SEC Asset Management Advisory Committee

September 2020
Market Leaders

$515.8B

Assets under 

management 

& supervision1

$33.7B+

Capital deployed 

in 20192

Global

17

Offices globally

26

Languages 

spoken

400+

Employees

Hamilton Lane Overview

A global leader in the private markets for 29 years

As of June 30, 2020 1 Inclusive of $68.5B in assets under management and $447.3B in assets under supervision as of June 30, 2020.

2 The 2019 capital invested includes all primary commitments that closed during the year 2019 for which Hamilton Lane retains a level of discretion as well as advisory client commitments for which Hamilton Lane performed due 

diligence and made an investment recommendation. Direct Investments includes all discretionary direct equity and direct credit investments that closed during 2019. Secondaries includes all discretionary secondary investments with a 

signing date during 2019. 3 Diversity statistics representing minority employees include only employees in US offices.

Hamilton Lane | Global Leader in the Private Markets 2

Aligned

HLNE

Nasdaq listed

Significant

Employee ownership

48%

Women/Minority employees3

115

Investment

Professionals
Trusted Advisor

Trusted advisor and partner to a diverse investor base

As of June 30, 2020

Hamilton Lane | Global Leader in the Private Markets 3

$30.6B

Primaries

$1.3B

Secondaries

$1.8B

Direct 

Investments

2019 Capital Deployed1,2

1,050+

Primaries

525+

Secondaries

700+

Direct 

Investments

2019 Opportunities Reviewed

450+

Advisory board seats

Partnering with 

Sophisticated 

Investors
Hamilton Lane | Global Leader in the Private Markets 4

One of the largest private asset datasets in the industry

Hamilton Lane’s Data

As of June 30, 2020
Hamilton Lane | Global Leader in the Private Markets 5

Private asset performance can be evaluated several ways

Assessing Performance

•Most commonly reported private markets performance metric, accounts for timing and sizing 

of irregular cash flow stream

•PME favored by many practitioners and academics for performance comparisons to other 

asset classes

•Reinvestment rate assumption may be problematic in some cases, large early cash flows 

have disproportionate impact, variety of PME methodologies

•Most appropriate for: industry, portfolio and investment level comparisons

IRR & Public Market 

Equivalents (PME)

•Most commonly reported performance metric for traded assets

•Some entities report private markets on a TWR basis to comply with reporting requirements

•Does not account for the timing and sizing of an irregular cash flow stream (implicitly equally 

weights periods), relies on interim valuations

•Most appropriate for: industry & mature portfolio level comparisons 

Time-Weighted 

Returns (TWR)

•Cumulative performance metrics commonly reported by fund managers in conjunction with 

IRRs

•Provides easy-to-calculate insight on realized (DPI) and unrealized (RVPI) performance, is not 

impacted by large early cash flows

• Does not provide an indication of duration or account for timing of cash flows. Not easily 

comparable to traded performance metrics

•Most appropriate for: investment level peer comparisons

Multiples: TVPI, DPI & 

RVPI
Vintage Year Net Performance

Hamilton Lane | Global Leader in the Private Markets 6

0%

5%

10%

15%

20%

25%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

All Private Equity Pooled IRR vs. PME - Q4 2019

By Vintage Year

All Private Equity IRR MSCI World PME S&P 500 PME MSCI Small Cap Value PME

Note: All Private Equity includes Buyout, Venture Capital, Growth Equity and Co-Investments.

Source: Hamilton Lane Data, Bloomberg (September 2020) 
Trailing 10-Year Net Performance

Hamilton Lane | Global Leader in the Private Markets 7

All Private Equity

MSCI World

S&P 500

S&P 600

MSCI US Small Cap Value

-5%

0%

5%

10%

15%

20%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Trailing 10-Year Net Performance

Source: Hamilton Lane Data, Bloomberg (September 2020)
Note: Total exposure and market cap as of year end for 2000, 2008. For 2020, as of 3/31/20.

Source: Hamilton Lane Data via Cobalt, Bloomberg (August 2020)

% of NAV + Unfunded

Total Exposure by Strategy

Private Markets Strategies

28% 29% 25%

28% 23%

17%

26%

14%

23%

5%

12% 14%

2%

9% 11%

11% 13% 11%

2000 2008 2020

Real Estate

Infrastructure & Natural Resources

VC/Growth

Credit

SMID Buyout

Mega/Large Buyout

$0.6T

$19.0T

$2.0T

$19.7T

$5.6T

$39.7T

+248%

+4%

+175%

+102%

Private Markets Total Exposure

MSCI World Market Cap

Hamilton Lane | Global Leader in the Private Markets 8
All PM

0.0%

4.0%

8.0%

12.0%

16.0%

0

400

800

1,200

1,600

2,000

CI Funds Venture

 Capital

Growth

 Equity

SMID

Buyout

Natural

Resources

Real

Estate

Mega/

Large

Buyout

Secondary

FoF

Infra FoF Credit ROW ex.

Asia

North

America

Asia Western

Europe

Global All PM

Median IRR

Spread (bps)

Source: Hamilton Lane Data via Cobalt (August 2020)

Vintage Years: 1979–2017, Ordered by Spread of Returns

Dispersion of Net Returns by Strategy & Geography

Spread of Net Returns

Strategy Geography

Dispersion of Returns Median IRR

Hamilton Lane | Global Leader in the Private Markets 9
Note: Infrastructure & Natural Resources from 1998–2020

Source: Hamilton Lane Data via Cobalt, Bloomberg (August 2020)

1995–2020

Lowest 5-Year Annualized Net Performance

Worst Case Net Performance

Equity Credit Real Assets

2.4%

-5.7%

-13.0%

5.4%

-0.9%

-2.8%

-16.9%

-11.2%

-7.8% -8.6%

-20%

-10%

0%

10%

Developed

Market Buyout

MSCI World

Index

VC/Growth Private

Credit

BofA ML

High-Yield

Index

CS Leveraged

Loan Index

Infrastructure

& Natural

Resources

MSCI World

Energy Index

Private Real

Estate

FTSE NAREIT

All Equity

REITs Index

Private Markets Public Markets

Hamilton Lane | Global Leader in the Private Markets 10
Definitions

Strategy Definitions

All Private Markets (All PM) – Hamilton Lane’s definition of “All Private Markets” includes all private commingled 

funds excluding fund-of-funds, and secondary fund-of-funds. 

All Private Equity (All PE) – A broad term used to describe any fund that offers equity capital to private companies. 

Includes funds with buyout, venture capital, growth equity, and co-investment strategies.

CI Funds – Any fund that either invests passive capital in deals alongside a single lead general partner or alongside 

multiple general partners..

Credit- This strategy focuses on providing debt capital.

Fund-of-Funds (FoF) – A fund that manages a portfolio of investments in other private equity funds. 

Growth Equity – Any private fund that focuses on providing growth capital through an equity investment. 

Infrastructure – An investment strategy that invests in physical systems involved in the distribution of people, 

goods, and resources.

Mega/Large Buyout – Any buyout fund larger than a certain fund size, dependent on vintage year, typically greater 

than $3B

Natural Resources – An investment strategy that invests in companies involved in the extraction, refinement, or 

distribution of natural resources. 

Real Assets – Real Assets includes any private fund with a strategy of Infrastructure, natural resources, or real 

estate. 

Real Estate – Any closed-end commingled fund that primarily invests in non-core physical properties.

Rest of World (ROW) - Any fund with a geographic focus outside of North America and Western Europe. 

Secondary FoF – A fund that purchases existing stakes in mature private funds.

SMID Buyout – Any buyout fund smaller than a certain fund size, dependent on vintage year, typically less than $3B.

VC/Growth – Includes all funds with a strategy of venture capital or growth equity.

Venture Capital – Venture capital incudes any private fund focused on any stages of venture capital investing, 

including seed, early-stage, mid-stage, and late-stage investments.

Index Definitions

BofAML High Yield Index – The BofAML High Yield index tracks the performance of below investment grade U.S. 

dollar-denominated corporate bonds publicly issued in the U.S. domestic market. 

Credit Suisse Leveraged Loan Index – The CS Leveraged Loan Index represents tradable, senior-secured, U.S. 

dollar-denominated non-investment grade loans.

FTSE/NAREIR Equity REIT Index – The FTSE/NAREIT All Equity REIT Index tracks the performance of U.S. equity 

REITs. 

MSCI Emerging Markets Index – The MSCI Emerging Markets Index is a free float-adjusted market capitalization 

index that is designed to measure equity market performance of emerging markets. 

MSCI Europe Index – The MSCI Europe Index tracks large and mid-cap equity performance across 15 developed 

market countries in Europe.

MSCI World Energy Sector Index – The MSCI World Energy Sector Index measures the performance of securities 

classified in the GICS Energy sector.

MSCI US Small Cap Value Index – The MSCI US Small Cap Value Index captures small cap securities exhibiting 

overall value style characteristics across the US equity markets.

MSCI World Index – The MSCI World Index tracks large and mid-cap equity performance in developed market 

countries.

Russell 3000 Index – The Russell 3000 Index is composed of 3000 large U.S. companies, as determined by 

market capitalization.

S&P 500 Index – The S&P 500 Index tracks 500 largest companies based on market capitalization of companies 

listed on NYSE or NASDAQ.

S&P 600 Index – The S&P 600 index tracks the performance of 600 small-sized U.S. companies.

Other

PME (Public Market Equivalent) – a measure of returns of an appropriate public index that accounts for the 

timing and sizing of irregular cash flows..

Time-weighted Return –a measure of compound rate of growth in a portfolio,

Total Exposure – net asset value plus unfunded commitments.

Hamilton Lane | Global Leader in the Private Markets 11
September 9th, 2020

Disclosures

This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane.

The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking 

statements include a number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other 

expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future.

All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the 

investments described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or 

audited by independent public accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed.

This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any tables, graphs or charts relating to past performance included in this 

presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future 

performance and should not be used as the basis for an investment decision.

The information herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. You should consult your accounting, legal, tax or other advisors about the matters 

discussed herein.

The calculations contained in this document are made by Hamilton Lane based on information provided by the general partner (e.g. cash flows and valuations), and have not been prepared, reviewed or approved by the general partners.

Hamilton Lane | Global Leader in the Private Markets 12
Contact Information

Hamilton Lane | Global Leader in the Private Markets 13

Philadelphia (Headquarters)

One Presidential Blvd.

4th Floor

Bala Cynwyd, PA 19004

USA

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Munich

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Germany

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USA

Tokyo

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2-4-1, Marunouchi

Chiyoda-ku

Tokyo 100-6313, Japan

+81 (0) 3 5860 3940

Hong Kong

Room 1001-3, 10th Floor

St. George’s Building 

2 Ice House Street

Central Hong Kong, China

+852 3987 7191

New York

610 Fifth Avenue, Suite 401

New York, NY 10020

USA

+1 212 752 7667

Seoul

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152 Teheran-ro, Gangnam-gu

Seoul 06236

Republic of Korea

+82 2 6191 3200

Toronto

150 King St. West

Suite 200

Toronto, Ontario

Canada M5H 1J9

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Las Vegas

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Las Vegas, NV 89169

USA

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Portland

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Portland, OR 97224

USA

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Singapore

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Asia Square Tower 2

Suite 26-04

Singapore, 018961 

London

8-10 Great George Street

London SW1P 3AE

United Kingdom

+44 (0) 207 340 0100

San Diego

7817 Ivanhoe Avenue

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La Jolla, CA 92037

USA

+1 858 410 9967

Sydney

Level 33, Aurora Place

88 Phillip Street

Sydney NSW 2000

Australia

+61 2 9293 7950 

Miami

999 Brickell Avenue

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Miami, Florida 33131

USA

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San Francisco

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San Francisco, CA 94111

USA

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Tel Aviv

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Building C 7th Floor

Hertzelia Pituach, 4672201

P.O. Box 12279

Israel

+00 972-73-2716610