Median Operational Performance - S&P 500 used as a proxy for public equities.   

Pooled Returns by Vintage Year - Indices used: Hamilton Lane All Private Equity with volatility de-smoothed; S&P 500 Index; Russell 3000 Index; MSCI World Index; HFRI Composite Index; Hamilton Lane Private Credit with volatility de-smoothed; ICE BofA US High Yield Index; S&P UBS Leveraged Loan Index; Hamilton Lane Private Real Estate with volatility de-smoothed; Hamilton Lane Private Infrastructure with volatility de-smoothed; Hamilton Lane Private Natural Resources with volatility de-smoothed; FTSE/NAREIT Equity REIT Index; DJ Brookfield Global Infrastructure Index; MSCI World Energy Sector Index. Geometric mean returns in USD. Assumes risk free rate of 2.4%, representing the average yield of the ten-year treasury over the last ten years. (January 2025)  

Performance by GP Heritage - GP Heritage refers to the traditional home of the General Partner, including their headquarters and founding location. Analysis for all regional buyout funds investing primarily in Western Europe  

Median Since-Inception IRR by Pre-GFC Deployment Pacing - Deployment pacing cutoff set to Q4 2007 for when the GFC began.  

Mid 1990s Soft Landing – One-Year Rolling Performance - Soft Landing period is defined as Q1 1994 – Q2 1996 for the mid-90s period and Q1 2022 – Q2 2024 for the current period. Mid 90s sample includes funds from vintages 1986 – 1995 with complete valuation history.  

Growth of Evergreen AUM - Evergreen return is an annualized return calculated using the quarterly return of 13 equity-focused Evergreen funds in the market. All PE represents an annualized combination of Buyout, Venture Capital, and Growth Equity quarterly returns.  

Growth of Private Markets & Evergreen Funds - Evergreen fees were calculated using an average of the fee terms of Evergreen funds in market managed by six different GPs. Closed-end fees were determined using an average of the fee terms of the flagship funds of those same six GPs.  

Hamilton Lane Sentiment Indicators- If a data set is distributed normally, about 95% of all data points will lie within two standard deviations of the mean.  

The Hamilton Lane Worry Index - The Hamilton Lane Worry Index (“HLWI”) is a composite view of a wide range of macroeconomic indicators across Buyout, Credit, and Real Assets. Indicators are scaled from 0 to 100 based on their relative value each year, and then averaged to create a market-wide number. Lower numbers represent a generally more favorable environment while high numbers signal a generally less favorable environment. The HLWI is directional and not necessarily indicative of future results.  

GP Survey - Please be aware that the information contained herein is based upon results of a survey conducted by Hamilton Lane Advisors, L.L.C. (the “Firm”) of a number of private markets participants. The results of the survey may not necessarily represent the opinions of the Firm or its employees, officers or directors. Publication of this report does not indicate an endorsement by the Firm of the results included herein and should not be relied upon when making investment decisions. 

All Private Markets – Hamilton Lane’s definition of “All Private Markets” includes all private commingled funds excluding fund-of-funds, and secondary fund-of-funds.  

Co/Direct Investment Funds – Any PM fund that primarily invests in deals alongside another financial sponsor that is leading the deal. 

Continuation Vehicles – A vehicle in which secondary buyers acquire one or more assets from an existing fund. 

Corporate Finance/Buyout – Any PM fund that generally takes control position by buying a company. 

Credit – This strategy focuses on providing debt capital. 

Distressed Debt – Includes any PM fund that primarily invests in the debt of distressed companies. 

DM Buyout – Includes any buyout fund that is primarily investing in developed markets of North America, Western Europe and Global  

EU Buyout – Any buyout fund primarily investing in the European Union. 

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

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

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

Late Stage VC – A venture capital strategy that provides funding to developed startups. 

Mega/Large Buyout – Any buyout fund larger than a certain fund size that depends on the vintage year. 

Mezzanine – Includes any PM fund that primarily invests in the mezzanine debt of private companies. 

Multi-Stage VC – A venture capital strategy that provides funding to startups across many investment stages.  

Natural Resources – An investment strategy that invests in companies involved in the extraction, refinement, or distribution of natural resources.  

Origination – Includes any PM fund that focuses primarily on providing debt capital directly to private companies, often using the company’s assets as collateral.  

Primary Buyout - a Buyout transaction where a sponsor acquires controlling interest in a company from management or through a strategic sale. 

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

Real Assets – Real Assets includes any PM fund with a strategy of Infrastructure, Natural Resources, or Real Estate.  

Real Estate – Any closed-end fund that primarily invests in non-core real estate, excluding separate accounts and joint ventures. 

ROW – Any fund with a geographic focus outside of North America and Western Europe.  

ROW Equity – Includes all buyout, growth, and venture capital-focused funds, with a geographic focus outside of North America and Western Europe. 

Secondary FoF – A fund that purchases existing stakes in private equity funds on the secondary market.  

Seed/Early VC – A venture capital strategy that provides funding to early-stage startups.  

SMID Buyout – Any buyout fund smaller than a certain fund size, dependent on vintage year. 

Sponsor-to-Sponsor - a Buyout transaction where a sponsor acquires a controlling interest in a company from another sponsor. 

U.S. Mega/Large – Any buyout fund larger than a certain fund size that depends on the vintage year and is primarily investing in the United States. 

U.S. SMID – Any buyout fund smaller than a certain fund size that depends on the vintage year and is primarily investing in the United States. 

U.S. & EU Growth – Includes all growth equity funds investing in North America and Western Europe. 

U.S. & EU VC – Includes all venture capital funds investing in North America and Western Europe. 

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

Venture Capital – Venture Capital incudes any PM fund focused on financing startups, early-stage, late stage, and emerging companies or a combination of multiple investment stages of startups.

Barclays U.S. Corporate Aggregate Index – Tracks the performance of U.S. fixed rate corporate debt rated as investment grade. 

BofAML High Yield Index – The BofAML High Yield index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.  

Credit Suisse High Yield Index – The Credit Suisse High Yield index tracks the performance of U.S. sub-investment grade bonds. 

DJ Brookfield Global Infrastructure Index – The DJ Brookfield Global Infrastructure Index is designed to measure the performance of companies globally that are operators of pure-play infrastructure assets.  

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

HFRI Composite Index – The HFRI Composite Index reflects hedge fund industry performance. 

MSCI Europe Index – The MSCI Europe Index measures performance of large and mid-cap companies across 15 developed markets in Europe.  

MSCI USA Small Cap Value Index – The MSCI USA Small Cap Index is designed to measure the performance of the small cap segment of the U.S. equity market. 

MSCI World Energy Sector Index – The MSCI World Energy Sector Index measures the performance of securities classified in the GICS Energy sector. 

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

Russell 1000 Index – The Russell 1000 Index tracks the highest-ranking 1000 stocks in the Russell 3000 index by market capitalization 

Russell 2000 Index – The Russell 2000 Index is composed of 20000 small-cap U.S. companies.  

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

S&P 500 Index – The S&P 500 Index tracks 500 largest companies based on market capitalization of companies listed on NYSE or NASDAQ.   

S&P 600 Index – The S&P 600 Index tracks small-cap companies in the U.S. based on market capitalization  

S&P UBS Leveraged Loan Index – The S&P UBS Leveraged Loan Index represents tradable, senior-secured, U.S. dollar-denominated non-investment grade loans

Desmoothing – A mathematical process to remove serial autocorrelation in the return stream of assets that experience infrequent appraisal pricing, such as private equity. Desmoothed returns may more accurately capture volatility than reported returns. The formula used here for desmoothing is:  

Where rD(t) = the desmoothed return for period t, r(t) = the return for period t, p = the autocorrelation 

rD(t) = (r(t) – r(t-1) * p) / (1 – p) 

PME (Public Market Equivalent) – Calculated by taking the fund cash flows and investing them in a relevant index. The fund cash flows are pooled such that capital calls are simulated as index share purchases and distributions as index share sales. Contributions are scaled by a factor such that the ending portfolio balance is equal to the private equity net asset value (equal ending exposures for both portfolios). This seeks to prevent shorting of the public market equivalent portfolio. Distributions are not scaled by this factor. The IRR is calculated based off of these adjusted cash flows. 

Sharpe Ratio – The Sharpe Ratio is the average return earned in excess of the risk-free rate per unity of volatility or total risk. 

Time-weighted Return – Time-weighted return is a measure of compound rate of growth in a portfolio. 

Volatility – Volatility is a statistical measure of dispersion of return, specifically standard deviation.

This presentation has been prepared solely for informational purposes and contains confidential and proprietary information, the disclosure of which could be harmful to Hamilton Lane. Accordingly, the recipients of this presentation are requested to maintain the confidentiality of the information contained herein. This presentation may not be copied or distributed, in whole or in part, without the prior written consent of Hamilton Lane. 

The information contained in this presentation may include forward-looking statements regarding returns, performance, opinions, the fund presented or its portfolio companies, or other events contained herein. Forward-looking statements include a number of risks, uncertainties and other factors beyond our control, or the control of the fund or the portfolio companies, which may result in material differences in actual results, performance or other expectations. The opinions, estimates and analyses reflect our current judgment, which may change in the future. 

All opinions, estimates and forecasts of future performance or other events contained herein are based on information available to Hamilton Lane as of the date of this presentation and are subject to change. Past performance of the investments described herein is not indicative of future results. In addition, nothing contained herein shall be deemed to be a prediction of future performance. The information included in this presentation has not been reviewed or audited by independent public accountants. Certain information included herein has been obtained from sources that Hamilton Lane believes to be reliable, but the accuracy of such information cannot be guaranteed. 

This presentation is not an offer to sell, or a solicitation of any offer to buy, any security or to enter into any agreement with Hamilton Lane or any of its affiliates. Any such offering will be made only at your request. We do not intend that any public offering will be made by us at any time with respect to any potential transaction discussed in this presentation. Any offering or potential transaction will be made pursuant to separate documentation negotiated between us, which will supersede entirely the information contained herein. 

Certain of the performance results included herein do not reflect the deduction of any applicable advisory or management fees, since it is not possible to allocate such fees accurately in a vintage year presentation or in a composite measured at different points in time. A client’s rate of return will be reduced by any applicable advisory or management fees, carried interest and any expenses incurred. Hamilton Lane’s fees are described in Part 2 of our Form ADV, a copy of which is available upon request. 

The following hypothetical example illustrates the effect of fees on earned returns for both separate accounts and fund-of-funds investment vehicles. The example is solely for illustration purposes and is not intended as a guarantee or prediction of the actual returns that would be earned by similar investment vehicles having comparable features. The example is as follows: The hypothetical separate account or fund-of-funds consisted of $100 million in commitments with a fee structure of 1.0% on committed capital during the first four years of the term of the investment and then declining by 10% per year thereafter for the 12-year life of the account. The commitments were made during the first three years in relatively equal increments and the assumption of returns was based on cash flow assumptions derived from a historical database of actual private equity cash flows. Hamilton Lane modeled the impact of fees on four different return streams over a 12-year time period. In these examples, the effect of the fees reduced returns by approximately 2%. This does not include performance fees, since the performance of the account would determine the effect such fees would have on returns. Expenses also vary based on the particular investment vehicle and, therefore, were not included in this hypothetical example. Both performance fees and expenses would further decrease the return. 

Hamilton Lane (Germany) GmbH is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (Germany) GmbH is authorised and regulated by the Federal Financial Supervisory Authority (BaFin). In the European Economic Area this communication is directed solely at persons who would be classified as professional investors within the meaning of Directive 2011/61/EU (AIFMD). Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients. 

Hamilton Lane (UK) Limited is a wholly-owned subsidiary of Hamilton Lane Advisors, L.L.C. Hamilton Lane (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA). In the United Kingdom this communication is directed solely at persons who would be classified as a professional client or eligible counterparty under the FCA Handbook of Rules and Guidance. Its contents are not directed at, may not be suitable for and should not be relied upon by retail clients. 

Hamilton Lane Advisors, L.L.C. is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 in respect of the financial services by operation of ASIC Class Order 03/1100: U.S. SEC regulated financial service providers. Hamilton Lane Advisors, L.L.C. is regulated by the SEC under U.S. laws, which differ from Australian laws. The PDS and target market determination for the Hamilton Lane Global Private Assets Fund (AUD) can be obtained by calling 02 9293 7950 or visiting our website www.hamiltonlane.com.au.  

Any tables, graphs or charts relating to past performance included in this presentation are intended only to illustrate the performance of the indices, composites, specific accounts or funds referred to for the historical periods shown. Such tables, graphs and charts are not intended to predict future performance and should not be used as the basis for an investment decision. 

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

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

This material is being issued by Hamilton Lane (UK) Limited (DIFC Branch) (''Hamilton Lane DIFC''). Hamilton Lane DIFC is regulated by the Dubai Financial Services Authority (''DFSA''). This document is intended for Professional Clients and Market Counterparties only as defined by the DFSA and no other person should act upon it. 

In some instances, this presentation may be distributed by MPW Capital Advisors Limited (“MPW”) on behalf of Hamilton Lane and is for informational purposes only. MPW is incorporated in the Abu Dhabi Global Market (“ADGM”) and is authorized and regulated by the Financial Services Regulatory Authority (“FSRA”)”. Nothing contained in this presentation constitutes investment, legal or tax advice. Neither the information, nor any opinion contained in this presentation constitutes a solicitation or offer by MPW, to buy or sell any securities or other financial instruments or products. Decisions based on information contained on this presentation are the sole responsibility of the visitor. No guarantee, representation, undertaking, warranty, advice or opinion, express or implied, is given by MPW or their respective directors, officers, partners, shareholders or members or employees or agents as to the accuracy, authenticity or completeness of the information or opinions contained on this presentation and no liability is accepted by such persons for the accuracy, authenticity or completeness of any such information or opinions. Important risk factors that could impact our ability to deliver the services include, among others, the following: developments and changes in laws and regulations, including increased regulation of the financial services industry through legislative action and revised rules and standards applied by regulators. Furthermore, any opinions are subject to change and may be superseded without notice. 

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