PAF Announces $1 Billion in AUM Since Launch

Private Assets Fund Delivers 17.48% Annualized Since-Inception Return and Reaches $1 Billion in Total AUM Since Launching in Q3 2020
Global Evergreen Platform Growth Continues with $4.6 Billion in AUM, Underscoring the Firm’s Commitment to Expanding Access to Private Markets

CONSHOHOCKEN, PA – As strong historical performance and demand for new opportunities for return drive investor interest in the private markets, Hamilton Lane’s (NASDAQ: HLNE) Private Assets Fund (“PAF” or the “Fund”) has returned 17.48% annualized and reached $1 billion in AUM in its three years since inception as of August 31, 2023.

The Fund delivers a diversified private equity portfolio to qualified U.S. clients, including individual investors, their wealth advisors and institutions. PAF seeks to eliminate some of the challenges of traditional private equity fund structures, including offering limited liquidity in the form of quarterly limited repurchase offers by the Fund. PAF, a ‘40 Act registered, continuously offered, closed-end investment vehicle, is part of Hamilton Lane’s expanding Evergreen Platform, which is one of the world’s largest with more than $4.6 billion in AUM globally.

As a multi-manager, sector-diverse vehicle with a global mix of direct equity, secondaries and private credit investments, the Fund seeks to deliver medium and long-term capital appreciation. Backed by the firm’s more than 30 years of exclusive focus on private markets, PAF aims to deliver the historically outsized returns of private markets to private wealth investors that have traditionally been offered to institutional investors.

In addition to PAF, Hamilton Lane’s Evergreen Platform currently comprises the following:

The Global Private Assets Fund (“GPA”), which launched in 2019 and is open to high-net-worth and wholesale investors in Australia and New Zealand, Asia, Canada, Europe, Latin America and the Middle East. In total, GPA manages $3.2 billion as of August 31, 2023.
The Senior Credit Opportunities Fund (“SCOPE”), which launched in 2022 and is open to qualified high-net-worth investors and their advisors in Canada, Europe, Latin America and Southeast Asia. In total, SCOPE manages $305.5 million as of August 31, 2023.

Jackie Rantanen, Head of Investor Solutions, commented: “For PAF to reach $1 billion in AUM just as we mark three years since its launch underscores our commitment to expanding investor access and illustrates the effectiveness of the Fund’s multi-manager, multi-strategy approach. We are proud of the growth and performance we’ve seen across the Evergreen Platform and are excited to continue building on that success.”

Steve Brennan, Head of Private Wealth Solutions, commented: “At Hamilton Lane, we are committed to making private market investments accessible to a broader universe of investors around the world. To us that means focusing on creating high-quality, investor-driven products as well as educating and providing advisors, and in turn their clients, with the tools, resources and information they need to confidently and knowledgeably invest in the private markets. It’s important to us that, as our Private Wealth Platform grows, we can continue to guide advisors and their clients along that journey with us.”

Hamilton Lane’s Private Assets Fund is exclusively focused on the private markets and is therefore defined as a non-diversified fund by the Investment Company Act of 1940. For more information on Hamilton Lane’s Evergreen Platform, please click here.

About Hamilton Lane

Hamilton Lane (Nasdaq: HLNE) is one of the largest private markets investment firms globally, providing innovative solutions to institutional and private wealth investors around the world. Dedicated exclusively to private markets investing for more than 30 years, the firm currently employs over 600 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has nearly $818 billion in assets under management and supervision, composed of $117 billion in discretionary assets and approximately $701 billion in non-discretionary assets, as of June 30, 2023. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. For more information, please visit www.hamiltonlane.com or follow Hamilton Lane on LinkedIn: https://www.linkedin.com/company/hamilton-lane/.

Important Risk Information About PAF

Investors should consider the Private Assets Fund’s investment objectives, risks, charges, and expenses carefully before investing. For a prospectus that contains this and other information about the Fund, call 1 (888) 882-8212. Investing in the Fund involves risk including loss of principal.

• The Fund operates as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended. • Though the Fund intends to repurchase shares quarterly, you may not have access to the money you invest for an extended period of time. • The Fund is not a liquid investment. • You may not be able to sell your shares at the time or in the quantity of your choosing regardless of how the Fund performs. • Investors should understand that the Fund’s shares are not currently listed on or available for trading through a securities exchange, and a market for trading on an exchange may never be available to investors. There is currently no secondary market, and no such market is expected to develop. • Because you may not be able to sell your shares at the time or in the quantity of your choosing, you may not be able to reduce your exposure to the Fund in a market downturn. • Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program. • The amount of distributions that the Fund may pay, if any, is uncertain. Past performance is not an indicator of future results.

Hamilton Lane Advisors LLC is the Advisor to the Hamilton Lane PAF. PAF is distributed by UMB Distribution Services, LLC. UMB and Hamilton Lane are unaffiliated.

Forward-Looking Statements

Some of the statements in this release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Words such as "will," "expect," "believe," "estimate," "continue," "anticipate," "intend," "plan" and similar expressions are intended to identify these forward-looking statements. Forward-looking statements discuss management's current expectations and projections relating to our financial position, results of operations, plans, objectives, future performance and business. All forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause actual results to be materially different, including risks relating to: our ability to manage growth, fund performance, competition in our industry, changes in our regulatory environment and tax status; market conditions generally; our ability to access suitable investment opportunities for our clients; our ability to maintain our fee structure; our ability to attract and retain key employees; our ability to manage our obligations under our debt agreements; defaults by clients and third-party investors on their obligations to fund commitments; our exposure and that of our clients and investors to the credit risks of financial institutions at which we and they hold accounts; our ability to comply with investment guidelines set by our clients; our ability to successfully integrate acquired businesses with ours; our ability to manage risks associated with introducing new types of investment structures, products or services or entering into strategic partnerships; our ability to manage redemption or repurchase rights in certain of our funds; our ability to manage, identify and anticipate risks we face; our ability to manage the effects of events outside of our control; and our ability to receive distributions from Hamilton Lane Advisors, L.L.C. to fund our payment of dividends, taxes and other expenses.

The foregoing list of factors is not exhaustive. For more information regarding these risks and uncertainties as well as additional risks that we face, you should refer to the "Risk Factors" detailed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 31, 2023 and in our subsequent reports filed from time to time with the Securities and Exchange Commission. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information or future events, except as otherwise required by law.