First HL GP-led secondary transaction
GP-led secondary transactions completed
of completed deals as lead investor
2025 HL GP-led deal flow from 360+ unique GPs
Our Secondary Platform
We are a long-standing, successful secondary franchise within one of the world's leading private markets platforms. Leveraging the firm’s global footprint, network of relationships and extensive database, we:
- Generate differentiated deal flow;
- Source off-market secondary opportunities; and
- Proactively target funds and assets at key inflection points.
In 2025 alone, we evaluated more than $369 billion of secondary deal flow. Historically, we’ve invested in 1-2% of opportunities, reflecting a highly selective approach enabled by the scale, reach and information advantages of our platform.
GP-Led Strategy
As an early leader in GP-led secondaries, we completed our first transaction in 2014 well ahead of their broader adoption across private markets. Since then, we have completed more than 230 GP-led transactions and built a track record of consistent, proven results.
Our role as strategic relationship-driven capital to general partners provides access to approximately 2x the market in GP-led deal flow. We lead the vast majority of our transactions, allowing us to help shape structure, terms and alignment, with general partners themselves representing approximately 9% of all commitments to our continuation vehicle deals. This approach gives investors differentiated access to high-quality, hard-to-access middle-market opportunities that few firms are positioned to reach. We believe our platform is uniquely suited to capitalize on the strong and sustained momentum within this segment of the market.
The Market Opportunity
The GP‑led secondary market represents one of the most compelling growth opportunities in private markets today. In 2025, total market volume surpassed $115 billion, approximately half of the overall secondary market activity, and has grown at a 33% CAGR since 2016.
As top‑tier sponsors increasingly use continuation vehicles to retain ownership of their best-performing assets while offering LPs optional liquidity, investors can gain access to seasoned, high-quality companies at attractive entry points and with stronger alignment. With deal volumes surging, an undercapitalized buyer universe and GP‑led deals becoming a mainstream liquidity solution, this segment offers the potential for differentiated access, enhanced risk‑adjusted returns and a powerful complement to both primary and traditional secondary strategies.
Fundraise Timeline
We expect to hold a first close in Q4 2026.
Contact Us
We look forward to connecting with you about Hamilton Lane GP-Led Fund. If you have questions, please reach out to your Hamilton Lane representative.
For data room access, please reach out to gpleddataroom@hamiltonlane.com