CONSHOHOCKEN, Pa., Dec. 9, 2021 /PRNewswire/ -- Hamilton
Lane (NASDAQ: HLNE) announced today it will serve as the private
equity manager for the Future Initiative, a program approved by the
Massachusetts Pension Reserves Investment Management Board ("PRIM")
on December 2, 2021. The
program's goal is to invest up to $1
billion in emerging-diverse managers across asset classes
over the next two years in a program designed to help reduce
barriers and expand opportunities for emerging-diverse investment
managers.
Management of the private equity portion of the program is an
expansion of Hamilton Lane's nearly 15-year relationship with PRIM,
where Hamilton Lane serves as private equity consultant to PRIM's
$15 billion, award-winning private
equity program. Hamilton Lane plans to facilitate the achievement
of the goals set out in the Future Initiative by meeting with,
performing due diligence and making investments on behalf of PRIM
in diverse managers, with the goal of seeding managers who can
perform and institutionalize over time and ultimately graduate to
PRIM's core private equity program. Consistent with PRIM's core
private equity strategy, the program will target buyout, growth
equity and venture capital strategies.
"We are thrilled to have the opportunity both to build on our
long-tenured relationship with PRIM and to leverage our experience
and expertise investing capital with diverse managers," said
Cori English, Principal at Hamilton
Lane and long-term manager of the PRIM relationship.
Hamilton Lane reviews and invests a significant amount of
capital into the diverse and emerging manager universe on behalf of
its clients. As of September 30,
2021, 40% of Hamilton Lane's deal flow was in diverse or
emerging managers. The firm has committed $3.4 billion of client capital into diverse
managers for the first nine months of 2021 and has had a track
record of success in the space. The firm's investments with diverse
managers have generated a 29.63% IRR for the five years ending
June 30, 2021 – outperformance of 917
bps over the S&P 500 and 1,211 bps over the MSCI World
Index.*
"Programs like PRIM's Future Initiative are incredibly important
to the diverse and emerging manager ecosystem. We are encouraged by
the momentum and progress in this area and are excited to be
playing an even bigger role in allocating capital to these
excellent and deserving GPs," said Katie
Moore, Managing Director and Head of Emerging & Diverse
Investing at Hamilton Lane.
Private equity managers interested in seeking capital from the
Future Initiative should apply via Hamilton Lane's website by
clicking here.
About Hamilton Lane
Hamilton Lane (NASDAQ: HLNE) is a
leading private markets investment management firm providing
innovative solutions to sophisticated investors around the world.
Dedicated exclusively to private markets investing for 30 years,
the firm currently employs more than 500 professionals operating in
offices throughout North America,
Europe, Asia Pacific and the Middle East. Hamilton Lane has $805 billion in assets under management and
supervision, composed of $96 billion
in discretionary assets and $709
billion in advisory assets, as of September 30, 2021. Hamilton Lane specializes in
building flexible investment programs that provide clients access
to the full spectrum of private markets strategies, sectors and
geographies. For more information, please visit
www.hamiltonlane.com or follow Hamilton Lane on
LinkedIn: https://www.linkedin.com/company/hamilton-lane/.
About The Massachusetts Pension Reserves Investment
Management Board
The Massachusetts Pension Reserves
Investment Management (PRIM) Board serves as a professional
investment service for the retirement assets of Massachusetts teachers and many state and
municipal employees. PRIM's mission is to provide a professional
investment service for retirees that maximizes the return on
investment within acceptable levels of risk and cost. PRIM
broadly diversifies its investment portfolio, capitalizing on
economies of scale to achieve cost-effective, high quality,
innovative investment management strategies and results. Learn more
at http://www.mapension.com/.
*The Primary Diverse Manager Discretionary Track Record
includes all commingled funds-of-funds and separate accounts
managed by Hamilton Lane for which Hamilton Lane retains a level of
discretion for the investment decisions, as of June 30, 2021. The results herein include all
primary fund investments with a manager that has been identified by
Hamilton Lane as a 'Diverse Manager' for investments with a vintage
year on or after 2014. A manager is diverse if there is 25%
diversity in 2 of the 4 categories of: Ownership Level, Investment
Committee, Carried Interest, or Investment Team. Diversity
classification is based on the current assessment of the manager,
and not at the time of the investment. This presentation includes
the performance of investments through the reporting date that were
made on behalf of six accounts that Hamilton Lane no longer manages
but still has access to the performance data. Because the
performance includes investments made on behalf of accounts that
Hamilton Lane no longer manages but has access to the performance
information, such performance may not reflect the impact that
material economic and market factors might have had on Hamilton
Lane's decision making if those accounts were still clients of
Hamilton Lane. This presentation excludes investments made on
behalf of two accounts which Hamilton Lane no longer manages where
Hamilton Lane no longer has access to the historical or current
performance data of those investments. This presentation also
excludes investments where only one account committed to an
investment and the account that committed to the investment is no
longer an active client, causing Hamilton Lane to no longer have
access to the performance data of those investments. Because
the performance does not include these investments, such
performance could be materially impacted if Hamilton Lane still had
access to the performance data. As of June 30, 2021, this presentation represents
commitments of $6.5 billion; in total
Hamilton Lane had $95.8 billion in
commitments for all discretionary accounts.
As of December 2019,
Hamilton Lane changed its criteria for the Discretionary Track
Record to include all primary investments. In previous track
records, direct investments were excluded from the Discretionary
Track Record and primary fund investments were only included if two
or more accounts committed to the investment.
Past performance is not an indicator of future results.
Performance cited is gross of Hamilton Lane fees, but net of
underlying manager fees.
Definitions
The S&P 500 Index tracks 500
largest companies based on market capitalization of companies
listed on NYSE or NASDAQ.
The MSCI World Index tracks
large and mid-cap equity performance in developed market
countries.
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SOURCE Hamilton Lane