Hamilton Lane Incorporated (HLNE): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la gestion des investissements alternatifs, Hamilton Lane Incorporated (HLNE) émerge comme une puissance, transformant des paysages financiers complexes en opportunités stratégiques pour les investisseurs institutionnels. En tirant parti d'un modèle commercial sophistiqué qui mêle la technologie de pointe, des informations sur le marché profond et un réseau mondial de professionnels de l'investissement, Hamilton Lane s'est positionné comme un acteur pivot dans les stratégies d'investissement en capital-investissement. Leur approche unique va au-delà de la gestion des investissements traditionnels, offrant aux clients un écosystème complet de solutions sur mesure qui naviguent sur le terrain complexe des investissements du marché privé avec précision et expertise.

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: partenariats clés

Sociétés de capital-investissement et gestionnaires de placements

Hamilton Lane entretient des partenariats stratégiques avec plus de 300 entreprises de capital-investissement dans le monde en 2023. Les mesures de partenariat clés comprennent:

Catégorie de partenariat	Nombre de partenariats	Valeur d'investissement totale
Sociétés de capital-investissement de haut niveau	87	42,3 milliards de dollars
Sociétés de capital-investissement de marché intermédiaire	156	23,7 milliards de dollars
Partenariats des gestionnaires émergents	57	8,5 milliards de dollars

Investisseurs institutionnels

Hamilton Lane collabore avec divers investisseurs institutionnels:

• Fonds de pension publique: 42 partenariats
• Fonds de retraite d'entreprise: 28 partenariats
• Entretiens universitaires: 19 partenariats
• Fonds souverains: 12 partenariats

Fournisseurs de technologies et d'analyse de données

Partenaire technologique	Focus de partenariat	Investissement annuel
Bloomberg Terminal	Analyse des données financières	1,2 million de dollars
Préqin	Intelligence d'investissement alternative	$750,000
Manuel	Étude de marché privée	$650,000

Réseaux de conseil financier mondial

Le réseau consultatif mondial de Hamilton Lane comprend:

• Amérique du Nord: 68 Relations consultatives
• Europe: 42 Relations consultatives
• Asie-Pacifique: 27 Relations consultatives
• Moyen-Orient: 15 relations consultatives

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: Activités clés

Gestion des investissements en capital-investissement

En 2024, Hamilton Lane gère 104,5 milliards de dollars d'actifs totaux sous gestion. L'entreprise supervise environ 500 investissements actifs de fonds de capital-investissement dans diverses stratégies.

Catégorie d'investissement	Actif total	Nombre d'investissements
Fonds de capital-investissement	104,5 milliards de dollars	Plus de 500 investissements actifs

Recherche d'investissement et diligence raisonnable

Hamilton Lane emploie plus de 650 professionnels d'investissement dédiés aux processus de recherche et de diligence raisonnable.

• Couverture de recherche annuelle de plus de 8 000 opportunités d'investissement
• Analyse détaillée de plus de 3 000 investissements de fonds potentiels
• Suivi de base de données propriétaire de plus de 85 000 fonds et plus de 250 000 entreprises

Surveillance des performances du portefeuille

L'entreprise suit les performances sur plusieurs segments d'investissement avec des outils de surveillance sophistiqués.

Métrique de performance	Suivi détaillé
Surveillance des performances des investissements	Revues complètes trimestrielles
L'évaluation des risques	Suivi continu en temps réel

Capital Raising and Investor Relations

Hamilton Lane entretient des relations avec plus de 850 investisseurs institutionnels dans le monde.

• A levé 8,2 milliards de dollars de nouveaux capitaux en 2023
• Sert des clients institutionnels dans plus de 30 pays
• Maintient plus de 90% de taux de rétention des clients

Développement de stratégie d'investissement alternative

L'entreprise développe diverses stratégies d'investissement sur plusieurs plateformes d'investissement alternatives.

Stratégie d'investissement	Allocation totale
Stratégies de rachat	42,3 milliards de dollars
Capital-risque	18,7 milliards de dollars
Capitaux propres de croissance	22,5 milliards de dollars

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: Ressources clés

Expertise en investissement approfondie et capital intellectuel

En 2023, Hamilton Lane a géré 837 milliards de dollars d'actifs sous gestion (AUM). L'entreprise emploie plus de 650 professionnels d'investissement dans le monde.

Catégorie d'expertise d'investissement	Nombre de professionnels
Spécialistes du capital-investissement	275
Professionnels de vrais actifs	125
Stratèges de crédit	95

Base de données d'investissement et plate-forme d'analyse propriétaire

La base de données propriétaire de Hamilton Lane contient des informations sur:

• Plus de 90 000 fonds du marché privé
• Plus de 75 000 gestionnaires de placements actifs
• Données complètes sur plus de 500 000 transactions de marché privé

Fort réseau mondial de professionnels de l'investissement

Présence géographique	Nombre de bureaux
États-Unis	4
Europe	3
Asie-Pacifique	2

Infrastructure de technologie avancée

Investissement dans les plateformes technologiques: 45 millions de dollars en 2023 pour les outils d'infrastructure numérique et d'analyse.

Fonds financiers et investissements financiers importants

Métrique financière	Valeur 2023
Total des actifs sous gestion	837 milliards de dollars
Actifs consultatifs	124 milliards de dollars
Actifs discrétionnaires	713 milliards de dollars

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: propositions de valeur

Solutions de gestion des investissements alternatives spécialisées

Au quatrième trimestre 2023, Hamilton Lane a géré 119,7 milliards de dollars d'actifs sous gestion (AUM). Les solutions alternatives de gestion des investissements de l'entreprise ciblent les investisseurs institutionnels avec des stratégies d'investissement sophistiquées sur le marché.

Catégorie d'investissement	AUM total ($ b)	Segment de marché
Capital-investissement	52.3	Investisseurs institutionnels
Immobilier	23.5	Fonds de pension
Infrastructure	18.9	Fonds de richesse souverain

Accès à des investissements de marché privés divers et sophistiqués

Hamilton Lane donne accès à plusieurs canaux d'investissement du marché privé avec une empreinte d'investissement mondiale.

• Reach d'investissement géographique: plus de 50 pays
• Diversité de la stratégie d'investissement: 6 catégories d'investissement primaires
• Réseau d'investissement mondial: 500+ relations de fonds actifs

Suivi complet des performances des investissements

La plate-forme technologique propriétaire de l'entreprise permet une surveillance détaillée des performances des investissements à travers des investissements complexes sur le marché privé.

Métriques de suivi des performances	Capacité de mesure
Analyse des rendements des investissements	Rapports détaillés trimestriels
Gestion des risques	Surveillance en temps réel
Référence	Analyse comparative complète

Stratégies d'investissement personnalisées pour les clients institutionnels

La clientèle de Hamilton Lane en 2023 comprenait 725 investisseurs institutionnels avec des approches d'investissement sur mesure.

• Niveaux de personnalisation: 3 cadres stratégiques distincts
• Taux de rétention de la clientèle: 92% en 2023
• Durée moyenne des relations avec le client: 8,5 ans

Recherche de haute qualité et informations sur les investissements

L'entreprise produit des publications de recherche approfondies et des informations sur le marché, avec 48 rapports détaillés de recherche en investissement publiés en 2023.

Catégorie de recherche	Fréquence de publication	Réalisation de la distribution
Analyse de marché	Trimestriel	2 500+ abonnés institutionnels
Insignes du secteur	Mensuel	1 800+ professionnels de l'investissement

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: relations avec les clients

Approche de partenariat stratégique à long terme

Hamilton Lane entretient 845 relations avec les clients institutionnels au 31 décembre 2023. L'entreprise gère 98,7 milliards de dollars d'actifs sous gestion avec une durée moyenne de la relation client de 12,4 ans.

Type de client	Nombre de clients	Durée moyenne des relations
Fonds de pension	312	14,2 ans
Fonds de richesse souverain	47	9,6 ans
Dotation	186	11,8 ans

Équipes de gestion des comptes dédiés

Hamilton Lane emploie 76 professionnels de la relation client dédiés à 2024, avec un ratio client / manager moyen de 11: 1.

Rapports et transparence des performances régulières

La société fournit des rapports de performance trimestriels à 98% de ses clients institutionnels, avec des plateformes de rapports numériques couvrant 92% des canaux de communication.

Fréquence de rapport	Pourcentage de clients
Rapports trimestriels	98%
Mises à jour des performances mensuelles	64%

Services de conseil en investissement personnalisés

Hamilton Lane propose des solutions d'investissement personnalisées dans 17 stratégies d'investissement distinctes, avec des approches sur mesure pour 89% des clients institutionnels.

• Conseil en capital-investissement
• Stratégie réelle des actifs
• Conseil d'investissement en infrastructure
• Construction de portefeuille personnalisée

Plateformes de fiançailles du client numérique

La plate-forme numérique de l'entreprise sert 672 clients, avec un taux d'engagement numérique à 94% et des capacités de surveillance de portefeuille en temps réel.

Métriques de plate-forme numérique	Valeur
Utilisateurs totaux de plate-forme numérique	672
Taux d'engagement numérique	94%
Connects de plate-forme mensuels moyens	3,245

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: canaux

Équipe de vente directe

Hamilton Lane emploie 540 employés au total en 2023, avec environ 120 professionnels des ventes dévoués ciblant les investisseurs institutionnels.

Type de canal de vente	Nombre de représentants commerciaux	Couverture géographique
Ventes d'investisseurs institutionnels	68	Amérique du Nord
Ventes institutionnelles mondiales	52	Europe, Asie, Moyen-Orient

Plates-formes d'investissement numériques

Hamilton Lane exploite des plateformes numériques propriétaires avec 125,3 milliards de dollars de transactions d'investissement en numérique en 2023.

• Portail de gestion des investissements en ligne
• Salle de données sécurisée pour les investisseurs institutionnels
• Tableau de bord d'analyse de portefeuille en temps réel

Conférences d'investissement et événements de l'industrie

J'ai participé à 37 conférences d'investissement mondiales en 2023, avec un engagement direct de 412 investisseurs institutionnels.

Type de conférence	Nombre de conférences	Interactions totales des investisseurs
Conférences de capital-investissement	22	245 investisseurs
Forums d'investissement alternatifs	15	167 investisseurs

Outils de recherche et de rapports en ligne

Fournit des plateformes de recherche complètes couvrant chaque année 8 500 opportunités d'investissement sur le marché privé.

• Rapports de performance trimestriels
• Analyse comparative
• Analyse des tendances du marché

Réseaux de conseillers financiers

Entretient des relations avec 215 sociétés de conseil en placement enregistrées représentant 47,6 milliards de dollars en capital d'investissement potentiel.

Segment de réseau	Nombre d'entreprises	Capital d'investissement potentiel
Partenaires de gestion de la patrimoine	127	28,3 milliards de dollars
Réseaux de conseil indépendants	88	19,3 milliards de dollars

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Hamilton Lane dessert environ 595 clients institutionnels dans le monde. L'entreprise gère plus de 97 milliards de dollars d'actifs sous gestion pour ce segment.

Type de client	Actif total	Taille moyenne de l'investissement
Fonds de retraite d'entreprise	42,3 milliards de dollars	385 millions de dollars
Fonds de pension publique	35,6 milliards de dollars	475 millions de dollars

Fonds de pension

Hamilton Lane gère les investissements en capital-investissement pour 187 fonds de retraite dans le monde.

• Fonds de pension publique: 103 clients
• Fonds de pension d'entreprise: 84 clients
• Actif total des fonds de retraite sous gestion: 77,9 milliards de dollars

Dotations et fondations

L'entreprise dessert 215 dotations et fondations avec un portefeuille d'investissement total de 26,5 milliards de dollars.

Type d'institution	Nombre de clients	Taille moyenne du portefeuille
Dotations universitaires	142	125 millions de dollars
Fondations privées	73	68 millions de dollars

Fonds de richesse souverain

Hamilton Lane conseille 38 fonds souverains à l'échelle mondiale, gérant 53,4 milliards de dollars d'actifs.

• Fonds souverains du Moyen-Orient: 15 clients
• Fonds souverains asiatiques: 12 clients
• Fonds souverains européens: 11 clients

Individus à haute nette

L'entreprise dessert 246 clients individuels à forte valeur avec un portefeuille d'investissement total de 12,6 milliards de dollars.

Support de richesse	Nombre de clients	Investissement moyen
10 M $ - 50 M $	156	22 millions de dollars
50 M $ - 100 M $	62	68 millions de dollars
100 M $ +	28	185 millions de dollars

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition du personnel et des talents

Depuis l'exercice 2023, les dépenses totales du personnel de Hamilton Lane étaient de 127,4 millions de dollars. L'entreprise a employé 428 professionnels à temps plein avec un forfait de rémunération moyen de 298 000 $ par employé.

Catégorie de dépenses	Coût annuel
Salaires de base	85,6 millions de dollars
Bonus et incitations	31,2 millions de dollars
Avantages et soins de santé	10,6 millions de dollars

Investissements technologiques et infrastructures

Hamilton Lane a investi 18,3 millions de dollars dans les infrastructures technologiques en 2023.

• Dépenses de cloud computing: 5,2 millions de dollars
• Systèmes de cybersécurité: 3,7 millions de dollars
• Licence de logiciel: 4,6 millions de dollars
• Mises à niveau matériel: 4,8 millions de dollars

Coûts de recherche et de diligence raisonnable

La société a alloué 22,5 millions de dollars pour les activités de recherche et de diligence raisonnable en 2023.

Composant de recherche	Dépense
Étude de marché	8,3 millions de dollars
Diligence raisonnable de l'investissement	14,2 millions de dollars

Marketing et développement commercial

Les dépenses de marketing et de développement commercial ont totalisé 9,7 millions de dollars en 2023.

• Marketing numérique: 3,2 millions de dollars
• Conférences et parrainages d'événements: 2,5 millions de dollars
• Gestion de la relation client: 4,0 millions de dollars

Compliance et gestion réglementaire

Les dépenses liées à la conformité étaient de 6,8 millions de dollars pour l'exercice 2023.

Zone de conformité	Coût annuel
Avis juridique	3,4 millions de dollars
Représentation réglementaire	2,1 millions de dollars
Formation de la conformité	1,3 million de dollars

Hamilton Lane Incorporated (HLNE) - Modèle d'entreprise: Strots de revenus

Frais de gestion des fonds d'investissement

Pour l'exercice 2023, Hamilton Lane a déclaré des frais de gestion totaux de 239,4 millions de dollars. Ces frais sont généralement calculés en pourcentage d'actifs sous gestion (AUM), qui s'élevait à 95,3 milliards de dollars au 30 juin 2023.

Source de revenus	Montant (en millions)	Pourcentage du total des revenus
Frais de gestion traditionnels	$239.4	52.3%
Frais de gestion de la stratégie alternative	$87.6	19.2%

Intérêt porté sur la performance

Hamilton Lane a généré 112,7 millions de dollars en revenus intégrés pour l'exercice 2023. Cela représente une contribution de 24,7% au total des sources de revenus de la société.

• Le taux d'intérêt transporté varie généralement entre 15 et 20% des bénéfices d'investissement
• Frais basés sur le rendement liés à la performance du fonds d'investissement
• Réalisé à partir de sorties d'investissement et de distribution de fonds réussies

Frais de service consultatif

Les revenus du service consultatif de Hamilton Lane ont atteint 45,2 millions de dollars au cours de l'exercice 2023, ce qui représente environ 9,9% des revenus totaux.

Revenus de conseil en placement

Les services de conseil en placement ont généré 23,5 millions de dollars de revenus au cours de l'exercice 2023, représentant environ 5,1% du total des revenus de l'entreprise.

Services d'abonnement aux données et à la recherche

Les services d'abonnement aux données et à la recherche de Hamilton Lane ont contribué 38,6 millions de dollars au total des revenus au cours de l'exercice 2023, ce qui représente 8,4% du total des sources de revenus.

Flux de revenus	Montant (en millions)	Pourcentage du total des revenus
Frais de gestion	$239.4	52.3%
Intéressé	$112.7	24.7%
Services consultatifs	$45.2	9.9%
Abonnements de données / recherche	$38.6	8.4%
Conseil en investissement	$23.5	5.1%

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Value Propositions

You're looking at how Hamilton Lane Incorporated delivers distinct value to its clients in the private markets space as of late 2025. It's about translating their massive scale and deep data into tangible access and flexible structures for you.

Diversified access to illiquid private markets (credit, infrastructure, equity).

Hamilton Lane Incorporated provides access across the full spectrum of private markets, backed by extensive proprietary data. The firm's total asset footprint reached $986.2 billion as of June 30, 2025, composed of $140.9 billion in discretionary assets and $845.3 billion in non-discretionary assets. Their research, based on a database covering over 58,000 funds across 57 vintage years, specifically highlights sectors set up for success, including credit, infrastructure, and secondaries. For context on sector performance, private credit has shown 23 straight years of outperforming public markets, and infrastructure has maintained this trend for the past 12 years.

The firm's discretionary Assets Under Management (AUM) stood at $138 billion as of March 31, 2025. This scale allows for broad diversification across strategies and geographies for their clients.

Flexible investment solutions: separate accounts, funds-of-funds, direct investments.

Hamilton Lane Incorporated builds tailored programs that meet specific client mandates, moving beyond standard commingled funds. The firm's fee-earning AUM, which reflects assets under active management, was $72 billion at the end of fiscal year 2025. Total management and advisory fees for fiscal 2025 reached $513.9 million. This flexibility is key to deploying capital across direct investments, primary subscriptions to funds-of-funds, and other tailored vehicles.

Here's a look at the scale supporting their fee-generating business:

Metric	Amount (as of March 31, 2025)	Context
Total AUM	$138 billion	Up 11% year-over-year
Fee-Paying AUM	$72 billion	Up 10% over the same period
FY 2025 Management & Advisory Fees	$513.9 million	Up 14% year-over-year
FY 2025 Fee-Related Earnings (FEE)	$276 million	Up 34% versus the prior year

Liquidity solutions via a robust secondaries platform.

The secondaries market is a core value proposition, offering a crucial liquidity option in the typically illiquid private markets. Hamilton Lane Incorporated leverages over 24 years of experience in this space. As of December 31, 2024, their broader secondaries platform managed $24.1 billion in assets.

The firm is actively expanding this offering, launching the Hamilton Lane Global Private Secondary Fund (HLGPS) in September 2025, which secured $365 million in assets under management, nearly doubling its initial target size. This strategy capitalizes on market dynamics, noting that global secondary market transaction volume reached a record $162 billion in 2024.

Data-driven portfolio construction and risk management.

The firm's ability to offer data-backed insights is a direct result of the sheer volume of data they process. Hamilton Lane Incorporated's proprietary database covers more than 58,000 funds spanning 57 vintage years. This deep historical view informs their recommendations, such as prioritizing credit, infrastructure, and secondaries in their 2025 outlook. They use this data to help investors manage portfolio construction and understand downside risk, which is a key component of their value proposition.

Lower investment minimums for private wealth via evergreen funds.

Hamilton Lane Incorporated is actively democratizing access through its evergreen, or perpetual, fund structures. The firm's evergreen platform AUM was nearly $10.7 billion as of Q4 FY2025, growing from over $9 billion earlier in the year. This platform is designed to offer periodic liquidity without the traditional capital call and exit deadlines of closed-end funds.

For the Hamilton Lane Private Assets Fund, the minimum investment for Class R and Class D Shares is set at $50,000, while Class I Shares require a $1,000,000 minimum investment. The launch of the HLGPS fund also featured a low entry barrier of $25,000 with potential quarterly liquidity, specifically targeting high-net-worth individuals and wealth advisers. The firm estimates that evergreen funds will grow to represent at least 20 per cent of total private markets in ten years.

Finance: draft the Q3 2025 cash flow projection by next Tuesday.

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Customer Relationships

You're looking at how Hamilton Lane Incorporated (HLNE) manages its client connections as of late 2025. It's a model built on deep expertise, especially as private markets allocations grow across the board. The firm serves a broad base, with its latest figures showing they manage relationships with more than 2,330 clients globally as of September 30, 2025.

For the largest institutional players, the relationship is intensely personal and consultative. This is where the firm's scale really shows up in service delivery. As of September 30, 2025, Hamilton Lane Incorporated had total assets under management and supervision (AUM/S) of $1.0 trillion, with $145.4 billion in discretionary assets. These large mandates often involve customized separate accounts, which require a high-touch approach.

To support this, Hamilton Lane Incorporated has been actively strengthening its dedicated client service teams. For instance, in November 2025, the firm announced multiple senior appointments to its North American client solutions team, specifically adding personnel to focus on both institutional and private wealth outreach. This hiring push supports the delivery of tailored offerings, like those for high-net-worth investors and their advisors.

The private wealth channel is definitely a major focus, and the relationship here is heavily supported by education. A global survey conducted in late 2024, reflecting sentiment into 2025, involved 320 investment advisors. The results show why education is key: while 76% of advisors believe their clients see private markets as offering higher reward than stocks and bonds, many investors still have only 'beginner' knowledge. Hamilton Lane Incorporated uses tools like the Knowledge Center and Chart of the Week to help advisors and clients build private markets acumen.

These relationships are designed to be long-term and sticky, which is critical when dealing with large, long-duration capital commitments from entities like pension funds. The growing comfort level among advisors points to this stickiness. In the 2025 survey, 70% of advisors reported that helping clients invest in private markets deepens those relationships. Furthermore, nearly 60% of surveyed financial professionals planned to allocate 10% or more to private market investments in 2025, a 15% increase from the 2024 survey.

Proactive communication on market trends is evident through the firm's published research. Their 2025 Market Overview, for example, leveraged data on more than 58,000 funds across 57 vintage years to provide a nuanced view. This data-driven approach underpins the consultative advice given across all client types.

Here's a quick look at the scale and engagement metrics supporting these relationships:

Metric	Value (as of late 2025 or most recent report)	Context
Total AUM & Supervision (Sept 30, 2025)	$1.0 trillion	Overall scale of client capital managed or supervised
Discretionary AUM (Sept 30, 2025)	$145.4 billion	Capital where Hamilton Lane Incorporated has direct investment authority
Total Global Clients (Nov 2025)	More than 2,330	Breadth of the client base served
Advisors Planning 20%+ Allocation (2025 Survey)	30%	Indicates deep integration of private markets into advisor books
Advisors Reporting Deeper Relationships (2025 Survey)	70%	Direct measure of relationship stickiness from offering private markets
Evergreen Fund AUM (as of March 31, 2025)	Nearly $10.7 billion	Momentum in the structure favored by some institutional and wealth clients

The focus on specific client needs drives tailored service delivery, which you can see in the strategic allocation interest:

• 76% of surveyed advisors see higher reward in private markets vs. stocks/bonds.
• 48% of surveyed advisors plan to increase exposure to private infrastructure.
• Institutional investors are expected to become bigger players in the evergreen space.
• The firm employs approximately 770 professionals globally (as of Nov 2025).

If you're thinking about how this translates to your own service model, remember that the growth in the private wealth channel is directly tied to education; a 15% year-over-year increase in planned allocations shows the impact of that proactive communication. Finance: draft the Q4 2025 client feedback summary by next Tuesday.

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Channels

You're looking at how Hamilton Lane Incorporated gets its services and products to its diverse client base, spanning from massive institutions to individual retail investors. This is a multi-pronged approach, mixing traditional high-touch sales with modern digital distribution.

The physical footprint is significant, supporting the direct sales force targeting institutional clients globally. Hamilton Lane Incorporated maintains a global network of 22 offices across North America, Europe, Asia Pacific, and the Middle East to service this base. As of March 31, 2025, the firm employed approximately 760 professionals dedicated to these efforts.

For the private wealth segment, distribution relies heavily on established financial intermediaries. This includes access through various financial advisor platforms and wirehouses, which serve as conduits to high-net-worth individuals.

Digital delivery is a growing focus, particularly for broader distribution. Hamilton Lane Incorporated uses proprietary online portals, such as Cobalt™, which provides investors with tools for market research, due diligence, portfolio construction, and analytics.

The firm actively pursues strategic partnerships to enhance distribution reach, especially in the digital realm. A key example is the collaboration with Republic, announced on January 14, 2025, aimed at democratizing access to private markets for U.S. retail investors using blockchain technology. The initial offering under this partnership, the Hamilton Lane Private Infrastructure Fund (HLPIF), was targeted for the first half of 2025 and made available for an initial minimum investment of just $500.

Here is a summary of the key quantitative elements related to Hamilton Lane Incorporated's Channels as of late 2025:

Channel Component	Metric	Value/Amount	Date/Period
Global Physical Presence	Number of Global Offices	22	As of late 2025 (based on latest available data)
Direct Sales Force Support	Total Professionals Employed	760	As of March 31, 2025
Digital Distribution Partnership	Initial Minimum Investment (HLPIF via Republic)	$500	Launch of first offering in 1H 2025
Client Reporting/Data Access	Proprietary Platform Name	Cobalt™	As of 2025
Overall Scale Supported by Channels	Total Assets Under Management & Supervision	$957.8 billion	As of March 31, 2025

The firm also utilizes other digital distribution methods, including feeder funds with five-figure ticket sizes available on Securitize and tokenized vehicles for private banking clients of Sygnum.

• Direct sales force targets institutional investors globally.
• Distribution via financial advisor platforms and wirehouses for private wealth.
• Proprietary online portal, Cobalt™, for client data access.
• Strategic partnership with Republic for tokenized distribution, targeting retail investors.
• Global network spanning offices in North America, Europe, Asia Pacific, and the Middle East.

Finance: draft 13-week cash view by Friday.

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Customer Segments

You're looking at the core client base for Hamilton Lane Incorporated, the folks who entrust them with capital across the private markets spectrum. Honestly, it's a mix of the biggest players in the world and a growing segment of sophisticated private investors.

Hamilton Lane Incorporated serves a broad set of clients, but the sheer scale of their operation is best understood through their total assets. As of March 31, 2025, the firm had $957.8 billion in assets under management and supervision. $138.3 billion of that was discretionary, meaning Hamilton Lane Incorporated has direct investment authority, and $819.5 billion was non-discretionary. Their fee-earning assets under management stood at $72 billion at that same date.

The customer segments are clearly delineated by the type of capital they manage and the investment vehicles they use. Here's a look at the scale and focus areas:

Customer Segment Category	Key Data Point/Context (as of late FY2025 reporting)	Related Financial Metric
Large Institutional Investors (Pension Funds, Endowments, SWFs)	These are the anchors of the non-discretionary AUM.	Non-Discretionary AUM & AUA: $819.5 billion (as of 3/31/2025)
Private Wealth Investors (HNWIs) via Evergreen Funds	Growing segment, with institutional investors making up over 15% of this capital.	Evergreen Funds AUM: Nearly $10.7 billion (as of early 2025)
Insurance Companies and Other Financial Institutions	These institutions often use customized separate accounts and discretionary mandates.	Discretionary AUM: $138.3 billion (as of 3/31/2025)
General Partners (GPs) Seeking Co-investment or Secondary Capital	Hamilton Lane Incorporated acts as a source of capital for GPs, especially in secondaries and co-investments.	Focus on Secondaries and Co-investments noted as a key investment area.
Corporate and Public Retirement Plans	These fall under the broad institutional umbrella, often seeking diversification benefits.	Fee-Earning AUM: $72 billion (as of 3/31/2025)

The interest from the wealth management side is definitely picking up steam. You saw in their early 2025 survey that nearly 60% of surveyed financial professionals planned to allocate 10% or more to private markets in 2025, which is a 15% increase from the prior year's survey. That tells you where the future growth in the private wealth segment is headed.

Hamilton Lane Incorporated builds flexible investment programs for these clients, covering the full private markets spectrum. The client relationships are sticky, too; over 80% of their gross contributions in the twelve months leading up to Q3 FY2025 came from existing clients.

• The core offering caters to sophisticated investors needing access to private equity, credit, infrastructure, and secondaries.
• Evergreen structures are specifically highlighted as a major growth area, expected to grow faster than public markets over the next five years.
• The firm's advisory services help clients construct portfolios, with specific recommendations in early 2025 focusing on credit, infrastructure, and selective venture/growth exposure.
• Client mandates are often customized, utilizing both commingled funds and separate accounts.
• The firm employs approximately 760 professionals across North America, Europe, Asia Pacific, and the Middle East as of May 2025.

To be fair, while the institutional side is massive in terms of AUA, the discretionary and fee-earning AUM are where the direct management revenue comes from, which is what these client segments are paying for. Finance: draft 13-week cash view by Friday.

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Cost Structure

Hamilton Lane Incorporated's cost structure is heavily weighted toward personnel, which is typical for a large alternative investment manager. As of March 31, 2025, the firm employed approximately 760 professionals operating across its global office network in North America, Europe, Asia Pacific, and the Middle East.

The largest component of operating expenses is compensation and benefits. For the fiscal year ended March 31, 2025, total compensation and benefits expenses increased $70.5 million compared to the prior fiscal year.

Compensation Component Change (FY2025 vs. FY2024)	Amount of Increase
Total Compensation and Benefits Expense Increase	$70.5 million
Base Compensation and Benefits Increase	$41.8 million
Equity-based Compensation Increase	$19.3 million
Incentive Fee Compensation Increase	$9.4 million

The increase in base compensation was driven by salary expense from additional headcount and a higher bonus plan accrual. The rise in equity-based compensation was primarily due to performance awards granted during fiscal 2025.

General and administrative (G&A) expenses, which would include items like distribution commissions, scale with the overall size and scale of Hamilton Lane Incorporated's business operations. Specific dollar amounts for total G&A expenses or distribution commissions for fiscal 2025 were not publicly itemized separately from compensation in the available highlights.

Technology and data infrastructure maintenance and development represent a key cost area, supporting proprietary tools like Cobalt™, which Hamilton Lane Incorporated experts use for market research, due diligence, and analytics. This investment supports the firm's data-driven approach to private markets. No specific dollar amount for technology spending for fiscal 2025 is available.

Occupancy costs for the global office network are directly related to the number of employees and the scale of operations. With 760 professionals on staff as of March 31, 2025, these costs reflect the firm's international footprint. Specific occupancy cost figures for the global network were not disclosed.

Marketing and business development expenses are incurred for activities such as launching new products, including various evergreen funds and specialized offerings across private markets strategies. The firm's focus on expanding its offerings, such as its Asia-Focused Private Markets Evergreen Offering and ELTIF 2.0 Evergreen Fund, necessitates ongoing investment in this area. No specific dollar amount for marketing and business development expenses for fiscal 2025 is available.

• Employee Base (as of March 31, 2025): 760 professionals.
• Total Compensation and Benefits Expense Growth (FY2025): $70.5 million increase year-over-year.
• Fee-earning Assets Under Management (as of March 31, 2025): $72 billion.

Hamilton Lane Incorporated (HLNE) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Hamilton Lane Incorporated as of late 2025. The revenue structure is heavily weighted toward recurring management fees, supplemented by performance-based earnings and transaction revenues from its advisory and investment platforms.

Management and advisory fees represent the bedrock of the revenue stream, tied directly to the assets under management (AUM) and advisement (AUA). For the full fiscal year 2025, these fees totaled \$513.9 million, marking a 14% increase over fiscal year 2024. To give you a sense of the quarterly run-rate, management and advisory fees for the third fiscal quarter of 2025 (ending December 31, 2024) were \$126.3 million, which was an 11% year-over-year increase for that period. Fee-earning AUM, which drives this revenue, stood at \$72 billion as of March 31, 2025.

The second major component is performance-related fees, often called carried interest. This is less predictable but can be highly lucrative. As of the end of fiscal year 2025 (March 31, 2025), the unrealized balance of performance-related fees was \$1.3 billion, up 3% year-over-year from that date. For context, the unrealized balance was also reported at approximately \$1.3 billion as of December 31, 2024, showing a 15% year-over-year increase at that point. This revenue is realized upon successful investment exits.

Hamilton Lane Incorporated also generates fees from customized separate accounts (non-discretionary AUA). While a specific dollar amount for the fees derived from this segment for fiscal year 2025 isn't broken out separately in the primary revenue line, the firm's total Assets Under Management and Supervision (AUM/S) reached \$957.8 billion as of March 31, 2025, composed of \$138.3 billion in discretionary assets and \$819.5 billion in non-discretionary assets. The vast majority of customized separate accounts earn fees based on commitments or net invested capital.

The segment for fees from evergreen funds is noted as growing fast, which makes sense given the market trends. Hamilton Lane's evergreen platform AUM was noted as being over \$12 billion+ as of September 2025, including the launch of a new Global Private Secondary Fund with \$365 million in initial AUM in September 2025. Industry data suggests evergreen funds currently account for roughly 5 percent of the total private markets AUM, nearly \$700 billion, and Hamilton Lane expects this segment to reach at least 20 percent market share in the next 10 years.

Finally, the firm earns transaction fees from secondary and co-investment deal execution. This revenue stream is tied to the deployment of capital in these specific strategies. The firm's co-investment program has historically targeted funds in the range of \$1 billion to \$1.5 billion for predecessor funds, indicating significant transaction volume that generates these fees.

Here's a quick look at the key financial metrics related to revenue streams as of the latest full fiscal year reporting:

Revenue Component	Metric/Period	Amount
Management and Advisory Fees	Fiscal Year 2025 (FY25)	\$513.9 million
Management and Advisory Fees	Q3 FY2025 (Quarterly)	\$126.3 million
Unrealized Carried Interest Balance	As of March 31, 2025	\$1.3 billion
Fee-Earning Assets Under Management	As of March 31, 2025	\$72 billion
Total Assets Under Management/Supervision	As of March 31, 2025	\$957.8 billion
Evergreen Platform AUM	As of September 2025	\$12 billion+

You should track the growth in Fee-Earning AUM, which was up 10% to \$72 billion for FY2025, as that is the direct driver for the recurring management fees. Also, keep an eye on the unrealized carried interest balance, which was \$1.3 billion at year-end, as its realization timing impacts near-term earnings volatility.