Strategies Secondary Investments

A shorter duration complement to an overall private markets portfolio

The secondary market has been an attractive place for investors to deploy capital as demonstrated by the growth in both transactions and fundraising. As this market has become increasingly mature and sophisticated, transaction structures have grown more complex. We believe today’s market conditions, characterized by the global growth of private markets and more active management of private market allocations, lend themselves to the strengths of our differentiated approach. With 23 years of experience in this market, we remain focused on finding value in more complex and innovative secondary opportunities.

Our goal is to provide investors with significant capital appreciation by delivering attractive risk-adjusted returns. Through our unique approach and competitive positioning, we have implemented this strategy by focusing on:

  • Quality, mature assets
  • Partnering with quality general partners
  • Flexibility and expertise across the spectrum of secondary investments
  • J-curve mitigation and cash yield

In Deal Flow in 2023


Committed Across 370+ Transactions


Years of Secondaries Investing Experience

*As of 12/31/23

Deal Spotlights

Project Somerset


An acquisition of a portfolio featuring four fund interests across two reputable general partners.

Why it matters

The selling LP, facing liquidity challenges, approached us due to our 10+ year relationship. We were then provided with a unique opportunity to access a direct, proprietary transaction. The deal showcases our ability to successfully navigate liquidity challenges and seize a favorable position in the market.

The HL advantage

The deal stems from our long-standing relationship with the seller and prior investment in a significant asset within the portfolio. This familiarity allowed us to confidently navigate the complexities of the deal, leverage existing underwriting for conviction in entry valuation and future performance expectations, and ultimately secure an attractive price in a proprietary transaction.

Project Eagle


A continuation fund involving the seven remaining assets in a GP’s 2007 vintage fund

The bottom line

The transaction demonstrates Hamilton Lane’s strong position in this growing market segment, as well as our differentiated ability to access quality managers and assets at attractive prices with compelling return characteristics.

Managing Director Ryan Cooney dives deeper into the HL advantage in this deal spotlight video.

Project Room 24


Acquisition of a single fund LP interest that Hamilton Lane sourced on a bilateral basis.

Why it matters

The portfolio is well diversified across various sectors and consists of strong performing assets that have the potential to drive meaningful upside with significant near-term liquidity.

The bottom line

We negotiated an attractive discounted entry into a high-quality fund at an inflection point.

The HL advantage

We had an information advantage given our seat on the Fund’s advisory board and having invested directly into the two largest assets via our broader platform. Through the culmination of our strong existing relationship and information advantage, we benefited from differentiated access and insight into the portfolio. This is a great example of a proprietary deal that originated through our thematic sourcing approach.

Read our take on the current Secondaries landscape
The secondary market has seen exponential growth over the last several years. With our experience, scale and network, we believe we’re well positioned to deliver attractive risk-adjusted returns to our clients.
Tom Kerr
Head of Secondary Investments, Co-Head of Investments

Utilizing our market-leading data to gain a greater level of insight

Hamilton Lane’s proprietary technology combined with our database of over 21,000+ funds and 152,100+ private companies* provides a unique advantage to better understand the drivers of value within a deal. Our data advantage and extensive global primary platform represent a crucial competitive advantage and drive our ability to be a conviction buyer. We use our market-leading data to gain a greater level of insight, which is essential when the objective is to limit the downside and generate strong risk-adjusted returns.

*As of 12/31/23

Recent Content

Insights | 5 Min Read

Secondary Market Deal Activity

2021 was a record year for transaction volume in the secondary market, yet 2022 saw a dip in volume. What’s the secondary supply story so far this year?

Read the Research Article
Insights | 3 Min Read

Secondary Market Valuations

We spend a lot of time talking about valuations with our clients. Are they correct, and if so, what does it mean for the secondary landscape?

Read the Research Article
Insights | 3 Min Read

Secondary Market Landscape

One area that’s probably evolved the most in our view is the secondary market deal landscape. What are we currently seeing in the LP and GP-led markets?

Read the Research Article

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