the impact of AI and other market dynamics and what this means for investors. 


About Hamilton Lane

Our purpose is simple: To provide enhanced financial well-being for those who depend on us. We do that by seeking to deliver tailored, solutions-oriented private markets exposure and industry-leading client service. We’re an organization built on over three decades of client-centricity, candor and authenticity and powered by intellectual rigor and data-driven insight. 

Our commitment to serving those who depend on us has remained steadfast, while our focus on growth and transformation has only strengthened. Today, we serve institutional and private wealth investors around the world, helping them tap into the opportunities afforded by this maturing asset class.

hamilton lane


Footnotes 

1As of December 31, 2025. Inclusive of $17.4B in discretionary assets under management. Discretionary Assets Under Management ("AUM") includes all investments managed by Hamilton Lane for which Hamilton Lane retains a level of discretion for the investment decisions. AUM equals assets under management for active accounts. AUM is equal to market value plus unfunded. AUM calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments.             

2As of December 31, 2025. Inclusive of $106.5B in non-discretionary assets under management. Non-discretionary Assets Under Supervision ("AUS") comprise assets from clients for which Hamilton Lane does not have full discretion to make investments in the account. AUS includes all investments for which Hamilton Lane provides services including asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments and investment manager review and due diligence.  AUS equals assets under supervision for active accounts. AUS is equal to market value plus unfunded. AUS calculation does not include authorized to invest amounts (ANI). ANI can only be attributed to commingled fund-of-funds and separate accounts and cannot be attributed to underlying investments. 

3Number of Active GPs includes only active GP relationships for Hamilton Lane discretionary or advisory investments. This number excludes GPs with investments for which Hamilton Lane provides Monitoring & Reporting only services as well as Legacy accounts