# EDGAR Filing Document

**Accession Number:** 0002020510
**File Stem:** 0001145549-25-053401
**Filing Date:** 2025-8
**Character Count:** 33748
**Document Hash:** 48c9655eda59a69a4f2c081047f0a1a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053401.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-053401

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**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:** 251253811

**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**

**June 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments - 111.5%†** | **Investment Type** | **Acquisition<br> Date** | **Cost** | **Fair Value** |
| **Direct Investments - 21.3%^** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Direct Credit - 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software - 1.3%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $825636 | $1253056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  | 1253056 |
| &nbsp;&nbsp;&nbsp;**Total Direct Credit (Cost $825,636)** |  |  |  | 1253056 |
| &nbsp;&nbsp;&nbsp;**Direct Equity - 20.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecom - 0.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seraya Sentient, L.P.\*<sup>1,2,4</sup> | Limited Partnership Interest | 5/21/2025 | 490116 | 490116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America - 18.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Alternative Energy - 7.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northampton Royalty Investment Holdings, L.P.<sup>\*1,2,3</sup> | Limited Partnership Interest | 2/27/2025 | 1089985 | 1141302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIP Concord Co-Invest Feeder, L.P.\* <sup>1,2,4</sup> | Limited Partnership Interest | 6/16/2025 | 5934782 | 5934782 |
|  |  |  |  | 7076084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Energy - 5.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AL GCX Co-Invest Feeder, L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 5/29/2024 | 1436688 | 1775596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 949770 | 1752079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ECP V (California C-Invest), L.P. <sup>1,2,3</sup> | Limited Partnership Interest | 12/9/2024 | 1961641 | 2028981 |
|  |  |  |  | 5556656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Environment - 2.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AP Erie Co-Invest, L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 5/21/2025 | 2510453 | 2510453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waste Managment - 3.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terramont Montauk Co-Invest, L.P.\*<sup>1,3</sup> | Limited Partnership Interest | 7/25/2024 | 1928888 | 3160732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America** |  |  |  | 18303925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IT Services - 1.0%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jules III SCA (1,960 Class A Shares)\*<sup>1,2,3</sup> | Preferred Equity | 6/7/2024 | 671295 | 1003562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  | 1003562 |
| &nbsp;&nbsp;&nbsp;**Total Direct Equity (Cost $16,973,618)** |  |  |  | 19797603 |
| **Secondary Investments - 51.9%^** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Secondary Funds - 51.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**North America - 38.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 21.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duration MRV (Feeder), L.P.\*<sup>1,4</sup> | Limited Partnership Interest | 6/11/2025 | 5000000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 2028337 | 2372750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR Global Infrastructure Investors III, L.P.<sup>1,2,3</sup> | Limited Partnership Interest | 10/31/2024 | 2666665 | 2926226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 5129140 | 6006993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Aspen (Co-Invest) Holdings, L.P.<sup>\*1,3</sup> | Limited Partnership Interest | 1/2/2025 | 62363 | 108970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund III, L.P.<sup>\*1,2,3</sup> | Limited Partnership Interest | 1/2/2025 | 1048954 | 1390869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stonepeak Infrastructure Fund IV, L.P.<sup>\*1,2,3</sup> | Limited Partnership Interest | 1/2/2025 | 527326 | 710786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terramont Infrastructure Fund (Cayman), L.P.<sup>\*1,2,4</sup> | Limited Partnership Interest | 2/28/2025 | 2697317 | 3025257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Diversified** |  |  |  | 21541851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Information Technology - 6.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowhawk Crane Coinvest, L.P.\*<sup>1,2,4</sup> | Limited Partnership Interest | 5/30/2025 | 3990190 | 4531217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowhawk Osprey Coinvest B, L.P.\*<sup>1,2,4</sup> | Limited Partnership Interest | 5/30/2025 | 1899560 | 2104984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Information Technology** |  |  |  | 6636201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 2.1%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1462218 | 2022546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecomunications - 2.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta-v VN, L.P.\*<sup>1,2,3</sup> | Limited Partnership Interest | 7/19/2024 | 1561538 | 2207391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 1000330 | 1738765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sciens Water Opportunities Fund VI Segregated, L.P.\*<sup>1,2,4</sup> | Limited Partnership Interest | 4/30/2025 | 1150000 | 1965470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Utlities** |  |  |  | 3704235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Waste Management - 1.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AIP WR L.P.\*<sup>1,5</sup> | Limited Partnership Interest | 2/29/2024 | 800000 | 1564797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total North America** |  |  |  | 37677021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asia - 2.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 2.5%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indigo Secondary Fund, L.P. <sup>1,2,3</sup> | Limited Partnership Interest | 4/2/2025 | 1533132 | 2490979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Western Europe - 11.2%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Diversified - 3.8%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ICG Infrastructure Equity Fund I SCSp\*<sup>1,2,4,6</sup> | Limited Partnership Interest | 6/30/2025 | 3712929 | 3719548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Infrastructure - 7.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ardian Infrastructure Fund V S.C.A, SICAR\*<sup>1,2,3,6</sup> | Limited Partnership Interest | 3/31/2024 | 4432825 | 5882977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353,582 Class A units) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GIP Pegasus Fund, L.P.\*<sup>1,3,6</sup> | Limited Partnership Interest | 3/28/2024 | 1245938 | 1403679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Infrastructure** |  |  |  | 7286656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Western Europe** |  |  |  | 11006204 |
| &nbsp;&nbsp;&nbsp;**Total Secondary Funds (Cost $41,948,763)** |  |  |  | 51174204 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest rate** |  | **Principal** | **Cost** | **Fair Value** |
| **Short Term Investments - 38.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Bank, Money Market Special II Deposit Investment | 4.19 | %7 | 30916430 | 30916430 | 30916430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Money Market Special | 0.01 | %7 | 6831909 | 6831909 | 6831909 |
| &nbsp;&nbsp;&nbsp;**Total Short Term Investments (Cost $37,748,339)** |  |  |  |  | 37748339 |
| **Total Investments (Cost $97,496,356)** |  |  |  |  | **109973202** |
| Liabilities in excess of other assets - (11.5%) |  |  |  |  | (11353733) |
| **Total Net Assets - 100%** |  |  |  |  | $**98619469** |

---

---

| | |
|:---|:---|
| <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. |
|  | 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. |
| **\*** | 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 June 30, 2025 was $72,224,863, or 73.2% 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**

**June 30, 2025 (Unaudited)**

**Note 1 – Fair Value of Financial Instruments**

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. The Fund values its investments in investment funds at fair value in accordance with FASB ASC 820, Fair Value Measurement ("**ASC 820**").

The Fund's direct investments are in private credit and equity-related investments that 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 direct investments at estimated fair values, using present value and other subjective valuation techniques. These may include references to market multiples, market yields, valuations for comparable companies, public market or private transactions, subsequent developments concerning the companies to which the securities relate, results of operations, financial condition, cash flows, and projections of such companies provided to the Adviser and such other factors as the Adviser may deem relevant. Depending on the circumstances, company multiples will not always be comparable due to the size of the related companies or associated transactions being used as comparable data in valuation.

The Adviser utilizes a valuation committee, consisting of senior members of the management team, to review and approve the valuation results related to the investments. The Adviser also utilizes independent valuation firms to provide third-party valuation consulting services for direct credit and direct equity investments.

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 Fund's Board of Trustees ("**Board**"), the Board has delegated day-to-day responsibility for fair value determinations and pricing to the Adviser subject to the oversight of the Board (in such capacity, the "**Valuation Designee**"). 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.

**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 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 are other than quoted prices 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.

**Hamilton Lane Private Infrastructure Fund**

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

**June 30, 2025 (Unaudited)**

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 investment 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 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 Investment 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 Funds' managers or pursuant to the Investment 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 Investment 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 Investment 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 Investment 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 June 30, 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;Direct Credit | $&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;&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;&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;- |
| &nbsp;&nbsp;&nbsp;Direct Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Secondary Direct Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short Term Investments | 37748339 | - | - | 37748339 |
| Total Investments | $37748339 | $- | $- | $37748339 |

---

\*The Fund did not hold any Level II or Level III securities at June 30, 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 $72,224,863 are excluded from the fair value hierarchy as of June 30, 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:** 2025-06-30

**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:** $106850265.16

**Total Liabilities:** $8010423.78

**Net Assets:** $98839841.38

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 3.48%                | 0.97%                | 1.24%                |
| Class ID N/A | 3.42%                | 0.84%                | 1.11%                |
| Class ID N/A | 3.49%                | 0.99%                | 1.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $588.00                  | $2701432.07                                |
| Month 2  | $-430347.13              | $1236666.03                                |
| Month 3  | $130173.10               | $946774.23                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Terramont Montauk Co-Invest LP            | Terramont Montauk Co-Invest LP            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $3160731.81   | 3.20%             |  |  |  | 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      | $3025257.00   | 3.06%             |  |  |  | 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      | $710786.00    | 0.72%             |  |  |  | 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      | $1390869.00   | 1.41%             |  |  |  | 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      | $108970.00    | 0.11%             |  |  |  | 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      | $2104984.00   | 2.13%             |  |  |  | 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      | $4531217.00   | 4.58%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Seraya Sentient, LP                       | Seraya Sentient, LP                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | KR        |         1 | OU      | $490116.00    | 0.50%             |  |  |  | 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      | $1738765.00   | 1.76%             |  |  |  | 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      | $1965470.00   | 1.99%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Northampton Royalty LP                    | Northampton Royalty LP                    | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1141302.03   | 1.15%             |  |  |  | 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      | $6006993.00   | 6.08%             |  |  |  | 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      | $2926226.00   | 2.96%             |  |  |  | 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      | $2490979.00   | 2.52%             |  |  |  | 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      | $3719548.00   | 3.76%             |  |  |  | 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      | $2372750.00   | 2.40%             |  |  |  | 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      | $1403679.00   | 1.42%             |  |  |  | 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      | $2022546.00   | 2.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ECP V, LP                                 | ECP V, LP                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | CA        |         1 | OU      | $2028980.68   | 2.05%             |  |  |  | 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      | $2510452.81   | 2.54%             |  |  |  | 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      | $1775595.98   | 1.80%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AIP WR LP                                 | AIP WR LP                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |         1 | OU      | $1564797.00   | 1.58%             |  |  |  | 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      | $1253056.00   | 1.27%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Verne Global                              | Verne Global                              | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | GB        |         1 | OU      | $1003561.58   | 1.02%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SF8888628                                 | SF8888628                                 | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             | CORP              | US        |  30916430 | OU      | $30916429.72  | 31.28%            |  |  |  | Yes           | 1                  | On Loan: No      |
| SF8888205                                 | SF8888205                                 | CUSIP: 999999999<br>LEI: N/A | Long             | STIV             | CORP              | US        |   6831909 | OU      | $6831908.74   | 6.91%             |  |  |  | Yes           | 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      | $5934782.00   | 6.00%             |  |  |  | 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      | $5000000.00   | 5.06%             |  |  |  | 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      | $2207391.00   | 2.23%             |  |  |  | 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      | $1752078.57   | 1.77%             |  |  |  | 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      | $5882977.01   | 5.95%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-08-11

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

**Signature:** /s/ Keith Kleinman

**Name of Signer:** Keith Kleinman

**Title:** Secretary