The talks ended without an agreement on a deal, said PeHUB, citing three people with knowledge of the process.
In December reports said that Hamilton Lane was nearing a deal to buy Paul Capital, which had been struggling to raise funds.
The deal was “mostly done” after a few months of talks, two people with knowledge of the matter told Dow Jones.
Earlier in 2013, Paul Capital lost four members of its healthcare team to hedge fund Visium Asset Management.
The firm said the group would continue to manage its healthcare and royalty funds as a subadviser.
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