Companies · HLNE
Hamilton Lane
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Latest analysis
Updated Nov 3, 2026
Hamilton Lane Q2 FY2027: Management fee revenue up $21.9M on evergreen fund AUM growth; fee-earning AUM reaches $85.9B
Evergreen funds are the dominant growth engine: specialized fund management fees rose $19.8 million in Q2 FY2027, with evergreen funds alone contributing $17.8 million of that increase and $6.3 billion in incremental fee-earning AUM. Total fee-earning AUM reached $85.9 billion as of September 30, 2026, up $4.4 billion in the first half of the fiscal year, driven by $7.4 billion in gross contributions net of $4.0 billion in distributions. Incentive fees declined modestly in the quarter on lower customized separate account carried interest, but six-month incentive fees surged $67.6 million year-over-year on evergreen-related performance fees, confirming that evergreen structures are now generating both management fee scale and performance fee volume simultaneously.
Tone: bullishRevenue
$759M
HLNE 10-K · FY 2026
Employees
785
Revenue FY2025
$713M
Founded
1991
Profile
HLNE 10-K Item 1 · May 21, 2026Hamilton Lane is a global private markets investment solutions provider offering discretionary and non-discretionary investment management, advisory, and reporting services across private equity, private credit, real estate, infrastructure, and related asset classes. The firm serves a broad institutional and private wealth client base through customized separate accounts, specialized commingled funds, and advisory mandates. As of March 31, 2026, it managed approximately $142 billion in discretionary AUM and advised on approximately $905 billion in non-discretionary AUA.
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We are a global private markets investment solutions provider dedicated to private markets investing. Since our founding in 1991, we have partnered with clients to design, implement and oversee portfolios of private markets funds and direct investments to help them access a diversified set of investment opportunities worldwide. As of March 31, 2026, we had approximately $142 billion of discretionary assets under management ('AUM'), and approximately $905 billion of non-discretionary assets under advisement ('AUA'). Our clients include a broad range of investors from large global institutional investors to private wealth clients. Our clients rely on us for our private markets expertise, industry relationships, differentiated investment access, risk management capabilities, proprietary data advantages and analytical tools to navigate the complexity of private markets investing. We offer a variety of investment solutions to address our clients' needs across a range of private markets, including private equity, private credit, real estate, infrastructure, other real assets, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such funds, with a number of our clients utilizing multiple investment types. We currently have approximately 785 employees, including approximately 265 investment professionals, operating across 23 global offices supporting our platform and servicing our clients throughout the world.
Primary products
- Customized Separate Accounts
- Specialized Funds
- Advisory Services
- Distribution Management
- Cobalt LP
- Reporting, Monitoring, Data and Analytics
Business segments
End markets
Geographies
Named customers
We have revenue streams from a variety of client types in multiple geographic regions, with no single client representing more than 2% of management and advisory fee revenues. For the year ended March 31, 2026, our top 10 clients generated approximately 11% of management and advisory fee revenues and our top 20 clients generated approximately 16% of management and advisory fee revenues with all of our top 20 clients having multiple allocations, products or services with us.
“We compete primarily in the advisory services area of the business with firms that are regionally based and with a select number of large consulting firms.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues increased from $712.963 million in fiscal 2025 to $758.993 million in fiscal 2026, driven by growth in management and advisory fees partially offset by a decline in incentive fees.
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