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 24+ 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 380+ Transactions


Years of Secondaries Investing Experience

As of March 31, 2024

Deal Spotlights

Project Bull


A GP-led transaction involving a tender offer for interests in the GP's two prior vintages as well as a late primary commitment to the GP's newest fund.

Why it matters

The portfolio consists of 24 North American mid-market companies across diverse sectors including Business Services, Industrials and Consumer. Valuations are broadly in-line with or below comparable companies, and operational performance is trending above prior years for much of the portfolio. The seed portfolio for the late primary has already seen early mark-ups while the two older vintages have potential for near-term liquidity, providing a balance of potential value appreciation and liquidity.

The HL advantage

Our familiarity with the GP gave us strong conviction in the GP’s ability to drive growth and exit similar businesses across market cycles. We stood out in the restricted process due to our platform’s prior investments in the GP’s funds, our reputation as a value-added limited partner, and our flexibility to offer LPs several options, including deferred payment in exchange for a reduced purchase discount.

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.

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

Our proprietary technology combined with our database of over 21,200 funds and 157,600+ 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 March 31, 2024

Recent Content

News | 2 Min Read

Secondary Fund VI Close

Hamilton Lane has announced the final closing of Secondary Fund VI with $5.6 billion in commitments, marking the largest fundraise in the firm’s history.

Read the Press Release
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

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