Dedicated Direct Equity Professionals*
Discretionary Active GP Relationships*
Direct Equity AUM*
Direct Equity Transactions Reviewed in 2025*
Seed Portfolio Overview
We have 15 deals closed and pending, totaling $866 million in commitments, and have a very active pipeline. All deals are buyout transactions squarely in the middle market with an average TEV of $898 million. The seed portfolio is diversified across resilient, service-oriented sectors and has been built conservatively with the early assets having a weighted average purchase price multiple of 13.7x adjusted EBITDA and a leverage multiple of 4.9x. All the businesses are growing at double-digit rates across LTM revenue and EBITDA. As of Q3 2025, five deals have been written up, resulting in a 22% Gross IRR and 17% PF Net IRR.
EO VI Seed Portfolio Highlights
Deal Highlights
| Bishop Street Underwriters | AOM Infusion | |
| Who they are: A newly formed HoldCo. consisting of recently acquired MGA speciality insurance assets | Who they are: A large-scale infusion platform primarily focused on therapies for chronic conditions. | |
| The deal: In Q3 2025, Bishop Street was written up to a 1.7x and 102% gross MOIC and IRR driven by strong early performance, as the business continues to scale by executing its buy-and-build strategy. For the LTM period ending in Q3 2025, the company reported an EBITDA CAGR of 30% since year-end 2023. | The deal: In Q3 2025, AOM Infusion was written up to a 1.3x and 63% gross MOIC and IRR driven by strong financial performance, with revenue and adjusted EBITDA up 32% and 25%, respectively, over the prior year period. | |
| The bottom line: Bishop Street has completed six platform acquisitions at a blended multiple of approximately ~9x, representing a significant discount to scaled comparables that have traded at approximately ~18x or more. | The bottom line: The company is performing above expectations, and AOM Infusion continues to execute the value creation initiatives laid out at underwriting, including increasing density in existing markets, entering new markets and expanding into new chronic therapies. |
New Deals
| Integral Ad Sciences | TechServ | |
| Who they are: A leader in digital ad verification, providing independent measurement and optimization across digital media channels. | Who they are: A utility service provider offering oversight services, engineering services, telecom design, joint use services, and other support to companies in the utility end market. | |
| The deal: In Q4 2025, we invested alongside Novacap Management in Integral Ad Sciences as the largest co-investor in the transaction. We were one of the first co-investors approached given our existing primary and co-investment relationship with Novacap. | The deal: In Q4 2025, we invested alongside Bernard Capital Partners in TechServ. We received advantaged access in the transaction, which was a proprietary, unbanked process. |
Direct Equity Platform
We are a long-standing direct equity co-investor that benefits from being attached to one of the world’s leading private markets platforms. As one of the largest investors and allocators of private markets capital in the world, with more than $1 trillion of assets under management and advisement** and $34 billion of private markets capital allocated annually1, the scale of our platform provides differentiated and unique deal flow. We believe our direct equity investment platform affords us enhanced access to high-quality GPs and a diverse set of opportunities due to the breadth and depth of our primary capital footprint.
EO VI Strategy
EO VI is focused on providing investors with access to direct equity investments in middle-market private companies alongside best-in-class GPs at reduced economics. The Fund targets diversified middle-market buyout investments across sponsors, industries and geographies, with a focus on building resilient, all-weather portfolios. We employ a defensive investment approach, prioritizing asset quality and downside protection while capturing meaningful upside potential.
Market Opportunity
EO VI is well-positioned to capitalize on the favorable direct equity/co-investment market dynamics. In a constrained fundraising environment, GPs are increasingly turning to strategic, scaled co-investors like us to fill capital gaps. We have benefited from this dynamic, having reviewed $47 billion of direct equity deal flow in 2025, a 20% increase from the prior record year. We also continue to see an increase in co-underwrite opportunities, which represented ~40% of deal flow received in 2025. In co-underwrite deals, we act as a strategic partner to the GP, engage in pre-signing, complete diligence alongside the GP and sign equity commitment letters to help close transactions.
Contact Us
Our team welcomes the opportunity to connect and discuss Equity Opportunities Fund VI in more detail. Please reach out to your Hamilton Lane representative with any questions.
For data room access, please reach contact to EOdataroom@hamiltonlane.com.
Performance as of September 30, 2025. Past performance is not indicative of future returns.
*As of September 30, 2025
**As of September 30, 2025. Inclusive of $145.6B in discretionary assets under management and $859.8B in non-discretionary assets under supervision, as of September 30, 2025.
1The 2024 capital committed includes all primary commitments that closed during the year 2024 for which Hamilton Lane retains a level of discretion as well as non-discretionary client commitments for which Hamilton Lane performed due diligence and made an investment recommendation. Direct investments include all discretionary and nondiscretionary direct equity and direct credit investments that closed during 2024. Secondaries includes all discretionary and nondiscretionary secondary investments with a signing date during 2024.