Infrastructure fundraising slowed in 2020 and remains increasingly concentrated in a fewer number of large and mid-cap general partners.
This continues a trend that began in 2013 as the number of funds raised moved down and inversely to assets raised. Over time investors have grown increasingly comfortable with the growth of fewer larger funds raised by managers who’ve demonstrated consistent performance through successive vintages. Compounding this trend was 2020’s extreme market volatility and uncertainty as investors adapted to a new virtual fundraising environment. After a relatively short pause in March and April, investors resumed underwriting opportunities primarily from their existing general partner relationships. The resiliency of infrastructure investments, buoyed by durable cashflow and asset stability, is further reflected in the growth in NAV, albeit at a somewhat slowing rate compared to preceding years. Dry powder also leveled off as relatively fewer commitments were added to an existing base of available capital.
Infrastructure NAV & Unfunded Commitments by Year
USD in Billions
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Disclosures
This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely the information contained herein.
Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision.
The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters discussed herein.
As of April 30, 2021