# EDGAR Filing Document

**Accession Number:** 0002020510
**File Stem:** 0001213900-25-052447
**Filing Date:** 2025-6
**Character Count:** 174683
**Document Hash:** 7afcfe6f3a78d9bf4d2475571c4c2bc2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-052447.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001213900-25-052447

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Hamilton Lane Private Infrastructure Fund
- **CENTRAL INDEX KEY:** 0002020510

**ORGANIZATION NAME:**
- **EIN:** 996263863
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23972
- **FILM NUMBER:** 251033254

**BUSINESS ADDRESS:**
- **STREET 1:** 110 WASHINGTON ST.
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428
- **BUSINESS PHONE:** 484-439-4650

**MAIL ADDRESS:**
- **STREET 1:** 110 WASHINGTON ST.
- **STREET 2:** SUITE 1300
- **CITY:** CONSHOHOCKEN
- **STATE:** PA
- **ZIP:** 19428

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-23972

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**Hamilton Lane Private Infrastructure Fund** (Exact name of registrant as specified in charter)

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110 Washington Street, Suite 1300

Conshohocken, Pennsylvania 19428-2053

(Address of principal executive offices) (Zip code)

Andrew Schardt

Hamilton Lane Advisors, L.L.C.

110 Washington Street, Suite 1300

Conshohocken, Pennsylvania 19428-2053

(Name and address of agent for service)

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Registrant's telephone number, including area code: (610) 617-5724

Date of fiscal year end: March 31

Date of reporting period: March 31, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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**ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp;REPORTS TO STOCKHOLDERS.**

1.(a)&nbsp;&nbsp;&nbsp;&nbsp; The Report to Shareholders is attached herewith.

 **Hamilton Lane Private Infrastructure Fund**<br>

### Consolidated Financial Statements
For the Year Ended March 31, 2025

------

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  **Table of Contents**<br> For the Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
|  [Management's Discussion of Fund Performance](#T101) | 2 |
|  [Fund Performance](#T103) | 4-5 |
|  [Report of Independent Registered Public Accounting Firm](#T102) | 6 |
|  [Consolidated Schedule of Investments](#T104) | 7-10 |
|  [Consolidated Statement of Assets and Liabilities](#T105) | 11 |
|  [Consolidated Statement of Operations](#T106) | 12 |
|  [Consolidated Statements of Changes in Net Assets](#T107) | 13 |
|  [Consolidated Statement of Cash Flows](#T108) | 14 |
|  [Consolidated Financial Highlights](#T109) | 15-17 |
|  [Consolidated Notes to Financial Statements](#T110) | 18-30 |
|  [Fund Information](#T111) | 31-34 |
|  [Privacy Notice](#T112) | 35-36 |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Management's Discussion of Fund Performance<br> March 31, 2025 (Unaudited) |

---

Hamilton Lane Advisors, L.L.C. (the "Adviser" or "Hamilton Lane") built the Hamilton Lane Private Infrastructure Fund ("PIF" or the "Fund") with a goal towards long-term outperformance of the public markets with decreased observed volatility. This historical trend in private markets is generated through shareholder alignment on long-term strategic initiatives, informational and resource advantages, and reputable operators among leading general partners. The Fund today is composed of 18 investments into over 80 underlying companies. These investments are managed by 14 unique sponsors with proven value-creation strategies and are tactically weighted across geography and sector.

#### Performance of the Fund
For the fiscal year ended March 31, 2025, the Fund Class I (XHIIX) returns were 20.39%, Class R (XHIRX) were 18.19%, and Class Y (XHIYX) were 21.70%. PIF has seen strong performance across investment types, with positive returns in both direct co-investments and secondaries.

The Fund is focused on Core-Plus and Value-Add risk profiles, which we view as steadier and more attractive in the long-term. Geographically, the Fund is tactically overweight to North America at approximately 67% of net asset value given our view that there is a more positive economic outlook in the U.S. than in some global markets.

#### Themes in the Portfolio
The Fund invests in private infrastructure through co-investments and secondary purchases, primarily in North America and Western Europe, with a focus on Core Plus and Value Add risk profiles. We are pleased with the current composition of the portfolio and will continue to invest in accordance with our strategic objectives.

Hamilton Lane ended 2024 with a record level of infrastructure deal flow of just over $40B, a step up from $30B just a year ago, reflecting the further maturation of the asset class and the growth of the Hamilton Lane platform. In turn, selectivity remains very low at just 2.6%. Direct co-investment volumes from quality sponsors remain high in light of broader fundraising dynamics, while at the same time, we are seeing an increasing supply of secondary opportunities as deal volume at this end of the market continues to grow.

We will continue to focus on building a diversified portfolio of high-quality transactions that are expected to deliver strong returns to investors. We believe our key tactical themes of energy transition, digitization, supply chain & logistics, and environmental will persist.

*Past performance is not indicative of future results. Current performance may be lower or higher than the figures shown. Principal value and investment returns will fluctuate, and investors' shares, when redeemed, may be worth more or less than the original cost.* 

*Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. For a prospectus that contains this and other information about the Fund, call 1 (888) 882*-8212 *or visit our website at www.hamiltonlane.com/pif. Please read the prospectus carefully before investing.*

*The Fund operates as a non*-diversified*, closed*-end *management investment company under the Investment Company Act of 1940, as amended.*

*The Fund has no history of public trading and it is not anticipated that a secondary market for the Fund's shares will develop. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted.*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Management's Discussion of Fund Performance<br> March 31, 2025 (Unaudited) (Continued) |

---

*The Fund is not a liquid investment. No Shareholder will have the right to require the Fund to redeem its Shares.* The Fund from time to time intends to offer to repurchase Shares pursuant to written tenders by the Shareholders. The Adviser anticipates recommending to the Board of Trustees (the "Board") that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly. Any repurchases of Shares will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion. The Fund may also elect to repurchase less than the full amount that a Shareholder requests to be repurchased.

An investment in the Fund is generally subject to market risk, including the loss of the entire principal amount invested. Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.

Some of the principal risks of the Fund include, limited liquidity, restricted and illiquid investments, non-diversification, and valuations subject to adjustments. The Fund may engage in the use of leverage, hedging, and other speculative investment practices that may accelerate losses.

Although the Fund is allocated across sectors and asset classes, it is a non-diversified fund and subject to risks associated with concentrated investments in a specific industry or sector and therefore may be subject to greater volatility than a more diversified investment.

The amount of distributions that the Fund may pay, if any, is uncertain. The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.

Certain investments in the Fund are illiquid making it difficult to sell these securities and possibly requiring the Fund to sell at an unfavorable time or price. The value of certain Fund investments, in particular non-traded investment vehicles, will be difficult to determine and the valuations provided will likely vary from the amounts the Fund would receive upon sale or disposition of its investments.

Hamilton Lane Advisors LLC is the Adviser to the Hamilton Lane Private Assets Fund. Distribution Services, LLC and Hamilton Lane are not affiliated.

*Hamilton Lane Private Assets Fund is distributed by Distribution Services, LLC.* 

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Performance<br> March 31, 2025 (Unaudited) |

---

**Performance of a $1,000,000 Investment**

![](tlinechart_001.jpg)

This graph compares a hypothetical $1,000,000 investment in the Fund's Class Y shares, made at its inception, with similar investments in the S&P Global Infrastructure Index Benchmark Pending. Results include the reinvestment of all dividends and capital gains. The index does not reflect expenses, fees, or sales charges, which would lower performance.

The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. The index is unmanaged and not available for sale.

---

| | | |
|:---|:---|:---|
|  **Average Annual Total Returns as of March 31, 2025** | **Average Annual Total Returns as of March 31, 2025** | **Average Annual Total Returns as of March 31, 2025** |
|  | **1 Year** | **Since Inception\*** |
|  Hamilton Lane Private Infrastructure Fund – Class I | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.91% |
|  Hamilton Lane Private Infrastructure Fund – Class R | &nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.80% |
|  Hamilton Lane Private Infrastructure Fund – Class Y | &nbsp;&nbsp; 22.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.93% |
|  S&P Global Infrastructure Index TR | &nbsp;&nbsp; 18.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.55% |

---

\* Commencement of operations for the Hamilton Lane Private Infrastructure Fund Class Y was February 28, 2024. Hamilton Lane Private Infrastructure Fund Classes I and R commenced operations on July 1, 2024. See Note 1 in the accompanying notes to the consolidated financial statements.

<sup>1</sup>The Fund commenced operations on February 28, 2024, at which time it operated as a private fund in reliance upon the exclusion from the definition of an investment company in Section 3(c)(7) of the Investment Company Act. On June 6, 2024, the Fund registered as a closed-end management investment company under the Investment Company Act.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Performance<br> March 31, 2025 (Unaudited) (Continued) |

---

***The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling (888) 882***-8212*.***

Hamilton Lane Advisors, L.L.C. (the "Adviser") has entered into an expense limitation agreement (the "Expense Limitation Agreement") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding taxes, interest, brokerage commissions, certain transaction-related expenses, extraordinary expenses, acquired fund fees and expenses, the Investment Management Fee and the Incentive Fee) do not exceed 1.50%, 0.80% and 0.65% of the average daily net assets of Class R Shares, Class I Shares and Class Y Shares, respectively (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation Agreement also provides that, after the commencement of operations until the first anniversary of the commencement of operations, the Adviser agrees to waive fees payable to it by the Fund on assets held in cash or cash equivalents less the total amount of capital committed by the Fund and not yet drawn for investment. The Expense Limitation Agreement has an initial term ending one-year from the effective date of the registration statement, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation Agreement may be terminated by the Fund's Board of Trustees upon thirty days' written notice to the Adviser.

For the Fund's current expense ratios, please refer to the Financial Highlights Section of this report.

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Trustees of

Hamilton Lane Private Infrastructure Fund

<u>Opinion on the Financial Statements</u>

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Hamilton Lane Private Infrastructure Fund (the "Fund") as of March 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets and financial highlights for the year ended March 31, 2025 and for the period February 28, 2024 (commencement of operations) through March 31, 2024, and the related consolidated notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations and its cash flows for the year then ended, and the changes in net assets and the financial highlights for the year ended March 31, 2025 and for the period February 28, 2024 (commencement of operations) through March 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's/Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian and private investment counterparties. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Funds advised by the investment advisor since 2020.

![](tcohen_sig.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

May 30, 2025

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Schedule of Investments<br> March 31, 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Investments — 123.36%†** | **Investment Type** | **Acquisition <br>Date** | **Fair Value** |
|  **Direct Investments — 18.27%^** |  |  |  |
| &nbsp;&nbsp; **Direct Credit — 1.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp; **Western Europe — 1.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Software — 1.98%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIOF II Galway Co-Invest, L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 3/20/2024 | $1253056 |
| &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | 1253056 |
| &nbsp;&nbsp; **Total Direct Credit (Cost $825,636)** | &nbsp;&nbsp; **Total Direct Credit (Cost $825,636)** | &nbsp;&nbsp; **Total Direct Credit (Cost $825,636)** | 1253056 |
| &nbsp;&nbsp; **Direct Equity — 16.29%** |  |  |  |
| &nbsp;&nbsp;&nbsp; **North America — 14.84%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alternative Energy — 1.72%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northampton Royalty Investment Holdings LP<sup>\*1,2,3</sup> | Limited Partnership Interest | 2/27/2025 | 1089985 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy — 8.39%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AL GCX Co-Invest Feeder, L.P. <br>(1,750 Limited Partner Units)\*<sup>1,2,3</sup> | Limited Partnership Interest | 5/29/2024 | 1729067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arroyo Dunamis Direct Investment I-B, L.P.\*<sup>1,3</sup> | Limited Partnership Interest | 5/31/2024 | 1656889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ECP V (California Co-Invest), LP<sup>1,2,3</sup> | Limited Partnership Interest | 12/9/2024 | 1918746 |
|  |  |  | 5304702 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Waste Managment — 4.73%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terramont Montauk Co-Invest L.P.\*<sup>1,3</sup> | Limited Partnership Interest | 7/25/2024 | 2989009 |
| &nbsp;&nbsp;&nbsp; **Total North America** | &nbsp;&nbsp;&nbsp; **Total North America** | &nbsp;&nbsp;&nbsp; **Total North America** | 9383696 |
| &nbsp;&nbsp;&nbsp; **Western Europe — 1.45%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **IT Services — 1.45%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jules III SCA<br>(1,960 Class A Shares)\*<sup>1,2,3</sup> | Preferred Equity | 6/7/2024 | 922033 |
| &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | 922033 |
| &nbsp;&nbsp; **Total Direct Equity (Cost $8,085,268)** | &nbsp;&nbsp; **Total Direct Equity (Cost $8,085,268)** | &nbsp;&nbsp; **Total Direct Equity (Cost $8,085,268)** | 10305729 |
|  **Secondary Investments — 47.58%^** |  |  |  |
| &nbsp;&nbsp; **Secondary Funds — 47.58%** |  |  |  |
| &nbsp;&nbsp;&nbsp; **North America — 37.25%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 25.82%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Infrastructure Partners IV-C2, L.P.<sup>1,2,3</sup> | Limited Partnership Interest | 12/31/2024 | 2310486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Global Infrastructure Investors III L.P.<sup>1,2,3</sup> | Limited Partnership Interest | 10/1/2024 | 3057822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KKR Global Infrastructure Investors IV (USD) SCSp\*<sup>1,2,3</sup> | Limited Partnership Interest | 7/1/2024 | 5746268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Aspen (Co-Invest) Holdings LP<sup>\*1,3</sup> | Limited Partnership Interest | 1/2/2025 | 105252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Infrastructure Fund III LP<sup>\*1,2,3</sup> | Limited Partnership Interest | 1/2/2025 | 1339204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stonepeak Infrastructure Fund IV LP<sup>\*1,2,3</sup> | Limited Partnership Interest | 1/2/2025 | 613032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terramont Infrastructure Fund (Cayman), L.P.<sup>\*1,2,4</sup> | Limited Partnership Interest | 2/28/2025 | 3146797 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Diversified** | 16318861 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Schedule of Investments<br> March 31, 2025 (Continued) |

---

---

| | | | |
|:---|:---|:---|:---|
|  **Investments — 123.36%†** | **Investment Type** | **Acquisition <br>Date** | **Fair Value** |
|  **Secondary Investments (Continued)** |  |  |  |
| &nbsp;&nbsp; **Secondary Funds (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp; **North America (Continued)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate — 2.91%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fengate Everest Continuation Fund L.P.\*<sup>1,2,3,6</sup> | Limited Partnership Interest | 9/3/2024 | $1838668 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Telecomunications — 3.37%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta-v VN, L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 7/19/2024 | 2128104 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities — 2.65%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sciens Water Opportunities Fund IV Segregated L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 9/30/2024 | 1676311 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Waste Management — 2.50%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIP WR L.P.\*<sup>1,5</sup> | Limited Partnership Interest | 2/29/2024 | 1582722 |
| &nbsp;&nbsp;&nbsp; **Total North America** | &nbsp;&nbsp;&nbsp; **Total North America** | &nbsp;&nbsp;&nbsp; **Total North America** | 23544666 |
| &nbsp;&nbsp;&nbsp; **South Korea — 0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Diversified — 0%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indigo Secondary Fund L.P.<sup>1</sup> | Limited Partnership Interest |  |  |
| &nbsp;&nbsp;&nbsp; **Western Europe — 10.33%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Infrastructure — 10.33%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardian Infrastructure Fund V S.C.A, SICAR\*<sup>1,2,3,6</sup>(353,582 Class A units) | Limited Partnership Interest | 3/31/2024 | 5290738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GIP Pegasus Fund, L.P.\*<sup>1,3,6</sup> | Limited Partnership Interest | 3/28/2024 | 1240174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Infrastructure** | &nbsp;&nbsp;&nbsp;&nbsp; **Total Infrastructure** | 6530912 |
| &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | &nbsp;&nbsp;&nbsp; **Total Western Europe** | 6530912 |
| &nbsp;&nbsp; **Total Secondary Funds (Cost $24,829,036)** | &nbsp;&nbsp; **Total Secondary Funds (Cost $24,829,036)** | &nbsp;&nbsp; **Total Secondary Funds (Cost $24,829,036)** | 30075578 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Interest <br>rate** | **Shares** | **Fair Value** |
|  **Short Term Investments — 57.51%** |  |  |  |
| &nbsp;&nbsp;&nbsp; **UMB Bank, Money Market Special II Deposit Investment** | 4.19%<sup>7</sup> | 23251676 | 23251676 |
| &nbsp;&nbsp;&nbsp; **UMB Money Market Special** | 0.01%<sup>7</sup> | 13100000 | 13100000 |
|  **Total Short Term Investments (Cost $36,351,676)** | **Total Short Term Investments (Cost $36,351,676)** | **Total Short Term Investments (Cost $36,351,676)** | 36351676 |
|  **Total Investments (Cost $70,091,616)** | **Total Investments (Cost $70,091,616)** | **Total Investments (Cost $70,091,616)** | **77986039** |
|  Liabilities in excess of other assets — (23.36%) | Liabilities in excess of other assets — (23.36%) | Liabilities in excess of other assets — (23.36%) | (14773716) |
|  **Total Net Assets — 100%** | **Total Net Assets — 100%** | **Total Net Assets — 100%** | $**63212323** |

---

†&nbsp;&nbsp;&nbsp;&nbsp;Direct Investments are private investments directly into the equity or debt of selected operating companies, often together with the management of the company. Secondary Investments are portfolios of assets purchased on the secondary market.

^&nbsp;&nbsp;&nbsp;&nbsp;Investments do not issue shares except where listed. Investments do not allow redemptions or withdrawals except at discretion of its general partner, manager or advisor.

**\*&nbsp;&nbsp;&nbsp;&nbsp;**Investment is non-income producing.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Schedule of Investments<br> March 31, 2025 (Continued) |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Restricted Security. Investments generally issued in private placement transactions and as such generally restricted as to resale. Each investment may have been purchased on various dates and for different amounts. The date of the first purchase is reflected under Acquisition Date as shown in the Schedule of Investments. Total fair value of restricted investments as of March 31, 2025 was $41,634,363, or 65.9% of net assets. As of March 31, 2025, the aggregate cost of each investment restricted to sale was $825,636, $1,089,985, $1,488,269, $949,770, $1,961,641, $1,924,308, $671,295, $2,003,661, $2,773,339, $5,048,424, $62,363, $1,037,208, $449,710, $2,951,481, $1,462,218, $1,561,539, $1,000,330, $800,000, $0, $4,432,825 and $1,245,938, respectively, totaling $33,739,940.

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Investment has been committed to but has not been fully funded by the Fund (See Note 9).

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security is held through HL Private Infra Fund DE Holdings, LLC. (See Note 1).

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security is held through HLPIF Splitter LLC. (See Note 1).

<sup>5&nbsp;&nbsp;&nbsp;&nbsp;</sup>All or a portion of this security is held through HLPIF DE Blocker LLC. (See Note 1).

<sup>6&nbsp;&nbsp;&nbsp;&nbsp;</sup>Foreign security denominated in U.S. Dollars.

<sup>7&nbsp;&nbsp;&nbsp;&nbsp;</sup>The rate is the annualized seven-day yield at year end.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Schedule of Investments<br> March 31, 2025 (Continued) |

---

---

| | |
|:---|:---|
|  **Summary of Investments by Strategy (as a percentage of total net assets)** | **Summary of Investments by Strategy (as a percentage of total net assets)** |
|  **Direct Investments** |  |
| &nbsp;&nbsp;&nbsp; **Direct Credit** | 1.98 |
| &nbsp;&nbsp;&nbsp; **Direct Equity** | 16.29 |
|  **Total Direct Investments** | 18.27 |
|  **Secondary Investments** |  |
| &nbsp;&nbsp;&nbsp; **Secondary Funds** | 47.58 |
|  **Total Secondary Investments** | 47.58 |
|  **Short Term Investments** | 57.51 |
|  **Total Investments** | 123.36 |
| &nbsp;&nbsp;&nbsp; **Other assets in excess of liabilities** | (23.36) |
|  **Total Net Assets** | 100.00 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Statement of Assets and Liabilities<br> March 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments, at fair value (cost $70,091,616) | $77986039 |
|  Distributions receivable from investments | 123562 |
|  Receivable from Adviser | 1091610 |
|  Prepaid offering costs | 29527 |
|  **Total Assets** | 79230738 |
|  **Liabilities** |  |
|  Proceeds from issuance of shares received in advance | 15592000 |
|  Deferred tax liability payable | 209391 |
|  Audit fees payable | 117446 |
|  Accounting and administration fees payable | 63000 |
|  Transfer agent fees payable | 9000 |
|  Blue sky fees payable | 2000 |
|  Other accrued expenses | 25578 |
|  **Total Liabilities** | 16018415 |
|  Commitments and contingencies (see Notes 6 and 9) |  |
|  **Net Assets** | $63212323 |
|  **Composition of Net Assets:** |  |
|  Paid-in capital | $55156550 |
|  Total distributable earnings | 8055773 |
|  **Net Assets** | $63212323 |
|  **Net Assets Attributable to:** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $17727988 |
| &nbsp;&nbsp;&nbsp; Class R Shares | 1187873 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | 44296462 |
|  | $63212323 |
|  **Shares of Beneficial Interest Outstanding (unlimited number of shares authorized):** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | 1288024 |
| &nbsp;&nbsp;&nbsp; Class R Shares | 87874 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | 3209438 |
|  | 4585336 |
|  **Net Asset Value per Share:** |  |
| &nbsp;&nbsp;&nbsp; Class I Shares | $13.76 |
| &nbsp;&nbsp;&nbsp; Class R Shares | $13.52 |
| &nbsp;&nbsp;&nbsp; Class Y Shares | $13.80 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Statement of Operations<br> For the Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income** |  |
|  Dividend income | $328424 |
|  Distribution income | 15270 |
|  Interest income | 222638 |
|  **Total Income** | 566332 |
|  **Expenses** |  |
|  Professional fees | 669944 |
|  Investment management fees | 328402 |
|  Organizational fees | 406198 |
|  Offering costs | 360358 |
|  Registration fees | 232271 |
|  Accounting and administration fees | 88750 |
|  Trustees' fees and expenses | 75000 |
|  CCO fees | 32120 |
|  Transfer agent fees | 15608 |
|  Custodian fees | 6207 |
|  Other operating expenses | 81702 |
|  **Total Expenses** | 2296560 |
| &nbsp;&nbsp;&nbsp; Expenses assumed by adviser | (1727581) |
| &nbsp;&nbsp;&nbsp; Expense voluntarily waived by adviser (see Note 6) | (328402) |
|  Net Expenses | 240577 |
|  **Net Investment Income** | 325755 |
|  **Realized and Change in Unrealized Gain/(Loss)** |  |
|  Net realized gain on investments | 48688 |
|  Net change in unrealized appreciation on investments | 6919539 |
|  Net change on deferred tax | (78517) |
|  **Net Realized and Change in Unrealized Gain** | 6889710 |
|  **Net Increase in Net Assets Resulting from Operations** | $7215465 |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | | |
|:---|:---|:---|
|  | **For the Year <br>Ended <br>March 31, 2025** | **For the Period <br>February 28, <br>2024\* <br>Through <br>March 31, 2024** |
|  **Change in Net Assets Resulting from Operations** |  |  |
|  Net investment income | $325755 | $(3702) |
|  Net realized gain on investments | 48688 |  |
|  Net change in unrealized appreciation (depreciation) on investments, net of deferred tax | 6841022 | 844010 |
|  **Net Change in Net Assets Resulting from Operations** | 7215465 | 840308 |
|  **Change in Net Assets Resulting from Capital Share Transactions** |  |  |
| &nbsp;&nbsp;&nbsp; **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 15906550 |  |
| &nbsp;&nbsp;&nbsp; Transfers in | 1000006 |  |
| &nbsp;&nbsp;&nbsp; **Total Class I Transactions** | 16906556 |  |
| &nbsp;&nbsp;&nbsp; **Class R** |  |  |
| &nbsp;&nbsp;&nbsp; Transfers In | 1000006 |  |
| &nbsp;&nbsp;&nbsp; **Total Class R Transactions** | 1000006 |  |
| &nbsp;&nbsp;&nbsp; **Class Y** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of shares | 31450000 | 7800000 |
| &nbsp;&nbsp;&nbsp; Transfers out | (2000012) |  |
| &nbsp;&nbsp;&nbsp; **Total Class Y Transactions** | 29449988 | 7800000 |
|  **Net Change in Net Assets Resulting from Capital Share Transactions** | 47356550 | 7800000 |
|  **Total Net Increase in Net Assets** | 54572015 | 8640308 |
|  **Net Assets** |  |  |
|  Beginning of period | 8640308 |  |
|  End of period | $63212323 | $8640308 |
|  **Shareholder Activity** |  |  |
| &nbsp;&nbsp;&nbsp; **Class I Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1200150 |  |
| &nbsp;&nbsp;&nbsp; Shares transferred in | 87874 |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Class I Shares Outstanding** | 1288024 |  |
| &nbsp;&nbsp;&nbsp; **Class R Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares transferred in | 87874 |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Class R Shares Outstanding** | 87874 |  |
| &nbsp;&nbsp;&nbsp; **Class Y Shares** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2620155 | 765031 |
| &nbsp;&nbsp;&nbsp; Shares transferred out | (175748) |  |
| &nbsp;&nbsp;&nbsp; **Net Change in Class Y Shares Outstanding** | 2444407 | 765031 |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Commencement of Operations

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Statement of Cash Flows<br> For the Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
|  **Cash Flows From Operating Activities** |  |
|  Net increase in net assets from operations | $7215465 |
|  Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (33301124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | (31851676) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from investment distributions | 602932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (48688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (6919539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change on deferred tax | 78517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change on deferred offering costs | 213385 |
| &nbsp;&nbsp;&nbsp; **(Increase)/Decrease in Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions receivable from investments | (123562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser | (875803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid offering costs | (29527) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 633 |
| &nbsp;&nbsp;&nbsp; **Increase/(Decrease) in Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational fees payable | (142881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees payable | 117446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and administration fees payable | 33875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees payable | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blue sky fees payable | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Offering costs payable | (256062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 20119 |
|  **Net Cash Used in Operating Activities** | (65255490) |
|  **Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from capital contributions | 62948550 |
|  **Net Cash Provided by Financing Activities** | 62948550 |
|  Net change in Cash | (2306940) |
|  **Cash – Beginning of period** | 2306940 |
|  **Cash – End of period** | $**—** |

---

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Financial Highlights<br> Class I Shares |

---

*Per share operating performance. For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period <br>July 1, 2024\* <br>Through <br>March 31, 2025** |
|  **Per Share Operating Performance:** |  |
|  **Net Asset Value per share, beginning of period** | $11.38 |
|  Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | 0.17 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.21 |
|  Total from investment operations | 2.38 |
|  **Net Asset Value per share, end of period** | $13.76 |
|  **Net Assets, end of year (in thousands)** | $17728 |
|  **Ratios to average shareholders' equity:** |  |
|  Net investment income (loss)<sup>2,3</sup> | 1.88% |
|  Gross expenses<sup>4</sup> | 6.00% |
|  Expense Recoupment/(Reimbursement) | (5.35)% |
|  Net expenses<sup>4</sup> | 0.65% |
|  Total Return<sup>5</sup> | 20.91%<sup>6,7</sup> |
|  Portfolio turnover rate | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

<sup>7</sup> Includes adjustments in accordance with GAAP and accordingly the returns and per unit net asset value for financial reporting may differ from the per unit net asset value and returns for shareholder transactions.

\* The Class commenced operations on July 1, 2024.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Financial Highlights<br> Class R Shares |

---

*Per share operating performance. For a capital share outstanding throughout each period.*

---

| | |
|:---|:---|
|  | **For the Period <br>July 1, 2024\* <br>Through <br>March 31, 2025** |
|  **Per Share Operating Performance:** |  |
|  **Net Asset Value per share, beginning of period** | $11.38 |
|  Activity from investment operations: |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.15 |
|  Total from investment operations | 2.14 |
|  **Net Asset Value per share, end of period** | $13.52 |
|  **Net Assets, end of year (in thousands)** | $1188 |
|  **Ratios to average shareholders' equity:** |  |
|  Net investment income (loss)<sup>2,3</sup> | 0.40% |
|  Gross expenses<sup>4</sup> | 7.33% |
|  Expense Recoupment/(Reimbursement) | (6.33)% |
|  Net expenses<sup>4</sup> | 1.00% |
|  Total Return<sup>5</sup> | 18.80%<sup>6,7</sup> |
|  Portfolio turnover rate | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

<sup>7</sup> Includes adjustments in accordance with GAAP and accordingly the returns and per unit net asset value for financial reporting may differ from the per unit net asset value and returns for shareholder transactions.

\* The Class commenced operations on July 1, 2024.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Financial Highlights<br> Class Y Shares |

---

#### Per share operating performance. For a capital share outstanding throughout each period.

---

| | | |
|:---|:---|:---|
|  | **For the Year <br>Ended <br>March 31, 2025** | **For the Period <br>February 28, 2024\* <br>Through <br>March 31, 2024** |
|  **Per Share Operating Performance:** |  |  |
|  **Net Asset Value per share, beginning of period** | $11.29 | $10.00 |
|  Activity from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)<sup>1</sup> | 0.11 | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments | 2.40 | 1.30 |
|  Total from investment operations | 2.51 | 1.29 |
|  **Net Asset Value per share, end of period** | $13.80 | $11.29 |
|  **Net Assets, end of period (in thousands)** | $44296 | $8640 |
|  **Ratios to average net assets:** |  |  |
|  Net investment income (loss)<sup>2,3</sup> | 0.88% | (0.71)% |
|  Gross expenses<sup>4</sup> | 6.88% | 17.30% |
|  Expense Recoupment/(Reimbursement) | (6.21)% | (16.47)% |
|  Net expenses<sup>4</sup> | 0.67% | 0.83% |
|  Total Return<sup>5</sup> | 22.23%<sup>7</sup> | 12.90%<sup>6</sup> |
|  Portfolio turnover rate | 0.00% | 0.00%<sup>6</sup> |

---

<sup>1</sup> Per share data is computed using the average shares method.

<sup>2</sup> Net investment income (loss) has been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses.

<sup>3</sup> Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests. Ratios do not include net investment income of the funds in which the Fund invests.

<sup>4</sup> Expense ratios have been annualized for periods of less than twelve months, except for Organizational Fees which are one time expenses. Expenses do not include expenses from underlying funds in which the Fund invests.

<sup>5</sup> Total return based on per unit net asset value reflects the change in net asset value based on the effects of the performance of the Fund during the period and assumes distributions, if any, were reinvested. Total returns shown exclude the effect of applicable sales charges.

<sup>6</sup> Not annualized.

<sup>7</sup> Includes adjustments in accordance with GAAP and accordingly the returns and per unit net asset value for financial reporting may differ from the per unit net asset value and returns for shareholder transactions.

\* Commencement of Operations.

*See accompanying Notes to Consolidated Financial Statements*

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 |

---

#### Note 1 – Organization
Hamilton Lane Private Infrastructure Fund (the "***Fund***"), a Delaware statutory trust, is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***"). Pursuant to an investment management agreement (the "***Investment Management Agreement***"), Hamilton Lane Advisors, L.L.C. (the "***Adviser***" or "***Hamilton Lane***"), a Pennsylvania limited liability company, serves as the investment adviser of the Fund. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Fund was organized as a Delaware statutory trust on February 21, 2024, and commenced operations on February 28, 2024.

The Fund currently offers three classes of common shares of beneficial interest ("***Shares***") designated as Class R Shares, Class I Shares and Class Y Shares (each a "***Class***"). The Fund's Class Y Shares commenced operations on February 28, 2024. The Fund's Class I Shares and Class R Shares commenced operations on July 1, 2024.

The Fund's investment objective is to seek to provide current income and long-term capital appreciation. The Fund seeks to achieve its investment objective through constructing a portfolio of investments in infrastructure assets (collectively, "***Infrastructure Assets***") through a tactically constructed portfolio of direct co-investments, equity and debt investments in portfolio companies and secondary investments often alongside an experienced investment sponsor, joint venture partner, operating partner, or other investor, and in all cases seeking to provide global exposure to real assets in the infrastructure sector. The Fund has the flexibility to invest in Infrastructure Assets across infrastructure sectors, including but not limited to energy, telecom, renewables, transport, power, social, environment and other infrastructure sectors, subject to compliance with its investment strategies and restrictions and applicable law, including the Investment Company Act. "***Direct Investments***" include any direct equity and debt investments, co-investments, joint ventures and other direct infrastructure-related investments, often alongside a sponsor, joint venture partner, operating partner, or other investor, and often involving a new acquisition or development of an asset, company or platform "***Secondary Investments***" include investments in private funds, holding vehicles or other investment vehicles (collectively, "***Portfolio Funds***") managed by third-party managers ("***Portfolio Fund Managers***") or other single-asset investments focused on the infrastructure sector, generally on a secondary basis from existing investors or involving a recapitalization of an equity interest in an existing joint venture and other investments that the Adviser determines to have a similar risk/return profile. "***Primary Fund Investments***" include strategic investments in underlying funds which are fundraising at the time of such investment, in an effort to enhance access to Direct Investments and Secondary Investments. The Fund invests a portion of its assets in a portfolio of liquid assets, including cash and cash equivalents, liquid fixed income securities and other credit instruments, derivatives and other investment companies, including money market funds and exchange traded funds ("***Liquid Assets***").

(a) Consolidation of Subsidiaries

The Fund will invest all or substantially all of its assets through one or more wholly-owned subsidiaries (each a "***Subsidiary***" and together, the "***Subsidiaries***"). Such Subsidiaries will not be registered under the Investment Company Act. However, the Fund will wholly own and control each Subsidiary. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned or majority-owned by the Fund. The Fund's Board of Trustees (the "***Board***" and individually, the "***Trustees***") has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole member or shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies.

As of March 31, 2025, there are four active Subsidiaries of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Formation Date** | **Domicile** | **% of the Fund's <br>Total Assets** |
|  HL Private Infra Fund DE Holdings LLC | January 30, 2024 | United States | 46.1<br> \* |
|  HLPIF DE Blocker LLC | February 16, 2024 | United States | 2.0 |
|  HL PIF Splitter LLC | August 2, 2024 | United States | 4.3 |
|  HL PIF Cayman Blocker LP | October 4, 2024 | Cayman Islands |  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Asset percentage listed for HL Private Infra Fund DE Holdings LLC includes the assets of wholly-owned subsidiary HLPIF DE Blocker LLC.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 1 – Organization (continued)** |

---

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the Subsidiaries. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund.

#### Note 2 – Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("***U.S. GAAP***").

(a) Basis of Accounting

The Fund is an investment company and follows the accounting and reporting guidance in Financial Accounting Standards Board ("***FASB***") Accounting Standards Codification ("***ASC***") Topic 946, *Financial Services — Investment Companies* ("***ASC 946***"). U.S. GAAP for an investment company requires investments to be recorded at their estimated fair value.

(b) Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(c) Organizational and Offering Costs

Organizational costs consist of the costs of forming the Fund; drafting of bylaws, administration, custody and transfer agency agreements; and legal services in connection with the initial meeting of the Board and the Fund's seed audit costs. Offering costs consist of the costs of preparing, reviewing and filing with the U.S. Securities and Exchange Commission ("***SEC***") the Fund's registration statement ("***Registration Statement***"); the costs of preparing, reviewing and filing of any associated marketing or similar materials; the costs associated with the printing, mailing or other distribution of the Fund's Prospectus, Statement of Additional Information ("***SAI***") and/or marketing materials; and the amounts of associated filing fees and legal fees associated with the offering. The aggregate amount of the organizational costs and offering costs as of March 31, 2025 are $406,198 and $360,358, respectively.

Organizational costs are expensed as incurred and are subject to recoupment by the Adviser in accordance with the Fund's Expense Limitation Agreement (as defined below) discussed in Note 6. Offering costs, which are also subject to the Fund's Expense Limitation Agreement discussed in Note 6, are accounted for as a deferred charge from the commencement of operations, and are thereafter amortized to expense over twelve months on a straight-line basis.

(d) Cash

Cash represents cash deposits held at financial institutions. Cash is held at major financial institutions and are subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation or Securities Investor Protection Corporation limitations.

(e) Fair Value of Financial Instruments

The Fund values its investments at fair value in accordance with FASB ASC 820, *Fair Value Measurement* ("***ASC 820***"). The fair value of the Fund's assets which qualify as financial instruments approximates the carrying amounts presented in the Consolidated Statement of Assets and Liabilities.

Rule 2a-5 under the Investment Company Act ("***Rule 2a***-5") establishes requirements for determining fair value in good faith for purposes of the Investment Company Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of the Investment Company Act and the threshold for determining whether

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

a fund must fair value a security. In connection with Rule 2a-5, the SEC adopted related recordkeeping requirements and rescinded previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. Effective April 24, 2024, and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as its valuation designee (in such capacity, the "***Valuation Designee***") to perform fair value determinations and approved new valuation procedures for the Fund. Adoption of the rule did not have a material impact to the Fund's valuation policies and procedures.

The Fund's investments are generally not publicly traded, and thus, market quotations are not available to be used for valuation purposes. Therefore, the Adviser is required to value these investments at estimated fair values, using present value and other subjective valuation techniques. In determining the fair value of an investment for which there are no readily available market quotations, the Valuation Designee may consider pre-acquisition and annual financial reporting summaries from a Portfolio Fund, comparable company factors, including fundamental analytical data relating to the investment, the nature and duration of any restriction on the disposition of the investment, the cost of the investment at the date of purchase, the liquidity of the market for the investment, the price of such investment in a meaningful private or public investment or merger or acquisition of the issuer subsequent to the Fund's investment therein, or the per share price of the investment to be valued in recent verifiable transactions.

Certain Portfolio Funds and Direct Investments are valued based on the latest net asset value ("***NAV***") reported by the third-party fund manager or general partner. This is commonly referred to as using NAV as a practical expedient which allows for estimation of the fair value of a private investment based on NAV or its equivalent if the NAV of the private fund is calculated in a manner consistent with ASC 946. In cases where the NAV of the private investment is not available as of the measurement date, the Valuation Designee estimates NAV based upon the most recent NAV provided from the third-party manager or general partner, as adjusted for other information available at the time the portfolio is valued. Such adjustments may include adjustments for additional capital contributions or distributions, as well as market adjustments determined by the Valuation Designee based upon the returns of public market indices and the historical alignment of such public market indices against private indices of a similar strategy to the investment.

For portfolio investments that are publicly traded and for which market quotations are available, valuations are generally based on the closing sales prices, or an average of the closing bid and ask prices, as of the valuation date.

Under the Fund's valuation procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Valuation Designee subject to the oversight of the Board. The Valuation Designee is responsible for developing the Fund's written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies.

(f) Investment Transactions and Related Income

The Fund's primary sources of income are distributions from portfolio investments, investment income and gains recognized upon distributions from portfolio investments and unrealized appreciation/depreciation in the fair value of its portfolio investments. The Fund generally recognizes investment income and realized gains/losses based on the characterization of distributions provided by the administrator/investment manager of the portfolio investment on the date received. It is estimated that distributions will occur over the life of the portfolio investments.

Realized gains and losses from the sale of portfolio investments represent the difference between the original cost of the portfolio investments, as adjusted for return of capital distributions (net cost), and the net proceeds received at the time of the sale, disposition or distribution date. The Fund records realized gains and losses on portfolio investments when securities are sold, distributed to the partners or written-off as worthless. The Fund recognizes the difference between the net cost and the estimated fair value of portfolio investments owned as the net change in unrealized appreciation/depreciation on investments in the Consolidated Statement of Operations.

Return of capital or security distributions received from portfolio investments are accounted for as a reduction to cost.

Interest income, including amortization of premium or discount using the effective interest method and interest on paid-in-kind instruments, is recorded on an accrual basis. Dividend income is recorded on the ex-dividend date or the date the Fund becomes aware of the dividend.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

(g) Foreign Currency

The values of portfolio investments denominated in foreign currencies are translated into U.S. dollars at the date of valuation. Capital contributions to the portfolio investments and distributions received from the portfolio investments are translated into U.S. dollar amounts on the respective dates of each such transaction. The Fund does not isolate the effects of changes in foreign currency rates on the valuation of these portfolio investments. Such fluctuations in exchange rates are included with and form part of the net realized and unrealized gain (loss) from investments.

(h) Currency Risk

Portfolio Funds make direct and indirect investments in a number of different currencies. Any returns on, and the value of such investments may, therefore, be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors. A decline in the value of the currencies in which the Fund's investments are denominated against the U.S. dollar will result in a decrease in the Fund's net asset value. The Fund may seek to hedge all or a portion of the Fund's foreign currency risk. Depending on market conditions and the views of the Adviser, the Fund may or may not hedge all or a portion of its currency exposures.

(i) Income Taxes

The Fund has elected corporate status as of October 1, 2024 and qualifies as a regulated investment company ("***RIC***") under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required for the Fund.

Prior to October 1, 2024, the Fund was treated as a partnership for tax purposes.

In accounting for income taxes, the Fund follows the guidance in FASB ASC 740, *Accounting for Uncertainty in Income Taxes*. FASB ASC 740 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. There were no material uncertain tax positions requiring recognition in the Fund's consolidated financial statements as of March 31, 2025.

As a regulate investment company, the Fund utilizes a tax-year end of September 30 and the Fund's income and federal excise tax returns and all financial records supporting returns will be subject to examination by the federal and Delaware revenue authorities. The Fund's initial tax year end as a RIC will be September 30, 2025.

The Adviser has analyzed the Fund's tax positions and has concluded that as of March 31, 2025, and during all previous open tax periods, no provision for income taxes is required in the financial statements. To the extent the Fund recognizes interest and penalties, they are included in interest expense and other expenses, respectively, in the Consolidated Statement of Operations. There were no interest or penalties during the year ended March 31, 2025.

(j) Deferred Tax Liability

In preparing its consolidated financial statements, both onshore and offshore subsidiaries ("***Onshore Subsidiaries***" and "***Offshore Subsidiaries***," respectively) are required to recognize its estimate of income taxes for purposes of determining deferred tax assets or liabilities. Onshore Subsidiaries are subject to U.S. federal and state income tax while Offshore Subsidiaries are subject to U.S. federal withholding tax, state tax, and branch profit's tax on effectively connected income with a U.S. trade or business.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. If the Onshore or Offshore Subsidiary has a deferred tax asset, consideration is given to whether a valuation allowance is required. The amount is listed as Deferred Tax liability payable on the Consolidated Statement of Assets and Liabilities.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 2 – Accounting Policies (continued)** |

---

(k) Net Asset Value Determination

The NAV of the Fund is determined as of the close of business on the last day of each calendar month, each date the Shares are offered or repurchased, as of the date of any distribution and at such other times as the Board determines (each, a "Determination Date"). In determining NAV, the Fund's investments are valued as of the relevant Determination Date. The NAV of the Fund will equal, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses allocated to Shares based on the relative net assets of each class to the total net assets of the Fund, each determined as of the relevant Determination Date.

#### Note 3 – Investment Transactions
For the year ended March 31, 2025, purchases and sales of investments, excluding short term investments, were $29,203,077 and $0, respectively.

#### Note 4 – Portfolio Valuation
ASC 820 defines fair value as the value that the Fund would receive to sell an investment or pay to transfer a liability in a timely transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the asset or liability. ASC 820 establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in valuing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observation of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

Level I: Quoted prices (unadjusted) are available in active markets for identical investments as of the reporting date. The types of investments which would generally be included in Level I include listed equities.

Level II: Pricing inputs other than quoted prices available in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The types of investments which would generally be included in Level II include corporate bonds and loans, and less liquid and restricted equity securities. This category also includes interests in special purpose vehicles whose fair value is predominantly attributable to investments in Level I type securities.

Level III: Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation. Those unobservable inputs, that are not corroborated by market data, generally reflect the reporting entity's own assumptions about the assumptions market participants would use in determining the fair value of the investment. The types of investments which would generally be included in Level III include equity and/or debt securities issued by private entities and investments in Portfolio Funds.

The Fund has established valuation processes and procedures to ensure that the valuation techniques are fair and consistent, and valuation inputs are supportable. The Valuation Designee is responsible for developing the Fund's written valuation processes and procedures, conducting periodic reviews of the valuation policies, and evaluating the overall fairness and consistent application of the valuation policies. The Fund's investments in Investment Funds are carried at fair value which generally represents the Fund's pro-rata interest in the net assets of each Portfolio Fund as reported by the administrators and/or investment managers of the underlying Investment Funds. All valuations utilize financial information supplied by each Investment Fund and are net of management and incentive fees or allocations payable to the Investment Fund's managers or pursuant to the Portfolio Fund's agreements. The Fund's valuation procedures require the Valuation Designee to consider all relevant information available at the time the Fund values its portfolio. The

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 4 – Portfolio Valuation (continued)** |

---

Valuation Designee has assessed factors including, but not limited to, the individual Investment Fund's compliance with fair value measurements, price transparency and valuation procedures in place. The Valuation Designee will consider such information and consider whether it is appropriate, in light of all relevant circumstances, to value such a position at its NAV as reported or whether to adjust such value. The underlying investments of each Portfolio Fund are accounted for at fair value as described in each Investment Fund's financial statements.

The fair value relating to certain underlying investments of these Investment Funds, for which there is no ready market, has been estimated by the respective Portfolio Fund's management and is based upon available information in the absence of readily ascertainable fair values and does not necessarily represent amounts that might ultimately be realized. Due to the inherent uncertainty of valuation, those estimated fair values may differ significantly from the values that would have been used had a ready market for the investments existed. These differences could be material.

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the inputs used, as of March 31, 2025, in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level I** | **Level II** | **Level III** | **Total** |
|  Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Credit | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short Term Investments | 36351676 |  |  | 36351676 |
|  Total Investments | $36351676 | $— | $— | $36351676 |

---

Certain portfolio investments fair valued using net asset value (or its equivalent) as a practical expedient are not included in the fair value hierarchy. As such, investments in securities with a fair value of $41,634,363, are excluded from the fair value hierarchy as of March 31, 2025.

All of the Portfolio Funds are generally considered to be illiquid investments. Certain investments may achieve liquidity only as and when the Portfolio Funds sell their portfolio company investments and distribute the proceeds received from the disposition of those investments to the Fund. It is also possible for the Fund to dispose of its interests in Portfolio Funds in the secondary market.

The following is a reconciliation of assets in which significant unobservable inputs (Level III) were used in determining value:

---

| | |
|:---|:---|
|  | **Direct Credit** |
|  Balance as of March 31, 2024 | $189394 |
| &nbsp;&nbsp;&nbsp; Transfers into Level III | —  |
| &nbsp;&nbsp;&nbsp; Transfers out of Level III | (1250994) |
| &nbsp;&nbsp;&nbsp; Total gains or losses for the period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Included in earnings (or changes in net assets) | 429024 |
| &nbsp;&nbsp;&nbsp; Purchases | 632576 |
| &nbsp;&nbsp;&nbsp; Distributions received | —  |
|  Balance as of March 31, 2025 | $—  |
|  Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for Level III assets held at the end of the reporting period | $—  |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 4 – Portfolio Valuation (continued)** |

---

The Fund's investments in Direct and Secondary Investments that are fair valued using net asset value as a practical expedient, along with their corresponding unfunded commitments and other attributes, as of March 31, 2025, are summarized in the table below\*.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investment <br>Category** | **Investment <br>Strategy** | **Fair Value** | **Unfunded <br>Commitments** | **Estimated <br>Remaining <br>Life** | **Redemption <br>Frequency** | **Notice <br>Period <br>(In Days)** | **Redemption <br>Restriction <br>Terms** |
|  Infrastructure | Investments in secondary <br>and direct interests in infrastructure funds and assets | $41634363 | $11198202 | 1 to 10 years |  | N/A | N/A |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;Individual portfolio funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most portfolio funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

The following outlines the primary investment strategies of the Secondary Investments held by the Fund as of March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Infrastructure*. Investments into assets across macro investment themes emerging in the infrastructure sector, including but not limited to energy transition, digitization, data and telecommunications, and supply chains and logistics.

#### Note 5 – Federal Income Taxes
At March 31, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments | $70091616 |
|  Gross unrealized appreciation | 7943083 |
|  Gross unrealized depreciation | (48660) |
|  Net unrealized appreciation on investments | $7894423 |

---

The Fund invests through one domestic blockers and two foreign blocker. The domestic blockers are a limited liability company that has elected to be treated as a C-corporation for federal and state income tax purposes and is required to account for its estimate of income taxes. The foreign blockers are treated as Controlled Foreign Corporations and are subject to U.S. federal income tax on income effectively connected to a U.S. trade or business. There is no estimated provision for income taxes attributable to the foreign blockers as of March 31, 2025. The estimated provision for income taxes attributable to the blocker for the fiscal year ended March 31, 2025 consists of the following:

---

| | |
|:---|:---|
|  | **HLPIF DE <br>Blocker LLC** |
|  Deferred: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal | $148076 |
| &nbsp;&nbsp;&nbsp;&nbsp; State | 61315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $209391 |
|  Estimated provision for income taxes | $209391 |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 5 – Federal Income Taxes (continued)** |

---

As of March 31, 2025, the deferred tax liability is attributable to the temporary differences between the treatment of net unrealized gains on private assets on a book and tax basis. Total income taxes for HLPIF DE Blocker LLC has been computed by applying the U.S. federal statutory income tax rate of 21% plus a blended net state income tax rate of 8%. The Fund applied these rates to net investment income (loss) and realized and unrealized gains (losses) on investments before income taxes in computing its total income tax expense (benefit).

#### Note 6 – Investment Management Fees and Allocations
The Fund pays the Adviser an investment management fee (the "***Investment Management Fee***") in consideration of the advisory and other services provided by the Adviser to the Fund. The Investment Management Fee is paid quarterly at an annual rate equal to 1.40% based on the value of the Fund's net asset value calculated and accrued monthly as of the last business day of each month. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its shareholders ("***Shareholders***").

The Adviser has agreed, for a one-year period beginning from the effective date of the Registration Statement of the Fund, to fully waive its Investment Management Fee payable under the Investment Management Agreement (the "***Management Fee Waiver Agreement***"). The Adviser may, in its sole discretion, extend or otherwise amend the terms of the Management Fee Waiver Agreement, subject to approval of the Board, including a majority of the Trustees of the Board who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act (the "***Independent Trustees***"), after the initial term of the Management Fee Waiver Agreement.

The Adviser has also entered into an expense limitation agreement (the "***Expense Limitation Agreement***") with the Fund, whereby the Adviser has agreed to waive fees that it would otherwise be paid, and/or to assume expenses of the Fund (a "***Waiver***"), if required to ensure the Total Annual Expenses do not exceed 1.50%, 0.80% and 0.65% of the average daily net assets of Class R Shares, Class I Shares and Class Y Shares, respectively. "**Total Annual Expenses**" includes all expenses incurred in the business of the Fund, including organizational and offering costs, with the following exceptions: (i) taxes, (ii) interest, (iii) brokerage commissions, (iv) certain transaction-related expenses (including interest and structuring costs for borrowings and line(s) of credit), (v) the Investment Management Fee, (vi) distribution and/or servicing fees, (vii) sub-transfer agency, sub-accounting and Shareholder servicing fees, (viii) any acquired fund fees and expenses, (ix) dividend and interest expenses relating to short sales, (x) borrowing costs, (xi) merger or reorganization expenses, (xii) Shareholder meetings expenses, (xiii) litigation expenses and (xiv) extraordinary expenses. For a period not to exceed three years from the date on which a Waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. At March 31, 2025, the amount of these recoverable expenses is $1,091,610. The potential recoverable amount is noted as "Commitments and contingencies" as reported on the Statement of Assets and Liabilities. For the year ended March 31, 2025, the Adviser assumed expenses totaling $1,727,581. At March 31, 2025 the amount of recoverable expenses is $215,807 expiring March 31, 2027, $382,193 expiring on June 30, 2027, $253,579 expiring on September 30, 2027, and $1,091,809 expiring on March 31, 2028.

The Expense Limitation Agreement has a term ending one year from the effective date of the Fund's registration statement, and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation Agreement may be terminated by the Fund's Board of Trustees upon thirty days' written notice to the Adviser.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |

---

#### Note 7 – Certain Risk Factors and Conflicts of Interest
Investors considering an investment in the Fund should be aware of potential risks. Prospective investors must rely upon their own examination of, and ability to understand, the nature of this investment, including the risks involved, in making a decision to invest in the Fund. There can be no assurance that the Fund will be able to achieve its investment objective or that investors will receive a return of their capital. In addition, there will be occasions when the Adviser or its affiliates may encounter potential conflicts of interest. By acquiring an interest in the Fund, each Shareholder will be deemed to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

**General Infrastructure Investment Risks.** Many direct or indirect investments in infrastructure or similar real assets are likely to be highly illiquid and subject to additional risks inherent in such investments in real assets, including risks associated with natural disasters, severe weather conditions, long term climate change and terrorist attacks.

Investments in infrastructure and similar real assets may involve significant risks, including the risk of substantial delay or increase in cost of construction, development or other activities due to a number of unforeseen factors such as political opposition, delays in procuring sites, strikes, disputes, environmental issues, force majeure, or failure by one or more of the investment participants to perform in a timely manner their contractual, financial or other commitments. A material delay or increase in unabsorbed cost could significantly impair and adversely affect such investment. Such investments, and projects related to such investments, may also be subject to statutory and regulatory requirements, including those imposed by zoning, environmental, safety, labor and other regulatory or political authorities. Failure to obtain or a delay in obtaining relevant permits or approvals could hinder construction or operation and could result in fines or additional costs for the investment or project, which could have a material adverse effect on such investment.

**Infrastructure Industry Concentration Risk.** Infrastructure assets may be subject to a variety of risks, not all of which can be foreseen or quantified, including: (i) the burdens of ownership of infrastructure; (ii) local, national and international political and economic conditions; (iii) the supply and demand for services from and access to infrastructure; (iv) the financial condition of users and suppliers of infrastructure assets; (v) changes in interest rates and the availability of funds which may render the purchase, sale or refinancing of infrastructure assets difficult or impracticable; (vi) changes in regulations, planning laws and other governmental rules; (vii) changes in fiscal and monetary policies; (viii) under-insured or uninsurable losses, such as force majeure acts and terrorist events; (ix) reduced investment in public and private infrastructure projects; and (x) other factors which are beyond the reasonable control of the Fund. Many of the foregoing factors could cause fluctuations in usage, expenses and revenues, causing the value of investments to decline and a material adverse effect on an investment's performance.

**Co**-Investment **Risks.** The Fund's investment portfolio will include co-investments, which are indirect investments in the equity of private companies, alongside private equity funds and other private equity firms via special purpose vehicles ("**SPVs**"). There can be no assurance that the Fund will be given co-investment opportunities, or that any specific co-investment offered to the Fund would be appropriate or attractive to the Fund in the Adviser's judgment. Due diligence will be conducted on co-investment opportunities; however, the Adviser may not have the ability to conduct the same level of due diligence applied to other investments. In addition, the Adviser may have little to no opportunities to negotiate the terms of such co-investments. The Fund's ability to dispose of co-investments may be severely limited.

**Investments in the Portfolio Funds Generally; Dependence on the Portfolio Fund Managers.** Because the Fund invests in Portfolio Funds, a Shareholder's investment in the Fund will be affected by the investment policies and decisions of the Portfolio Fund Manager of each Portfolio Fund in direct proportion to the amount of Fund assets that are invested in each Portfolio Fund. The Fund's net asset value may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Portfolio Funds invest and the financial condition and prospects of issuers in which the Portfolio Funds invest. The success of the Fund depends upon the ability of the Portfolio Fund

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 7 – Certain Risk Factors and Conflicts of Interest (continued)** |

---

Managers to develop and implement strategies that achieve their investment objectives. Shareholders will not have an opportunity to evaluate the specific investments made by the Portfolio Funds or the Portfolio Fund Managers, or the terms of any such investments. In addition, the Portfolio Fund Managers could materially alter their investment strategies from time to time without notice to the Fund. There can be no assurance that the Portfolio Fund Managers will be able to select or implement successful strategies or achieve their respective investment objectives.

**General Risks of Secondary Investments.** The overall performance of the Fund's Secondary Investments depends in large part on the acquisition price paid, which may be negotiated based on incomplete or imperfect information. Certain secondary investments may be purchased as a portfolio, and in such cases the Fund may not be able to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive. In addition, the costs and resources required to investigate the commercial, tax and legal issues relating to secondary investments may be greater than those relating to primary investments. The Portfolio Funds or the interests that the Adviser may consider for investment may have been formed or organized to meet the specific regulatory, tax or ERISA objectives of the original investors, which may not correspond to the objectives of the Fund. Accordingly, investment by the Fund may not be permitted, may be otherwise restricted or may be inefficient from a tax perspective to one or more categories of investors in the Fund. The Adviser may seek to structure any investment to address any applicable regulatory, tax or ERISA limitations, but may not be successful in doing so.

**Investments in the Debt Securities of Small or Middle**-Market **Portfolio Companies Risk.** Our investments may consist of loans to small and/or less well-established privately held companies. While smaller private companies may have potential for rapid growth, investments in private companies pose significantly greater risks than investments in public companies.

**Infrastructure Valuation Risk.** Investments in the infrastructure sector are inherently difficult to value. Valuations are, to a degree, based upon the subjective approach of the valuing party involved, including sponsors of the Fund's investments whom the Adviser and its affiliates do not control or manage. As a result, valuations are subject to substantial uncertainty. There is no assurance that the estimates resulting from the valuation process will reflect the actual sale price even where such sales occur shortly after the valuation date. The value of infrastructure assets and the value of the direct and indirect investments of the Fund can go down as well as up. A valuation is not a guarantee of a realizable price, and the value of infrastructure assets may be materially affected by a number of factors.

**Valuation of the Fund's Interests in Portfolio Funds.** The valuation of the Fund's investments in Portfolio Funds is ordinarily determined based upon valuations provided by the Portfolio Fund Managers of such Portfolio Funds which valuations are generally not audited. A majority of the securities in which the Portfolio Funds invest will not have a readily ascertainable market price and will be valued by the Portfolio Fund Managers. In this regard, a Portfolio Fund Manager may face a conflict of interest in valuing the securities, as their value may affect the Portfolio Fund Manager's compensation or its ability to raise additional funds. No assurances can be given regarding the valuation methodology or the sufficiency of systems utilized by any Portfolio Fund, the accuracy of the valuations provided by the Portfolio Funds, that the Portfolio Funds will comply with their own internal policies or procedures for keeping records or making valuations, or that the Portfolio Funds' policies and procedures and systems will not change without notice to the Fund. As a result, valuations of the securities may be subjective and could prove in hindsight to have been wrong, potentially by significant amounts. The Board has approved valuation procedures for the Fund and has approved the delegation of the day-to-day valuation and pricing responsibility for the Fund to the Valuation Designee, subject to the oversight of the Board. The Adviser will periodically review Portfolio Fund Managers' valuation methods and inputs, including at initial purchase, but will generally not have sufficient information in order to be able to confirm or review the accuracy of valuations provided by Portfolio Fund Managers.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 7 – Certain Risk Factors and Conflicts of Interest (continued)** |

---

**Additional Risk Factors**

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and others like them are collectively referred to as "Market Disruptions and Geopolitical Risks" and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund's performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of "Market Disruptions and Geopolitical Risks" on the financial performance of the Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Portfolio Funds have a commercial relationship could adversely affect, among other things, the Fund and/or the Portfolio Fund's ability to pursue key strategic initiatives, including by affecting the Fund's or a Portfolio Fund's ability to borrow from financial institutions on favorable terms.

Economic problems in a single country are increasingly affecting other markets and economies, and a continuation of this trend could adversely affect global economic conditions and world markets. Uncertainty and volatility in the financial markets and political systems of the U.S. or any other country, including volatility as a result of the ongoing conflicts between Russia and Ukraine and Israel and Hamas and the rapidly evolving measures in response, may have adverse spill-over effects into the global financial markets generally. The Fund's investments could be negatively impacted by the current hostilities in Eastern Europe and the Middle East, including direct and indirect effects on their operations and financial condition.

Inflation could directly adversely affect certain investments made by the Fund. If an investment is unable to increase its revenue in times of higher inflation, its profitability and ability to distribute dividends may be adversely affected. Many of the entities in which the Fund invests may have long-term rights to income linked to some extent to inflation, whether by government regulations, contractual arrangement or other factors. Typically, as inflation rises, the entity will earn more revenue, but will incur higher expenses; as inflation declines, the entity may not be able to reduce expenses in line with any resulting reduction in revenue. Many infrastructure businesses rely on concessions to mitigate the inflation risk to cash flows through escalation provisions linked to the inflation rate (e.g., the toll set on a toll road). While these provisions may protect against certain risks, they do not protect against the risk of a rise in real interest rates, which is likely to create higher financing costs for infrastructure businesses and a reduction in the amount of cash available for distribution to investors.

#### Note 8 – Other Agreements
UMB Fund Services, Inc. ("***UMBFS***"), serves as the Fund's fund accountant and administrator; UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund's custodian. The Fund's allocated fees incurred for administrative and custodian services for the year ended March 31, 2025, are reported on the Consolidated Statement of Operations.

#### Note 9 – Commitments
As of March 31, 2025, the Fund has $11,198,202 in unfunded commitments to certain investments. The commitments to investments are subject to certain terms and conditions prior to closing of the relevant transactions. There can be no assurance that such transactions will close as expected or at all.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |

---

#### Note 10 – Capital Share Transactions
The Fund offers three separate classes Shares designated as Class R Shares, Class I Shares and Class Y Shares. Each Class is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Adviser has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

The minimum initial investment in Class R and Class I Shares by an investor in the Fund is $25,000, and the minimum initial investment in Class Y Shares by an investor is $1,000,000. However, the Fund, in its sole discretion, may accept investments below these minimums.

The Fund is not a liquid investment. No Shareholder will have the right to require the Fund to redeem its Shares. The Fund from time to time may offer to repurchase Shares pursuant to written tenders by the Shareholders. The Adviser anticipates recommending to the Board that, under normal market circumstances, the Fund conduct repurchase offers of no more than 5% of the Fund's net assets generally quarterly on or about each December 31, March 31, June 30 and September 30.

If the interval between the date of purchase of Shares and the valuation date with respect to the repurchase of such Shares is less than one year, then such repurchase will be subject to a 2% early repurchase fee ("***Early Repurchase Fee***") payable to the Fund. Shares tended for repurchase will be treated as having been repurchased on a "first-in, first-out" basis. The Early Repurchase Fee may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. The Early Repurchase Fee will not apply to Shares acquired through dividend reinvestment, and the Fund may waive the Early Repurchase Fee in its sole discretion under certain circumstances: (i) with respect to repurchase requests submitted by discretionary model portfolio management programs (and similar arrangements); (ii) with respect to repurchase requests from feeder funds (or similar vehicles) primarily created to hold Shares, which are offered to non-U.S. persons, where such funds seek to avoid imposing such a deduction because of administrative or systems limitations; (iii) pursuant to an asset allocation program, wrap fee program or other investment program offered by a financial institution where investment decisions are made on a discretionary basis by investment professionals; and (iv) pursuant to an automatic non-discretionary rebalancing program. To the extent the Fund determines to waive, impose scheduled variations of, or eliminate an early repurchase fee it will do so consistently with the requirements of Rule 22d-1 under the Investment Company Act, and the Fund's waiver of, scheduled variation in, or elimination of, the Early Repurchase Fee will apply uniformly to all Shareholders regardless of Class.

The Fund has adopted an "opt-out" dividend reinvestment plan pursuant to which all Shareholders will have the full amount of their cash distributions reinvested in additional Shares unless a Shareholder elects otherwise.

#### Note 11 – Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as any such exposure would result from future claims that may be, but have not yet been, made against the Fund based on events which have not yet occurred. However, based on the Adviser's experience, the Fund believes the risk of loss from these arrangements to be remote.

#### Note 12 – New Accounting Pronouncement
In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting ("Topic 280")–Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's management committee (consisting of the Fund's President and Principal Executive Officer as well as the Fund's Trustee and Assistant Secretary) acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus,

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Consolidated Notes to Financial Statements<br> March 31, 2025 (Continued) |
|  **Note 12 – New Accounting Pronouncement (continued)** |

---

based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Consolidated Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

#### Note 13 – Subsequent Events
The Fund has adopted financial reporting rules regarding subsequent events which require an entity to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the balance sheet. Management has evaluated the Fund's related events and transactions that occurred through the date of issuance of the Fund's consolidated financial statements.

There were no other events or transactions that occurred during this period that materially impacted the amounts or disclosures in the Fund's consolidated financial statements.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Information<br> March 31, 2025 (Unaudited) |

---

The identity of the Trustees and officers of the Fund and brief biographical information regarding each such person during the past five years is set forth below. The Fund's Statement of Additional Information includes additional information about the membership of the Board and is available, without charge, upon request, by calling the Fund toll-free at (888) 882-8212.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** | **INDEPENDENT TRUSTEES** |
|  **NAME, ADDRESS\* <br>AND YEAR <br>OF BIRTH** | **POSITION(S) <br>WITH THE <br>FUND** | **LENGTH <br>OF TIME <br>SERVICED\*\*** | **PRINCIPAL <br>OCCUPATION(S) <br>DURING PAST <br>5 YEARS**  | **PORTFOLIOS <br>IN FUND <br>COMPLEX <br>OVERSEEN <br>BY <br>TRUSTEE\*\*\*** | **OTHER <br>DIRECTORSHIPS\*\*\*\* <br>HELD BY <br>TRUSTEE** |
|  Gail Susan Ball Birth Year: 1957 | Trustee | Since Inception | Owner and Principal, Gail S Ball, LLC (2022 – Present) Executive in Residence and Special Program Director of WE Hatch (2020 – 2022); Managing Partner at Alumni Ventures Group, Chestnut Street Ventures, Social Venture Fund and AVG Women's Fund (2017 – 2019) | 5 | CGHK, LLC (since 2019); Silver Lining Finance (since 2019) |
|  Timothy S. Galbraith Birth Year: 1964 | Trustee | Since Inception | Chief Investment Officer and Founder of Innovation Beta (since 2017) | 5 | N/A |
|  Jeffrey P. Ladouceur <br>Birth Year: 1970 | Trustee <br>(Chairman) | Since Inception | Director of SEI Investments (since 2010) | 5 | N/A |

---

---

| | |
|:---|:---|
|  \* | Unless otherwise noted, the address for each Trustee and Officer is c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212. |
| \*\* | Each Trustee serves an indefinite term, until his or her successor is elected. |
| \*\*\* | "Fund Complex" comprises registered investment companies for which the Adviser, or an affiliate of the Adviser, serves as investment adviser. |
| \*\*\*\* | Includes any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act. |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Information<br> March 31, 2025 (Unaudited) (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** |
|  **NAME, ADDRESS\* <br>AND YEAR <br>OF BIRTH** | **POSITION(S) <br>WITH THE <br>FUND** | **LENGTH <br>OF TIME<br>SERVICED\*\*** | **PRINCIPAL <br>OCCUPATION(S) <br>DURING PAST <br>5 YEARS**  | **PORTFOLIOS <br>IN FUND <br>COMPLEX <br>OVERSEEN <br>BY <br>TRUSTEE\*\*\*** | **OTHER <br>DIRECTORSHIPS\*\*\*\* <br>HELD BY <br>TRUSTEE** |
|  Andrew Schardt\*\*\*\*\* Birth Year: 1978 | Trustee, President and Principal Executive Officer | Since Inception | Vice Chairman, Head of Investment Strategy and Head of Direct Equity at Hamilton Lane, L.L.C. (since 2023); Managing Director and Global Head of Direct Credit at Hamilton Lane Advisors, L.L.C. (2008 – 2023) | 5 | N/A |
|  Brian Charles Gildea\*\*\*\*\* <br>Birth Year: 1974 | Trustee and Assistant Secretary | Since Inception | Managing Director, Head of Evergreen Portfolios at Hamilton Lane Advisors, L.L.C. (since 2009) | 5 | N/A |
|  Brian Channon <br>Birth Year: 1982 | Treasurer and Principal Financial Officer | Since Inception | Co-Head of Fund Accounting at Hamilton Lane Advisors, L.L.C. (since 2022); Vice President, Fund Controller at Hamilton Lane Advisors, L.L.C. (2018 – 2022) | N/A | N/A |
|  Adam B. Shane <br>Birth Year: 1983 | Secretary | Since Inception | Attorney at Hamilton Lane Advisors, L.L.C. (since 2014) | N/A | N/A |
|  Allison Callahan <br>Birth Year: 1981 | Assistant Secretary | Since Inception | Evergreen Fund Operations Vice President at Hamilton Lane, L.L.C. (since 2020); Sales Associate at Coventry (life insurance firm) (January 2020 – <br>November 2020); Manager at Hartford Funds (registered investment company) (2014 – 2019) | N/A | N/A |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Information<br> March 31, 2025 (Unaudited) (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** | **INTERESTED TRUSTEES AND OFFICERS** |
|  **NAME, ADDRESS\* <br>AND YEAR <br>OF BIRTH** | **POSITION(S) <br>WITH THE <br>FUND** | **LENGTH <br>OF TIME<br>SERVICED\*\*** | **PRINCIPAL <br>OCCUPATION(S) <br>DURING PAST <br>5 YEARS**  | **PORTFOLIOS <br>IN FUND <br>COMPLEX <br>OVERSEEN <br>BY <br>TRUSTEE\*\*\*** | **OTHER <br>DIRECTORSHIPS\*\*\*\* <br>HELD BY <br>TRUSTEE** |
|  Kristin Jumper <br>Birth Year: 1984 | Assistant Secretary | Since Inception | Head of Investment Legal at Hamilton Lane, L.L.C. (since 2024); Head of Legal – Transactions at Hamilton Lane Advisors, L.L.C. (2021 – 2024); Senior Transactions Counsel at Hamilton Lane Advisors, L.L.C. (2017 – 2021) | N/A | N/A |
|  Keith Kleinman <br>Birth Year: 1981 | Assistant Secretary | Since Inception | Senior Counsel at Hamilton Lane Advisors, L.L.C (since 2021); Corporate Counsel at Hamilton Lane Advisors, L.L.C (2019 – 2021) | N/A | N/A |
|  Gina Ro <br>Birth Year: 1982 | Assistant Secretary | Since Inception | Head of Evergreen Operations at Hamilton Lane Advisors, L.L.C. (since 2021); Fund Controller at Hamilton Lane Advisors, L.L.C. (since 2016) | N/A | N/A |
|  Kaylin Liu <br>Birth Year: 1989 | Assistant Treasurer | Since September 2024 | Principal, Fund Accounting at Hamilton Lane Advisors, L.L.C. (since 2015) | N/A | N/A |
|  Gerard Scarpati <br>Birth Year: 1955 | Chief Compliance Officer | Since Inception | Compliance Director at Vigilant Compliance, LLC (since 2010) | N/A | N/A |

---

---

| | |
|:---|:---|
|  \* | Unless otherwise noted, the address for each Trustee and Officer is c/o UMB Fund Services, Inc. 235 W. Galena St. Milwaukee, WI 53212. |
|  \*\* | Each Trustee serves an indefinite term, until his or her successor is elected. |
|  \*\*\* | "Fund Complex" comprises registered investment companies for which the Adviser, or an affiliate of the Adviser, serves as investment adviser. |
|  \*\*\*\* | Includes any company with a class of securities registered pursuant to Section 12 of the Exchange Act or subject to the requirements of Section 15(d) of the Exchange Act or any company registered under the Investment Company Act. |
|  \*\*\*\*\* | Messrs. Schardt and Gildea are deemed to be interested persons of the Fund because of their affiliations with the Fund's Adviser. |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Fund Information<br> March 31, 2025 (Unaudited) (Continued) |

---

**Proxy Voting Policies and Procedures**

A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 882-8212 or on the SEC's website at sec.gov.

**Proxy Voting Record**

Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund (888) 882-8212 or by accessing the Fund's Form N-PX on the Fund's website at www.hamiltonlane.com/en-us/strategies/evergreen-strategies/private-infrastructure-fund or the SEC's website at sec.gov.

**Availability of Quarterly Portfolio Schedules**

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Fund's Form N-PORT is available on the SEC website at sec.gov. or without charge and upon request by calling the Fund at (888) 882-8212.

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Privacy Policy<br> March 31, 2025 |

---

**PRIVACY NOTICE**

---

| | |
|:---|:---|
|  **FACTS** | **WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?** |
|  **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
|  **What?** | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> &nbsp;&nbsp;&nbsp;&nbsp;• Social Security number<br> &nbsp;&nbsp;&nbsp;&nbsp;• Account balances<br> &nbsp;&nbsp;&nbsp;&nbsp;• Account transactions<br> &nbsp;&nbsp;&nbsp;&nbsp;• Transaction history<br> &nbsp;&nbsp;&nbsp;&nbsp;• Wire transfer instructions<br> &nbsp;&nbsp;&nbsp;&nbsp;• Checking account information<br> When you are *no longer* our customer, we continue to share your information as described in this notice. |
|  **How?** | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons funds choose to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
|  **Reasons we can share your personal information** | **Does the <br>Fund share?** | **Can you limit<br>this sharing?** |
|  **For our everyday business purposes** – <br>such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
|  **For our marketing purposes** – <br>to offer our products and services to you | No | We don't share |
|  **For joint marketing with other financial companies** | No | We don't share |
|  **For our affiliates' everyday business purposes** – <br>information about your transactions and experiences | Yes | No |
|  **For our affiliates' everyday business purposes** – <br>information about your creditworthiness | No | We don't share |
|  **For our affiliates to market to you** | No | We don't share |
|  **For nonaffiliates to market to you** | No | We don't share |

---

---

| | |
|:---|:---|
|  **Questions?** | Call 1-877-779-1999 |

---

---

| |
|:---|
|  **Hamilton Lane Private Infrastructure Fund** |
|  Privacy Policy<br> March 31, 2025 (Continued) |

---

---

| | |
|:---|:---|
|  **What we do** | **What we do** |
|  **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
|  **How does the Fund collect my personal information?** | We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;• Open an account<br> &nbsp;&nbsp;&nbsp;&nbsp;• Provide account information<br> &nbsp;&nbsp;&nbsp;&nbsp;• Give us your contact information<br> &nbsp;&nbsp;&nbsp;&nbsp;• Make a wire transfer<br> &nbsp;&nbsp;&nbsp;&nbsp;• Tell us where to send the money<br> We also collect your information from others, such as credit bureaus, affiliates, or other companies. |
|  **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sharing for affiliates' everyday business purposes – information about your creditworthiness<br> &nbsp;&nbsp;&nbsp;&nbsp;• Affiliates from using your information to market to you<br> &nbsp;&nbsp;&nbsp;&nbsp;• Sharing for nonaffiliates to market to you<br> State laws and individual companies may give you additional rights to limit sharing. |
|  **Definitions** | **Definitions** |
|  **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies. <br> *Our affiliates include companies such as Hamilton Lane Advisors, L.L.C.* |
|  **Nonaffiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> *The Fund doesn't share with nonaffiliates so they can market to you.* |
|  **Joint marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br> *The Fund doesn't jointly market.* |

---

**Investment Adviser** Hamilton Lane Advisors, L.L.C.

110 Washington St., Ste. 1300

Conshohocken, PA 19428

<u>www.hamiltonlane.com</u>

**Custodian**

UMB Bank, n.a.

928 Grand Boulevard, 5<sup>th</sup> Floor

Kansas City, Missouri 64106

**Fund Administrator, Transfer Agent, and Fund Accountant**

UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212-3949

Phone: (414) 299-2200

**Distributor** Distribution Services, LLC

3 Canal Plaza, Suite 100

Portland, Maine 04101

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd.

1350 Euclid Ave.,

Suite 800

Cleveland, OH 44115

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

#### ITEM 2. &nbsp;&nbsp;&nbsp;&nbsp; CODE OF ETHICS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane Private Infrastructure Fund (the "Fund" or the "Registrant"), as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant has included with this filing a copy of the Code of Ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as Exhibit 19(a)(1).

#### ITEM 3. &nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees of the Registrant has determined that the Registrant does not have an audit committee financial expert serving on its audit committee. The audit committee is composed of the Registrant's three independent Trustees, each of whom possesses extensive industry experience, but none of whom has all of the technical attributes identified in Instruction 2(b) to Item 3 of Form N-CSR to qualify as an "audit committee financial expert." The Board of Trustees believes that the audit committee has sufficient knowledge and experience to meet its obligations as the audit committee of the Registrant. In addition, the Board of Trustees notes that the audit committee has the authority to retain any experts necessary to carry out its duties.

#### ITEM 4. &nbsp;&nbsp;&nbsp;&nbsp; PRINCIPAL ACCOUNTANT FEES AND SERVICES.
<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate fees billed for the period ended March 31, 2024 (the Registrant's first period of operations) and the year ended March 31, 2025 for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for each year or period are $25,000 and $75,000.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees billed for the period ended March 31, 2024 (the Registrant's first period of operations) and the year ended March 31, 2025 for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item are $0 and $1,875.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; The aggregate fees billed for the period ended March 31, 2024 (the Registrant's first period of operations) and the year ended March 31, 2025 for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $0 and $8,000.

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate fees billed for the period ended March 31, 2024 (The Registrant's first period of operations) and the year ended March 31, 2025 for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 and $0.

------

(e)(1)Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Registrant's Audit Committee must pre-approve the audit and non-audit services of the Auditors prior to the Auditor's engagement.

(e)(2)The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for period ended March 31, 2025 of the Registrant $0.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

#### ITEM 5. &nbsp;&nbsp;&nbsp;&nbsp; AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

#### ITEM 6. &nbsp;&nbsp;&nbsp;&nbsp; SCHEDULE OF INVESTMENTS.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable.

#### ITEM 7. &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 8. &nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 9. &nbsp;&nbsp;&nbsp;&nbsp; PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

------

#### ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
The information is included in Item 1(a) of this Form N-CSR.

#### ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### APPENDIX A

#### Hamilton Lane Advisors, L.L.C. PROXY POLICY AND PROCEDURE
<u>**<u>INTRODUCTION</u>**</u>

Hamilton Lane Advisors, LLC ("**Hamilton Lane**" or the "**Adviser**") acts as either the advisor to a number of registered investment companies (the "**Funds**"). In accord with Rule 206(4)-6 of the Investment Advisers Act of 1940, as amended, Hamilton Lane has adopted the following policies and procedures to provide information on Hamilton Lane's proxy policy generally as well as on procedures for each of the Funds specifically (the "**Proxy Policy and Procedure**"). These policies and procedures apply only to Hamilton Lane.

<u>**<u>GENERAL GUIDELINES</u>**</u>

Hamilton Lane's Proxy Policy and Procedure is designed to ensure that proxies are voted in a manner (i) reasonably believed to be in the best interests of the Funds and their shareholders<sup>1</sup> and (ii) not affected by any material conflict of interest. Hamilton Lane considers shareholders best economic interests over the long term (i.e. addresses the common interest of all shareholders over time). Although shareholders may have differing political or social interests or values, their economic interest is generally uniform.

Hamilton Lane has adopted voting guidelines to assist in making voting decisions on common issues. The guidelines are designed to address those securities in which the Funds generally invest and may be revised in Hamilton Lane's discretion. Any non-routine matters not addressed by the proxy voting guidelines are addressed on a case-by-case basis, taking into account all relevant facts and circumstances at the time of the vote, particularly where such matters have a potential for major economic impact on the issuer's structure or operations. In making voting determinations, Hamilton Lane typically will rely on the individual portfolio managers who invest in and track particular companies as they are the most knowledgeable about, and best suited to make decisions regarding, particular proxy matters. In addition, Hamilton Lane may conduct research internally and/or use the resources of an independent research consultant. Hamilton Lane may also consider other materials such as studies of corporate governance and/or analyses of shareholder and management proposals by a certain sector of companies and may engage in dialogue with an issuer's management.

Hamilton Lane acknowledges its responsibility to identify material conflicts of interest related to voting proxies. Hamilton Lane's employees are required to disclose to the Chief Compliance Officer any personal conflicts, such as officer or trustee positions held by them, their spouses or close relatives, in any publicly traded company. Conflicts based on business relationships with Hamilton Lane, any affiliate or any person associated with Hamilton Lane will be considered only to the extent that Hamilton Lane has actual knowledge of such relationships. Hamilton Lane then takes appropriate steps to address identified conflicts. Typically, in those instances when a proxy vote may present a conflict between the interests of the Fund, on the one hand, and Hamilton Lane's interests or the interests of a person affiliated with Hamilton Lane on the other, Hamilton Lane will abstain from making a voting decision and will document the decision and reasoning for doing so.

In some cases, the cost of voting a proxy may outweigh the expected benefits. For example, casting a vote on a foreign security may involve additional costs such as hiring a translator or traveling to the foreign country to vote the security in person. Hamilton Lane may abstain from voting a proxy if the effect on shareholders' economic interests or the value of the portfolio holding is indeterminable or insignificant.

In certain cases, securities on loan as part of a securities lending program may not be voted. Nothing in the proxy voting policies shall obligate Hamilton Lane to exercise voting rights with respect to a portfolio security if it is prohibited by the terms of the security or by applicable law or otherwise.

Hamilton Lane will not discuss with members of the public how they intend to vote on any particular proxy proposal.

____________

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actions taken in accord with the best interests of the Funds and their shareholders are those which align most closely with the Funds' stated investment objectives and strategies.

------

<u>**<u>ISS PROXYEDGE</u>**</u>

Hamilton Lane has entered into a contractual relationship with Institutional Shareholder Services Inc. ("**ISS**") through which ISS provides certain proxy management services to Hamilton Lane's portfolio management teams. Specifically, ISS (i) provides access to the ISS ProxyExchange web-based voting and research platform to access vote recommendations, research reports, execute vote instructions and run reports relevant to Subscriber's proxy voting environment; (ii) implements and maps Hamilton Lane's designated proxy voting policies to applicable accounts and generates vote recommendations based on the application of such policies; and (iii) monitors Hamilton Lane's incoming ballots, performs ballot-to-account reconciliations with Hamilton and its third party providers to help ensure that ISS is receiving all ballots for which Hamilton Lane has voting rights.

ISS provides two options for how proxy ballots are executed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Implied Consent: ISS executes ballots on Hamilton Lane's behalf based on policy guidelines chosen at the time Hamilton Lane entered into the relationship with ISS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Mandatory Signoff: ISS is not permitted to mark or process any ballot on Hamilton Lane's behalf without first receiving Hamilton Lane's specific voting instructions via ProxyExchange.

Hamilton Lane has opted for Option 1. Implied Consent and in so doing has chosen to allow ISS to vote proxies on its behalf "with management's recommendations." Hamilton Lane has the option however to change its vote from the "with management's recommendations" default at any point prior to the voting deadline if the portfolio managers following the subject company determine it is in the best interests of the Funds and their shareholders to do so. In those instances when the subject company's management has not provided a voting recommendation, Hamilton Lane will either vote based on its own determination of what would align most closely with the best interests of the Funds and their shareholders or will opt to allow ISS to submit an "abstain" vote on its behalf. In addition, in those limited instances when share blocking<sup>2</sup> may apply, Hamilton Lane has instructed ISS not to cast a vote on Hamilton Lane's behalf unless Hamilton Lane provides specific instructions via ProxyExchange.

<u>**<u>FUND-SPECIFIC POLICIES AND PROCEDURES</u>**</u>

#### Hamilton Lane Private Infrastructure Fund ("HLPIF")
HLPIF invests primarily in general or limited partnerships, funds, corporations, trusts or other investment vehicles (collectively, "Investment Funds"). While it is unlikely that HLPIF will receive notices or proxies from Investment Funds (or in connection with any other portfolio securities), to the extent that HLPIF does receive such notices or proxies and HLPIF has voting interests in such Investment Funds, the responsibility for decisions regarding proxy voting for securities held by HLPIF lies with Hamilton Lane as HLPIF's advisor. Hamilton Lane will vote such proxies in accordance with the proxy policies and procedures noted above.

HLPIF will be required to file Form N-PX with its complete proxy voting record for the twelve months ended June 30<sup>th</sup>, no later than August 31<sup>st</sup> of each year. The Fund's Form N PX filing will be available: (i) without charge, upon request, by calling 1.877.779.1999 or (ii) by visiting the SEC's website at *www.sec.gov*.

#### All Other Funds
With the exception of the Hamilton Merger Arbitrage Fund, the Funds for which Hamilton Lane is presently either an advisor are managed by multiple internal and external portfolio management teams. As is noted above, the policies and procedures outlined within this Proxy Policy and Procedure apply to those securities being held in that portion of the Funds' portfolios managed by a Hamilton Lane portfolio manager only.

Each Fund will be required to file Form N-PX annually, with its complete proxy voting record for the twelve months immediately prior to the Fund's year-end, no later than sixty (60) days following the Fund's year-end. The Fund's Form N-PX filing will be available: (i) without charge, upon request, from the Fund's administrator or (ii) by visiting the SEC's website at *www.sec.gov.*

____________

2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy voting in certain countries requires share blocking. Shareholders wishing to vote their proxies must deposit their shares shortly before the meeting date with a designated depositary. During this blocking period, any shares held by the designated depositary cannot be sold until the meeting has taken place and the shares have been returned to Vivaldi's custodian banks. Vivaldi generally opts not to participate in share blocking proxies given these restrictions on their ability to trade.

------

#### ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
(a)(1)Identification of Portfolio Manager(s) or Management Team Members and Description of Role of Portfolio Manager(s) or Management Team Members

As of the date of this report, the biographies of certain of Hamilton Lane Advisors, L.L.C.'s (the "Adviser" or "Hamilton Lane") investment professionals having day-to-day portfolio management responsibility to the Fund (the "Portfolio Managers") are below:

#### Brian Charles Gildea \| Head of Evergreen Portfolios
Mr. Gildea is a Managing Director and Head of Evergreen Portfolios. He is a member of the Investment Committee, Responsible Investment Committee and Evergreen Portfolio Committee. Mr. Gildea has more than 25 years of private markets investment experience, spanning private markets asset classes and strategies. Mr. Gildea joined Hamilton Lane in 2009, and previously served as Head of Investments, responsible for oversight and management of all global investment activities, and, prior to that, as Global Head of Co-Investments.

Prior to joining Hamilton Lane, he was a General Partner at Bear Stearns Merchant Banking, and prior to that, at Freeman Spogli & Co. Mr. Gildea began his career as a Financial Analyst in the Mergers & Acquisitions Group at Salomon Brothers Inc.

He received a B.S. in Business Administration from Georgetown University. Brian serves as Vice Chairman of the Board of Philadelphia Financial Scholars.

#### Richard Hope \| Co-Head of Investments
Mr. Hope is the Co-Head of Investments and Head of Europe, the Middle East and Africa (EMEA). In his role as Co-Head of Investments, he has broad leadership and management responsibilities across the global investment platform. He also heads the London office and sits on the Portfolio Management Group Committee and Evergreen Portfolio Committee. Mr. Hope serves as a member of the Investment Committee and represents Hamilton Lane on several fund advisory boards. Prior to joining Hamilton Lane in 2011, Mr. Hope worked as a Director with Alliance Trust Equity Partners, where he helped establish a private equity fund investment business together with making a number of direct investments.

Previously, Mr. Hope worked in the U.K. at Noble Group, where he was responsible for making and managing venture and growth capital investments.

Mr. Hope received his B.Com. from University of Edinburgh.

#### Andrew Schardt \| Vice Chairman, Head of Investments Strategy, Co-Head of Direct Equity
Mr. Schardt is a Vice Chairman, Head of Investment Strategy and Co-Head of Direct Equity Investments at Hamilton Lane. As Vice Chairman and Head of Investment Strategy, he is responsible for implementing executive-level initiatives while maintaining broader leadership responsibilities across the firm's global investment platform. In his role as Co-Head of Direct Equity Investments, Mr. Schardt oversees the entirety of the direct equity platform, including strategy implementation, broader team management and all associated investment activities. Mr. Schardt has held a number of senior investment roles during his time at the firm, most recently as Co-Head of Investments and Co-Head of Direct Credit. He is a member of the Investment Committee as well as the Executive Committee.

Prior to joining Hamilton Lane in 2008, Mr. Schardt focused on principal investing and advisory activities while at TCG Advisors, an Aerospace & Defense-focused merchant bank. Previously, he held positions with Holberg, Inc., a diversified private holding company, and he began his career in investment banking at Banc of America Securities.

Mr. Schardt received an M.B.A from the Fuqua School of Business at Duke University and a B.S. in Economics from Cornell University.

#### Thomas Kerr \| Co-Head of Investments, Global Head of Secondary Investments
Mr. Kerr is a Managing Director, Co-Head of Investments, and Co-Head of Secondaries. In this capacity, Mr. Kerr is active in secondary deal sourcing and execution. In addition, Mr. Kerr is a member of the Portfolio Strategic Group, which is responsible for directing the firm's strategic investment approach.

Mr. Kerr began his career at Hamilton Lane in 1999 and most recently was a member of the Fund Investment & Managed Solutions Team, where he was responsible for due diligence of primary fund investment opportunities. Prior joining Hamilton Lane, Mr. Kerr spent two years at BISYS Plan Services, where he was responsible for the investment activities of institutional defined benefit plans.

Mr. Kerr received an M.B.A. from Saint Joseph's University and a B.S. in Finance from Rider University.

------

#### Jacqueline Rantanen \| Head of Investor Solutions,
Ms. Rantanen is Head of Investor Solutions within our Evergreen Portfolio Management team, where she is responsible for leading the investor solutions function with a focus on the continued expansion of our growing retail platform. Ms. Rantanen also serves as a member of the Investment, Responsible Investment and Executive Committees.

Ms. Rantanen began her career with Hamilton Lane on the Fund Investment & Managed Solutions team. She has held roles in Relationship Management, Public Relations, Marketing teams, and previously led the global Product team. Prior to joining Hamilton Lane in 1997, Ms. Rantanen was a Corporate Finance Analyst for Comcast Corporation. Previously, she was a member of the Chemical Division's Financial Analysis Department for Sunoco, Inc.

Ms. Rantanen received an M.B.A. from Villanova University and a B.S. from Drexel University.

#### Mario Giannini \| Executive Co-Chairman
Mr. Giannini is Executive Co-Chairman and a member of the Hamilton Lane Board of Directors. He also serves on various Investment Committees.

Mr. Giannini served as Hamilton Lane's Chief Executive Officer for 22 years, responsible for the firm's strategic direction, management structure and process. He also played a significant role in providing client services to the firm's numerous clients and in marketing the firm's products and services.

Mr. Giannini received a J.D. from Boston College, a Master of Laws degree from the University of Virginia, and a B.A. from California State University.

#### Stephen Brennan \| Head of Private Wealth Solutions
Mr. Brennan is a Managing Director and Head of Private Wealth Solutions, leading the firm's efforts to provide both evergreen and traditional private markets solutions to the growing Private Wealth channel. In this capacity he sets the strategic direction and oversees all aspects of the Private Wealth Solutions business.

Previously, Mr. Brennan held numerous leadership roles in Hamilton Lane's institutional business including Global Head of Business Development. Mr. Brennan serves as a member of the firm's Investment Committee and Evergreen Portfolio Committee. Prior to joining Hamilton Lane in 2002, Mr. Brennan held relationship management and investment support roles at Goldman Sachs (GSAM) and BNY Mellon.

Mr. Brennan received an M.B.A. from Fordham University and a B.B.A. from Loyola University Maryland.

#### Bryan Jenkins \| Co-Head of Portfolio Management Group
Mr. Jenkins is a Managing Director and Co-Head of the Portfolio Management Group, where he oversees portfolio strategy, quantitative research, risk assessment, and the development of Hamilton Lane's proprietary data and analytics. Mr. Jenkins chairs the Portfolio Management Committee and is a member of the firm's Evergreen Portfolio Committee. He is also a member of the BVCA's Research Advisory Group.

Mr. Jenkins began his career at Hamilton Lane in 2012 and has previously held roles on the firm's Research and Private Markets Analytics teams.

Mr. Jenkins received a B.S. in Computer Engineering from Drexel University.

------

#### Juan Delgado-Moreira \| Co-Chief Executive Officer
Mr. Delgado-Moreira is Co-Chief Executive Officer based in the Hong Kong office. In this role, he oversees the firm's global sales efforts and client service organization. He also serves on the firm's Investment Committees as well as the Board of Directors.

Previously, Mr. Delgado-Moreira was a Vice Chairman responsible for Asian investment activities and client relationships. Prior to joining Hamilton Lane in 2005, Mr. Delgado-Moreira was an Investment Manager at Baring Private Equity Partners Ltd. in London, where he focused on mid-market private equity in Europe. Previously, Mr. Delgado-Moreira held senior research positions at U.K. institutions such as the University of Essex and was a lecturer and Fulbright Scholar at Stanford University. Mr. Delgado-Moreira began his career as an analyst in Madrid at the SEPI (formerly known as lnstituto Nacional de Industria).

Mr. Delgado-Moreira received a Ph.D. in Research Methods and Statistics and a B.A. in Political Science and Sociology from the Universidad Complutense de Madrid, Spain. He is a Chartered Financial Analyst and a member of the CFA Institute.

#### Erik Hirsch \| Co-Chief Executive Officer
Mr. Hirsch is Co-Chief Executive Officer. In this role, he is responsible for the firm's strategic direction and operations. Mr. Hirsch serves on the firm's Investment Committees as well as the Board of Directors.

On behalf of Hamilton Lane, Mr. Hirsch is a board member of Novata, a public benefit corporation designed to collect, analyze, benchmark and report relevant ESG data on behalf of private companies. Hamilton Lane is a founding partner of Novata.

Additionally, Mr. Hirsch serves as a strategic advisor to Tifin, a platform that conceives, creates and operates fintech companies in the areas of wealth management, investments and personal finance. Hamilton Lane is a strategic investor in Tifin.

Mr. Hirsch is a frequently quoted expert on the private equity industry, both in the print and broadcast media, and is a regular lecturer at the Wharton Business School of the University of Pennsylvania.

Previously, Mr. Hirsch was the Vice Chairman of Hamilton Lane. In this role, he led all strategic and technology initiatives. Prior to joining Hamilton Lane in 1999, Mr. Hirsch was a corporate investment banker in the Mergers & Acquisitions department of Brown Brothers Harriman & Co. He began his career as a municipal financial consultant with Public Financial Management (PFM). At PFM, Mr. Hirsch specialized in asset securitization, sport stadium financings and strategic consulting.

Mr. Hirsch is a trustee of the University of Virginia's College Foundation, a board member of University of Virginia's Center for Politics and serves on the board of the Philadelphia 76ers Youth Foundation.

#### Brent Burnett \| Managing Director and Head of Infrastructure and Real Assets
Mr. Burnett is a Managing Director and Head of Infrastructure and Real Assets, based in the Portland office, where he is an Investment Committee member and leads investment activities across real estate, infrastructure and natural resources.

Prior to joining Hamilton Lane, Mr. Burnett was a Managing Director and Principal of Real Asset Portfolio Management LLC. Mr. Burnett joined Real Asset Portfolio Management LLC in 2012 to focus on energy, infrastructure and minerals and mining, with a secondary focus on real estate investments. Mr. Burnett co-led the sale of Real Asset Portfolio Management to Hamilton Lane in 2017 and continues to focus on the non-real estate sectors of real assets across primary funds, secondaries and direct equity opportunities for Hamilton Lane's clients and managed accounts. Prior to joining RAPM, Mr. Burnett worked at R.V. Kuhns & Associates. Prior to joining RVK, Brent worked in the Development and Investment group of Trammell Crow Company and as an Associate on FLAG Capital Management's Real Assets investment funds. Mr. Burnett began his career as a management consultant for the Monitor Group.

Mr. Burnett received a B.S. in Accounting and a B.A. in Economics from Brigham Young University.

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(a)(2)Other Accounts Managed by Portfolio Manager(s) or Management Team Member and Potential Conflicts of Interest

#### Other Accounts Managed by the Portfolio Manager(s) (As of March 31, 2025)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of Other Accounts Managed and Total <br>Value of Assets by Account Type for Which There <br>is No Performance-Based Fee:** | **Number of Other Accounts Managed and Total <br>Value of Assets by Account Type for Which There <br>is No Performance-Based Fee:** | **Number of Other Accounts Managed and Total <br>Value of Assets by Account Type for Which There <br>is No Performance-Based Fee:** | **Number of Other Accounts and Total Value of Assets <br>for Which Advisory Fee is Performance-Based:** | **Number of Other Accounts and Total Value of Assets <br>for Which Advisory Fee is Performance-Based:** | **Number of Other Accounts and Total Value of Assets <br>for Which Advisory Fee is Performance-Based:** |
|  **Name** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **Other <br>accounts** | **Registered <br>investment <br>companies** | **Other pooled <br>investment <br>vehicles** | **Other <br>accounts** |
|  Mario Giannini | 2 accounts, $453,451,177 | 26 accounts, $5,936,714,905 | 29 accounts, $10,462,400,000 | 2 accounts, $3,182,700,000 | 38 accounts, $18,827,841,689 | 6 accounts, $1,280,000,000 |
|  Juan Delgado-Moreira | 2 accounts, $453,451,177 | 27 accounts, $5,968,883,996 | 33 accounts, $11,407,400,000 | 2 accounts, $3,182,700,000 | 55 accounts, $19,862,601,673 | 6 accounts, $1,280,000,000 |
|  Brian Charles Gildea | 2 accounts, $453,451,177 | 8 accounts, $1,545,052,523 | 2 accounts, $950,000,000 | 2 accounts, $3,182,700,000 | 30 accounts, $15,639,660,694 | 3 accounts, $800,000,000 |
|  Thomas Kerr | 2 accounts, $453,451,177 | 10 accounts, $2,287,718,180 | 10 accounts, $2,307,000,000 | 2 accounts, $3,182,700,000 | 45 accounts, $18,919,321,717 | 3 accounts, $800,000,000 |
|  Richard Hope | 2 accounts, $453,451,177 | 11 accounts, $2,814,731,715 | 10 accounts, $2,307,000,000 | 2 accounts, $3,182,700,000 | 48 accounts, $22,286,117,549 | 3 accounts, $800,000,000 |
|  Andrew Schardt | 2 accounts, $453,451,177 | 11 accounts, $2,762,536,766 | 9 accounts, $1,607,000,000 | 2 accounts, $3,182,700,000 | 47 accounts, $15,303,283,452 | 2 accounts, $550,000,000 |
|  Bryan Jenkins | 2 accounts, $453,451,177 | 2 accounts, $788,980,805 | Zero accounts | 2 accounts, $3,182,700,000 | 4 accounts, $5,073,100,000 | Zero accounts |
|  Jacqueline Rantanen | 2 accounts, $453,451,177 | 23 accounts, $5,741,609,854 | 29 accounts, $10,462,400,000 | 2 accounts, $3,182,700,000 | 26 accounts, $11,088,710,626 | 6 accounts, $1,230,000,000 |
|  Stephen Brennan | 2 accounts, $453,451,177 | 23 accounts, $5,741,609,854 | 29 accounts, $10,462,400,000 | 2 accounts, $3,182,700,000 | 26 accounts, $11,088,710,626 | 6 accounts, $1,230,000,000 |
|  Erik Hirsch | 2 accounts, $453,451,177 | 28 accounts, $6,068,883,996 | 31 accounts, $10,897,400,000 | 2 accounts, $3,182,700,000 | 43 accounts, $22,842,199,550 | 6 accounts, $1,280,000,000 |
|  Brent Burnett | 2 accounts, $453,451,177 | 23 accounts, $5,741,609,854 | 33 accounts, $11,407,400,000 | 2 accounts, $3,182,700,000 | 41 accounts, $14,238,175,183 | 6 accounts, $1,230,000,000 |

---

(1) Investing amounts are determined based upon accounts of currently investing capital overseen by the investment committees that the above referenced portfolio managers are a member of. Other Pooled Investments include Commingled Funds and Fund of One accounts. Other Accounts include separately managed accounts.

The figures noted above represent the current commitment amounts of discretionary accounts overseen by the various Hamilton Lane Investment Committees of which the above noted individuals are members. This does not include the value of accounts that are no longer making investments/not in their investment period.

Conflicts of Interest

The Portfolio Managers may manage separate accounts or other pooled investment vehicles that may have materially higher or different fee arrangements than the Fund and may also be subject to performance-based fees. The side-by-side management of these separate accounts and pooled investment vehicles may raise potential conflicts of interest relating to cross-trading and the allocation of investment opportunities. The Adviser has a fiduciary responsibility to manage all client accounts in a fair and equitable manner. The Adviser seeks to provide best execution of all securities transactions and to allocate investments to client accounts in a fair and reasonable manner. To this end, the Adviser has developed policies and procedures designed to mitigate and manage the potential conflicts of interest that may arise from side-by-side management.

(a)(3)Compensation Structure of Portfolio Manager

A competitive base salary and a performance-based bonus structure are in place for all team members. Portfolio Managers, analysts, and other associates are paid a competitive base salary and discretionary bonus based on their fiduciary investment responsibilities, performance of the individual, and performance of the firm. The discretionary bonus structure gives the Adviser the ability to remain competitive under current market conditions affecting compensation across the industry. The discretionary bonus may be payable in both cash and equity. In addition, certain employees of the Adviser also receive carried interest from certain of the Adviser's clients.

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(a)(4)Disclosure of Securities Ownership

**Investment Committee Ownership of Securities in the Fund**

---

| | |
|:---|:---|
|  **Name of Investment <br>Committee Member** | **Dollar Range of Securities <br>Beneficially Owned by <br>Investment Committee <br>Team Member <br>(As of March 31, 2025)** |
|  Mario Giannini | Over $1,000,000 |
|  Brian Gildea |  |
|  Richard Hope |  |
|  Andrew Schardt | $500001-$1000000 |
|  Thomas Kerr |  |
|  Jacqueline Rantanen |  |
|  Stephen Brennan | $500001-$1000000 |
|  Bryan Jenkins |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

#### ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.

#### ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407).

#### ITEM 16. CONTROLS AND PROCEDURES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### ITEM 17. DISCLOSURE OF THE SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

#### ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

#### ITEM 19. EXHIBITS.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(1) | [Code of ethics or any amendments thereto, that is subject to disclosure required by Item 2 is attached hereto.](ea0242078-01_ex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(2) | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(3) | [Certifications for each principal executive and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0242078-01_ex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(4) | Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)(5) | Not applicable. |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0242078-01_ex99906cert.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  (registrant) | Hamilton Lane Private Infrastructure Fund |
|  By (Signature and Title)\* | /s/ Andrew Schardt |
|  | Andrew Schardt, President  |
|  | (Principal Executive Officer) |
|  Date | June 9, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
|  By (Signature and Title)\* | /s/ Andrew Schardt |
|  | Andrew Schardt, President  |
|  | (Principal Executive Officer) |
|  Date | June 9, 2025 |
|  By (Signature and Title)\* | /s/ Brian Channon |
|  | Brian Channon, Treasurer |
|  | (Principal Financial Officer) |
|  Date | June 9, 2025 |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print the name and title of each signing officer under his or her signature.

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## Ex-99.Code

**Exhibit 99.CODE ETH**

**<u>Exhibit M</u>**

**Hamilton Lane Private Assets Fund**

**Hamilton Lane Private Infrastructure Fund**

**Hamilton Lane Private Secondary Fund**

**Hamilton Lane Venture Capital and Growth Fund**

**HL SCOPE RIC LLC**

**(Each, the "Fund")**

**FINANCIAL OFFICER CODE OF ETHICS**

<u>Purposes of the Code</u>

The reputation and integrity of the Fund are valuable assets that are vital to the Fund's success. Each officer and employee of the Fund, including each of the Fund's senior financial officers ("SFOs"), is responsible for conducting the Fund's business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function. The Fund has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Fund's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Fund transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Fund has chosen to adopt a financial officer code of ethics for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· Honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· Full, fair, accurate, timely and understandable disclosure in
reports and documents that the Fund files with, or submits to, the SEC, and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· Compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· The prompt internal reporting of violations of the Code to an
appropriate person or persons identified in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Fund's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

<u>Principles for the Handling of Financial Information</u>

The Fund has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Fund officer or employee who performs a similar function or who participates in the preparation of any part of the Fund's financial statements. Specifically, persons subject to this Code shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act with honesty and integrity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid actual or apparent conflicts of interest with the Fund
in personal and professional relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide information to the Fund's employees and service
providers (Investment Manager, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective,
relevant, timely, and understandable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Endeavor to ensure full, fair, timely, accurate, and understandable
disclosure in the Fund's periodic reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the federal securities laws and other applicable
laws and rules, such as the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act in good faith, responsibly, and with due care, competence
and diligence, without misrepresenting material facts or subordinating independent judgment to another end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Respect the confidentiality of information acquired in the course
of their work, except where disclosure is expressly permitted or is otherwise legally mandated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Record (or participate in the recording of) entries in the Fund's
books and records that are accurate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refrain
from using confidential information for personal advantage

<u>Violations of the Code</u>

Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Fund must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

<u>Enforcement of the Code</u>

*Violations*

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Fund's Chief Compliance Officer, another member of the Fund's senior management, or to the Audit Committee of the Fund's Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

*Disclosures*

All persons subject to this Code shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Fund within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Chief Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Fund's senior management or to the Audit Committee of the Board.

An executive officer of the Fund or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Chief Compliance Officer or other appropriate officers of the Fund.

*Outside Service Providers*

Because service providers to the Fund, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Fund's financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Chief Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Fund SFOs or employees.

*Non-Retaliation Policy*

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

<u>Annual Certification</u>

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify on an annual basis that he/she is in full compliance with the Code and any related policy statements.

<u>Questions about the Code</u>

The Fund's Board has designated Jerry Scarpati to be the Chief Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Chief Compliance Officer.

Effective: June 26, 2020

Revised: June 17, 2024

Revised: October 15, 2024

Revised: December 5, 2024

## Ex-99.Cert

**Exhibit 99.CERT**

RTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Andrew Schardt, certify that:

1. I have reviewed this report on Form N-CSR of Hamilton Lane Private
Infrastructure Fund;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed
to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 9, 2025 | /s/ Andrew Schardt |
|  |  | Andrew Schardt, President |
|  |  | (Principal Executive Officer) |

---

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT

I, Brian Channon, certify that:

1. I have reviewed this report on Form N-CSR of Hamilton Lane Private
Infrastructure Fund;

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 9, 2025 | /s/ Brian Channon |
|  |  | Brian Channon, Treasurer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certifications Under Section 906**

**of the Sarbanes-Oxley Act of 2002**

I, Andrew Schardt, President and Principal Executive Officer of the Hamilton Lane Private Infrastructure Fund (the "Registrant"), and

I, Brian Channon, Treasurer and Principal Financial Officer of the Registrant,

each certify to the best of their knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period
 ended March 31, 2025 (the "Form N-CSR") fully complies with the requirements
 of Sections 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all
 material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| President, Principal Executive Officer | Treasurer, Principal Financial Officer |
| Hamilton Lane Private Infrastructure Fund | Hamilton Lane Private Infrastructure Fund |
| /s/ Andrew Schardt, President | /s/ Brian Channon, Treasurer |
| Andrew Schardt | Brian Channon |
| Date: June 9, 2025 | Date: June 9, 2025 |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.