Hamilton Lane PE Fund X closes on almost half the size of predecessor amid LP preference shift

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Hamilton Lane has hit a $278m final close for it tenth global fund of funds, about half the amount it gathered for its predecessor in the strategy.

Firm managing director Jackie Rantanen said, “Even with an overall shift in investor preference more towards customised separate accounts or single strategy-focused funds, the multi-strategy structure continues to fit the needs of certain investors, as evidenced by our long history of raising multi-strategy funds.”

Hamilton Lane has been managing multi-strategy funds since 1998. Fund X will primarily target small and mid-sized funds and transactions, diversified across primaries, secondaries and equity and credit co-investments.

The raise comes three years after Hamilton Lane close Private Equity Fund IX on $516m, well above its initial $400m target.

That vehicle was the firm’s largest fund of funds to date.

In June this year Hamilton Lane raised its largest co-investment fund to date after securing $1.7bn of commitments for the final close of Fund IV.

It followed that a month later with the $760m final close of its latest strategic opportunities fund.

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