# EDGAR Filing Document

**Accession Number:** 0002020510
**File Stem:** 0001193125-26-082385
**Filing Date:** 2026-2
**Character Count:** 40654
**Document Hash:** cbaef5ebe09487834c4c50ec31db890b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082385.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082385

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23972
- **FILM NUMBER:** 26699058

**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

## Nport-Ex

---

| |
|:---|
| **Hamilton Lane Private Infrastructure Fund** |
| **Consolidated Schedule of Investments** |
| **December 31, 2025 (Unaudited)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments - 110.1%†** | **Footnotes** | **Investment Type** | **Acquisition Date** | **Cost** | **Fair Value** |
| **Direct Investments - 31.6%^** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;**Direct Credit - 0.0%** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 0.0%** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software - 0.0%** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIOF II Galway Co-Invest, L.P. | \*1,2,3 | Limited Partnership Interest | 3/20/2024 | $- | $24616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  |  | 24616 |
| &nbsp;&nbsp;&nbsp;**Total Direct Credit (Cost $0)** |  |  |  |  | 24616 |
| &nbsp;&nbsp;&nbsp;**Direct Equity - 31.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom - 0.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seraya Sentient, L.P. | \*1,2,4 | Limited Partnership Interest | 5/21/2025 | 825949 | 856645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America - 27.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alternative Energy - 4.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton Royalty Investment Holdings, L.P. | \*1,2,3 | Limited Partnership Interest | 2/27/2025 | 1089985 | 1095897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIP Concord Co-Invest Feeder, L.P. | \*1,2,4 | Limited Partnership Interest | 6/16/2025 | 5750870 | 5780883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Alternative Energy** |  |  |  |  | 6876780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy - 3.4%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL GCX Co-Invest Feeder, L.P. | \*1,2,3 | Limited Partnership Interest | 5/29/2024 | 666526 | 992939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arroyo Dunamis Direct Investment I-B, L.P. | \*1,3 | Limited Partnership Interest | 5/31/2024 | 949770 | 1856461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V (California Co-Invest), L.P. | 123 | Limited Partnership Interest | 12/9/2024 | 1966426 | 1978360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Energy** |  |  |  |  | 4827760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environment - 2.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Erie Co-Invest, L.P. | \*1,2,4 | Limited Partnership Interest | 5/21/2025 | 2510453 | 2934282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology - 3.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowhawk Partridge Co-Inv B, L.P. | \*1,4 | Limited Partnership Interest | 9/30/2025 | 5169638 | 5129032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Slate US Cold Storage REIT II LLC | \*1,4 | Limited Partnership Interest | 12/9/2025 | 6305313 | 6305313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 4.5%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCP Magnolia Co-Invest, L.P. | \*1,2,4 | Limited Partnership Interest | 9/23/2025 | 4635296 | 6422858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waste Managment - 4.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terramont Montauk Co-Invest, L.P. | \*1,2,3 | Limited Partnership Interest | 7/25/2024 | 4619565 | 5851870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America** |  |  |  |  | 38347895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology - 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jules III SCA (1,960 Class A Shares) | \*1,2,3 | Preferred Equity | 6/7/2024 | 671295 | 1068007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIOF III DC Co-Invest, L.P. | \*1,2,4 | Limited Partnership Interest | 7/25/2025 | 4158623 | 4505401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Information Technology** |  |  |  |  | 5573408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  |  | 5573408 |
| &nbsp;&nbsp;&nbsp;**Total Direct Equity (Cost $39,319,709)** |  |  |  |  | 44777948 |
| **Secondary Investments - 51.0%^** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Funds - 51.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indigo Secondary Fund, L.P. | 123 | Limited Partnership Interest | 4/2/2025 | 1538859 | 2278420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America - 36.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 16.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration MRV (Feeder), L.P. | \*1,4 | Limited Partnership Interest | 6/11/2025 | 5000000 | 5578615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Infrastructure Partners IV-C2, L.P. | 123 | Limited Partnership Interest | 12/31/2024 | 2125396 | 2334018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors III, L.P. | 123 | Limited Partnership Interest | 10/31/2024 | 2360315 | 2310564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors IV (USD) SCSp | \*1,2,3 | Limited Partnership Interest | 7/1/2024 | 5361713 | 6252895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Aspen (Co-Invest) Holdings, L.P. | \*1,3 | Limited Partnership Interest | 1/2/2025 | 62363 | 48737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund III, L.P. | \*1,2,3 | Limited Partnership Interest | 1/2/2025 | 1057401 | 1396756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund IV, L.P. | \*1,2,3 | Limited Partnership Interest | 1/2/2025 | 520385 | 727310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terramont Infrastructure Fund (Cayman), L.P. | \*1,2,4 | Limited Partnership Interest | 2/28/2025 | 4365436 | 4411111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified** |  |  |  |  | 23060006 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments - 110.1%†** | **Footnotes** | **Investment Type** | **Acquisition Date** | **Cost** | **Fair Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy - 2.4%** |  |  |  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIC Matterhorn CF Feeder L.P. | \*1,2,4 | Limited Partnership Interest | 8/1/2025 | 3422240 | 3406647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology - 6.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowhawk Crane Coinvest, L.P. | \*1,2,4 | Limited Partnership Interest | 5/30/2025 | 5321215 | 6916539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowhawk Osprey Coinvest B, L.P | \*1,2,4 | Limited Partnership Interest | 5/30/2025 | 2574560 | 2831404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Information Technology** |  |  |  |  | 9747943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 3.9%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fengate Everest Continuation Fund, L.P. | \*1,2,3,6 | Limited Partnership Interest | 9/3/2024 | 1469288 | 1980335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GI Zeus Holdings L.P. | \*1,2,4 | Limited Partnership Interest | 8/12/2025 | 2491709 | 3551715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Real Estate** |  |  |  |  | 5532050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecomunications - 1.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta-v VN, L.P. | \*1,2,3 | Limited Partnership Interest | 7/19/2024 | 1561539 | 2206565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 4.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sciens Water Opportunities Fund IV Segregated, L.P. | \*1,3 | Limited Partnership Interest | 9/30/2024 | 2000661 | 2728729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sciens Water Opportunities Fund VI Segregated, L.P. | \*1,4 | Limited Partnership Interest | 4/30/2025 | 2300000 | 3096538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utlities** |  |  |  |  | 5825267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waste Management - 1.1%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP WR L.P. | \*1,5 | Limited Partnership Interest | 2/29/2024 | 800000 | 1567616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America** |  |  |  |  | 51346094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oceanic - 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy - 2.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sophora Investment No. 3 Trust <br> (4,614,139 Class B units) | \*1,4,6 | Limited Partnership Interest | 8/25/2025 | 2951342 | 3242703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 10.8%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 5.6%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Infrastructure Equity Fund I SCSp | \*1,2,4,6 | Limited Partnership Interest | 6/30/2025 | 3368345 | 3772132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan-European Infrastructure Fund III SCSp | \*1,2,4,6 | Limited Partnership Interest | 9/30/2025 | 3886509 | 4169444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified** |  |  |  |  | 7941576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure - 5.2%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardian Infrastructure Fund V S.C.A, SICAR <br> (353,582 Class A units) | \*1,2,3,6 | Limited Partnership Interest | 3/31/2024 | 4563413 | 5975408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pegasus Fund, L.P. | \*1,3,6 | Limited Partnership Interest | 3/28/2024 | 1251968 | 1429793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure** |  |  |  |  | 7405201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Water - 0.0%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quaero Water Infra Funds S.L.P. | \*1,2,4,6 | Limited Partnership Interest | N/A |  | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  |  | 15346777 |
| &nbsp;&nbsp;&nbsp;**Total Secondary Funds (Cost $60,354,657)** |  |  |  |  | 72213994 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interest rate** | **Principal** | **Cost** | **Fair Value** |
| **Short Term Investments - 27.5%** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, Money Market Special II Deposit Investment | 3.43%<sup>7</sup> | 26082990 | 26082990 | 26082990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Money Market Special | 0.02%<sup>7</sup> | 12914943 | 12914943 | 12914943 |
| &nbsp;&nbsp;&nbsp;**Total Short Term Investments (Cost $38,997,933)** |  |  |  | 38997933 |
| **Total Investments (Cost $138,672,299)** |  |  |  | **156014491** |
| Liabilities in excess of other assets - (10.1%) |  |  |  | (14322068) |
| **Total Net Assets - 100%** |  |  |  | $**141692423** |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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. |
| ^ | 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. |
| **<sup>\*</sup>** | Investment is non-income producing. |
| **<sup>1</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 December 31, 2025 was $117,016,558, or 82.6% of net assets. |
| **<sup>2</sup>** | Investment has been committed to but has not been fully funded by the Fund. |
| **<sup>3</sup>** | All or a portion of this security is held through HL Private Infra Fund DE Holdings, LLC. |
| **<sup>4</sup>** | All or a portion of this security is held through HLPIF Splitter LLC. |
| **<sup>5</sup>** | All or a portion of this security is held through HLPIF DE Blocker LLC. |
| **<sup>6</sup>** | Foreign security denominated in U.S. Dollars. |
| **<sup>7</sup>** | The rate is the annualized seven-day yield at year end. |

---

See accompanying Notes to Consolidated Schedule of Investments

**Hamilton Lane Private Infrastructure Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

**Note 1 – 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 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 Fund's Board of Trustees (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.

**Hamilton Lane Private Infrastructure Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**December 31, 2025 (Unaudited)**

**Note 2 – 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 Portfolio 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 Portfolio Funds. All valuations utilize financial information supplied by each Portfolio Fund and are net of management and incentive fees or allocations payable to the Portfolio Funds' managers or pursuant to the Portfolio Funds' 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 Valuation Designee has assessed factors including, but not limited to, the individual Portfolio Funds' 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 Portfolio Funds' financial statements.

**Hamilton Lane Private Infrastructure Fund**

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**December 31, 2025 (Unaudited)**

The fair value relating to certain underlying investments of these Portfolio Funds, for which there is no ready market, has been estimated by the respective Portfolio Funds' 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 December 31, 2025, in valuing the Fund's assets and liabilities carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level I** | **Level II\*** | **Level III\*** | **Total** |
| **Assets** | | | | |
| Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short Term Investments | $38997933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $38997933 |
| Total Investments | $38997933 | $- | $- | $38997933 |

---

\*The Fund did not hold any Level II or III securities as of December 31, 2025.

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 $117,016,558 are excluded from the fair value hierarchy as of December 31, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Hamilton Lane Private Infastructure Fund

- **b. Investment Company Act file number:** 811-23972

- **c. CIK number of Registrant:** 0002020510

- **d. LEI of Registrant:** 52990009ELW8MTXQUJ56

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 110 Washington St., Ste. 1300

  - **City:** Conshohocken

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19428

  - **Telephone number:** 8663611720

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hamilton Lane Private Infrastructure Fund

- **c. LEI of Series:** 52990009ELW8MTXQUJ56

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $157951976.42

**Total Liabilities:** $15157916.61

**Net Assets:** $142794059.81

**Cash Not Reported:** $134890.32

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.16%                | 1.21%                | 1.02%                |
| Class ID N/A | 0.03%                | 1.08%                | 0.53%                |
| Class ID N/A | 0.17%                | 1.22%                | 1.03%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12171.21               | $352243.88                                 |
| Month 2  | $-29262.99               | $1746426.94                                |
| Month 3  | $-587.06                 | $617000.32                                 |

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Seraya Sentient, LP                       | Seraya Sentient, LP                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KR        |         1 | OU      | $856644.74    | 0.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure IV              | KKR Global Infrastructure IV              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $6252895.30   | 4.38%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sciens Water Opp Fund IV                  | Sciens Water Opp Fund IV                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2728729.23   | 1.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sciens Water Opp Fund VI Seg LP           | Sciens Water Opp Fund VI Seg LP           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3096538.39   | 2.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Duration MRV (Feeder), LP                 | Duration MRV (Feeder), LP                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $5578614.61   | 3.91%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Delta-v VN,LP                             | Delta-v VN,LP                             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2206564.61   | 1.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BCP Magnolia Co-Invest, LP                | BCP Magnolia Co-Invest, LP                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $6422858.20   | 4.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Aspen (Co-Invest)               | Stonepeak Aspen (Co-Invest)               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $48736.50     | 0.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Quaero Water Infra Funds S.L.P            | Quaero Water Infra Funds S.L.P            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Pan-European Infra Fund III SCSp          | Pan-European Infra Fund III SCSp          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |         1 | OU      | $4169444.35   | 2.92%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Northampton Royalty LP                    | Northampton Royalty LP                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1095896.69   | 0.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SF8888205                                 | SF8888205                                 | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             | CORP              | US        |  12914943 | PA      | $12914943.00  | 9.04%             |  |  |  | No            | 1                  | On Loan: No      |
| TIP Concord Co-Invest Feeder LP           | TIP Concord Co-Invest Feeder LP           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $5780883.24   | 4.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Terramont Montauk Co-Invest LP            | Terramont Montauk Co-Invest LP            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $5851870.02   | 4.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Terramont Infra Fund (Cayman) LP          | Terramont Infra Fund (Cayman) LP          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $4411111.42   | 3.09%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Infra Fund III LP               | Stonepeak Infra Fund III LP               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1396755.69   | 0.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Stonepeak Infra Fund IV LP                | Stonepeak Infra Fund IV LP                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $727310.16    | 0.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Ardian Infrastructure Fund V S.C.A, SICAR | Ardian Infrastructure Fund V S.C.A, SICAR | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |         1 | OU      | $5975407.54   | 4.18%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AP Erie Co-Invest, L.P.                   | AP Erie Co-Invest, L.P.                   | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |         1 | OU      | $2934282.30   | 2.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AL GCX Co-Invest Feeder, L.P.             | AL GCX Co-Invest Feeder, L.P.             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $992939.09    | 0.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AIP WR LP                                 | AIP WR LP                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1567616.07   | 1.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AIOF III DC Co-Invest, LP                 | AIOF III DC Co-Invest, LP                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | LU        |         1 | OU      | $4505401.05   | 3.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AIOF II Galway Co-Invest, LP              | AIOF II Galway Co-Invest, LP              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | NL        |         1 | OU      | $24616.00     | 0.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Arroyo Dunamis Dir Inv I-B, LP            | Arroyo Dunamis Dir Inv I-B, LP            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1856461.29   | 1.30%             |  |  |  | Yes           | N/A                | On Loan: No      |
| FIC Matterhorn CF Feeder LP               | FIC Matterhorn CF Feeder LP               | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3406646.62   | 2.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fengate Everest Continuation Fund L.P.    | Fengate Everest Continuation Fund L.P.    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1980334.45   | 1.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ECP V, LP                                 | ECP V, LP                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |         1 | OU      | $1978359.86   | 1.39%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Sophora Inv No. 3 Trust-Class B           | Sophora Inv No. 3 Trust-Class B           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | AU        |         1 | OU      | $3242703.27   | 2.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Snowhawk Partridge Co-Inv B, LP           | Snowhawk Partridge Co-Inv B, LP           | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $5129032.28   | 3.59%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Snowhawk Osprey Coinvest B, LP            | Snowhawk Osprey Coinvest B, LP            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2831404.42   | 1.98%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Snowhawk Crane Coinvest LP                | Snowhawk Crane Coinvest LP                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $6916539.40   | 4.84%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SlateUS Cold Storage REIT II LLC          | SlateUS Cold Storage REIT II LLC          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | ES        |         1 | OU      | $6305313.00   | 4.42%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SF8888628                                 | SF8888628                                 | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             | CORP              | US        |  26082990 | PA      | $26082989.51  | 18.27%            |  |  |  | No            | 1                  | On Loan: No      |
| Verne Global                              | Verne Global                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |         1 | OU      | $1068006.50   | 0.75%             |  |  |  | Yes           | N/A                | On Loan: No      |
| KKR Global Infrastructure III             | KKR Global Infrastructure III             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2310563.77   | 1.62%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Indigo Secondary Fund L.P.                | Indigo Secondary Fund L.P.                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KR        |         1 | OU      | $2278419.98   | 1.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ICG Infra Equity Fund I SCSp              | ICG Infra Equity Fund I SCSp              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | FR        |         1 | OU      | $3772131.89   | 2.64%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Global Infra Partners IV-C2 LP            | Global Infra Partners IV-C2 LP            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $2334018.26   | 1.63%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GIP Pegasus Fund, L.P.                    | GIP Pegasus Fund, L.P.                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | IT        |         1 | OU      | $1429793.23   | 1.00%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GI Zeus Holdings-A LP                     | GI Zeus Holdings-A LP                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3551715.12   | 2.49%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-03

**Name of Applicant:** Hamilton Lane Private Infastructure Fund

**Signature:** /s/ Kaylin Liu

**Name of Signer:** Kaylin Liu

**Title:** Treasurer