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 Hamilton Lane’s differentiated approach. With 22 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, January 1, 2022 – September 30, 2022


Committed Across 320+ Transactions


Years of Secondaries Investing Experience

*As of 09/30/22

Deal Spotlights

Project Weightstone

Who they are

Acquisition of a highly diversified portfolio of 10 LP fund interests managed by various high-quality GPs.

The HL Advantage

Because of our established relationships with the underlying GPs, Hamilton Lane was one of only a few potential buyers able to acquire the entire portfolio and provide the seller with an efficient closing process.

Why it matters

We leveraged our GP relationships and portfolio information advantages (having coverage on 99% of NAV) to complete detailed diligence in an expedited time frame. We were able to offer the seller multiple bid structures, eventually underwriting the portfolio under our preferred structure, which included a 12-month deferral on 100% of the purchase price. 

Project Lincoln

Who they are

A structured secondary of a well-diversified portfolio with 15 assets, managed by a leading private equity firm in Asia.

Big Picture

Hamilton Lane leveraged its strong global experience with complex secondary transactions, structuring this as preferred equity, which provided significant downside protection with priority distributions up to a minimum return.

Why it matters

The GP was very focused on the strategic value of the secondary buyer for this opportunity.

The HL Advantage

Due to our long-standing relationship with the GP we were not only the preferred partner in the transaction, but were also able to identify the potential for near-term liquidity within the portfolio quickly as well as gain conviction in the portfolio’s potential for strong long-term growth.

Project Moneyball

Who they are

Secondary purchase of a highly-diversified portfolio of LP interests in four buyout funds managed by high-quality GPs.

Unique Access

Initiated through targeted proactive outreach, Hamilton Lane curated an LP-interest portfolio from a broader set of funds. Proprietary data and insights led to conviction in upside drivers and embedded value across the acquired interests.

Why it matters

We were able to leverage our information advantage to identify an attractive inflection point to enter a fund. Our strong relationship with the GP enabled us to proactively identify an LP with appetite for a liquidity solution. Hamilton Lane was then able to execute on a broader transaction with the seller in an efficient and discrete manner that was a win-win solution for all parties involved. 

The bottom line

GPs view Hamilton Lane as a strategic partner with expansive investment capabilities, allowing us to utilize our expertise to create proprietary or restricted transactions. In this scenario, we crafted a diversified portfolio while maintaining discipline on due diligence and pricing.

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

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

Hamilton Lane’s proprietary technology combined with our database of over 18,000 funds and 128,000+ 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 09/30/22

Discover Hamilton Lane Technology

Recent Content


Secondary Market Investing: 10 Themes for 2023

The Secondary Market: a look at pricing, transactions, entrants, capital constraints, LPs, valuations, GP-led strategies and 2023 opportunities.

Read the Research Article

Episode 4 | Keith Brittain - Don’t Discount the Secondaries Opportunity

Keith Brittain dives into the evolution of the secondaries market, the growing opportunity and popularity, and how he sees things shaping up in 2023.

Listen to the Podcast

Navigating Volatile Markets with Secondaries​

Secondaries have historically generated attractive returns and low volatility relative to other private markets strategies. In addition to providing investors with downside protection, secondaries has historically outperformed other primary private equity investments, making them a great complement to an investor’s overall portfolio.

Read the Research Article

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