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Hamilton Lane holds $900m final close on third secondaries fund’s hard cap

5 Sep 2013

dollar quarterGlobal private equity investor Hamilton Lane has closed its third fund aimed at secondary deals on its $900m hard cap, easily beating the fund’s initial $650m target.

The firm said Hamilton Lane Secondary Fund III was oversubscribed beyond the $900m mark, but that it chose to close on that figure.

It said the usual gamut of LPs including pension funds, insurance companies and sovereign wealth investors committed to the vehicle.

Hamilton Lane CEO Mario Giannini said, “The strong demand for the fund demonstrates continued interest in the secondaries market by institutional investors and is a testament to Hamilton Lane’s successful investment performance in this sector to date.”

The firm said it had already invested almost $200m of capital from the fund in eight deals.

AltAssets revealed that Hamilton Lane had hit the $700m mark for the vehicle in June.

The firm said secondaries provide investors with “the ability to quickly diversify a portfolio by vintage year, investment strategy, industry sector and fund manager.”

It makes investments at or near the end of the funds’ investment periods. Relative to primary commitments, which are drawn over three to five years, capital is deployed immediately at closing of each investment, it added.

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