Hamilton Lane Incorporated
- Open
- 79.60
- Day high
- 81.69
- Day low
- 78.60
- Prev close
- 78.83
- Volume
- 373K
- Mkt cap
- $3.5B
- P/E (TTM)
- 13.1
- EPS (TTM)
- $5.99
- P/B
- 3.8
- P/S
- 4.6
- Yield
- 2.82%
- Per share
- $2.22
- ▲Insiders net buying $9.2M over the last 3 months (7 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Hamilton Lane Incorporated (HLNE) is a Financial Services company listed on NASDAQ. The stock is down 46% over the past year. Over the trailing 3 months, insiders filed 7 open-market buys and 0 sales (SEC Form 4).
Hamilton Lane Incorporated (HLNE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
HLNE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 21, 2026 | $1.43 | $1.49 | +4.2% | $194M | -4.7% |
| Feb 3, 2026 | $1.28 | $1.55 | +21.1% | $199M | -3.3% |
| May 29, 2025 | $1.17 | $1.21 | +3.4% | $198M | +16.0% |
| Feb 4, 2025 | $1.13 | $1.25 | +10.6% | $168M | +5.9% |
| May 23, 2024 | $1.01 | $1.38 | +36.6% | $177M | +29.8% |
| Feb 6, 2024 | $0.88 | $0.71 | -19.3% | $125M | -8.8% |
| Aug 1, 2023 | $0.86 | $0.94 | +9.3% | $125M | +8.1% |
| May 25, 2023 | $0.77 | $0.96 | +24.7% | $113M | -4.7% |
| Feb 7, 2023 | $0.81 | $0.43 | -46.9% | $127M | +5.3% |
| Nov 1, 2022 | $0.59 | $1.02 | +72.9% | $153M | +49.5% |
| Aug 2, 2022 | $0.79 | $0.92 | +16.5% | $136M | +20.7% |
| May 26, 2022 | $0.80 | $0.89 | +11.2% | $101M | +2.4% |
HLNE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Rogers Hartley R.director, 10 percent owner, officer: Executive Co-Chairman | Buy | 10,612 | $77.86 |
| Jun 15, 2026 | Kramer Andrea Anigati10 percent owner, officer: Chief Operating Officer | Buy | 1,283 | $77.46 |
| Jun 15, 2026 | Rogers Hartley R.director, 10 percent owner, officer: Executive Co-Chairman | Buy | 27,678 | $78.73 |
| Jun 15, 2026 | BERKMAN DAVID Jdirector | Buy | 15,000 | $76.27 |
| Jun 2, 2026 | Gavalis Lydiaofficer: General Counsel & Secretary | Grant | 1,139 | — |
| Jun 2, 2026 | Armbrister Jeffrey Brianofficer: Chief Financial Officer | Grant | 2,109 | — |
| Jun 2, 2026 | Carl Drew Thomasofficer: Chief Accounting Officer | Grant | 675 | — |
| Jun 2, 2026 | Kramer Andrea Anigati10 percent owner, officer: Chief Operating Officer | Grant | 62 | $84.89 |
| Jun 2, 2026 | Kramer Andrea Anigati10 percent owner, officer: Chief Operating Officer | Grant | 3,543 | — |
| Jun 2, 2026 | Hirsch Erik R.director, 10 percent owner, officer: Co-Chief Executive Officer | Grant | 42,145 | — |
| Jun 2, 2026 | Delgado-Moreira Juandirector, 10 percent owner, officer: Co-Chief Executive Officer | Grant | 38,087 | — |
| May 28, 2026 | Rogers Hartley R.director, 10 percent owner, officer: Executive Co-Chairman | Buy | 7,975 | $90.43 |
| May 28, 2026 | Rogers Hartley R.director, 10 percent owner, officer: Executive Co-Chairman | Buy | 47,025 | $89.99 |
| May 28, 2026 | Rogers Hartley R.director, 10 percent owner, officer: Executive Co-Chairman | Buy | 466 | $92.76 |
| Mar 17, 2026 | Hirsch Erik R.director, 10 percent owner, officer: Co-Chief Executive Officer | Tax | 6,912 | $96.85 |
Source: HLNE SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full HLNE insider & 13F page →Hamilton Lane Incorporated company profile
Overview
Hamilton Lane Incorporated (NASDAQ:HLNE) is a leading global private markets investment management firm founded in 1991 and headquartered in Conshohocken, Pennsylvania. The company went public in March 2017 and has grown to become one of the largest independent alternative asset managers, with offices across North America, Europe, and Asia-Pacific. Hamilton Lane specializes in providing comprehensive private markets solutions to institutional investors, high-net-worth individuals, and retail clients through a diversified platform that includes fund investments, direct investments, co-investments, and secondary transactions across private equity, venture capital, credit, real estate, and infrastructure asset classes.
Business
Hamilton Lane operates as a comprehensive private markets investment manager and advisory firm, serving clients across the entire alternative investment ecosystem. The company's business is structured around several key service offerings that collectively manage and advise on nearly $958 billion in total assets. The firm's Customized Separate Accounts business represents approximately 28% of fee-earning assets under management (AUM), totaling $39 billion. These are bespoke investment vehicles tailored to individual institutional clients' specific requirements, risk profiles, and investment objectives. Clients typically include pension funds, endowments, foundations, and sovereign wealth funds seeking customized exposure to private markets. Specialized Funds comprise roughly 24% of fee-earning AUM at $33 billion and represent Hamilton Lane's proprietary fund offerings. These include sector-specific strategies such as venture capital, growth equity, infrastructure, secondary investments, and credit funds. The specialized funds business has shown particularly strong growth, expanding 16% year-over-year as the firm launches new products and strategies. The rapidly growing Evergreen Funds platform, with $10.7 billion in AUM, provides semi-liquid private markets exposure primarily to high-net-worth individuals and retail investors through wirehouses and registered investment advisors. Unlike traditional private equity funds with 10-year lock-ups, Evergreen funds offer quarterly liquidity mechanisms while maintaining long-term private markets exposure. Advisory and Reporting Services generate fees through due diligence, portfolio monitoring, and strategic advisory relationships. The company also operates a Technology Solutions business through its Cobalt platform, providing data analytics and reporting services to over 200 clients with $28 million in annual contract value and a 100%+ net revenue renewal rate. Hamilton Lane's investment scope spans globally across North America, Europe, Asia-Pacific, and emerging markets, with the firm maintaining 22 offices worldwide to support its international client base and deal sourcing capabilities.
Revenue model
Hamilton Lane generates revenue through multiple complementary streams tied to its assets under management and advisory relationships. The primary revenue driver is management and advisory fees, which totaled $514 million in fiscal 2025, representing 72% of total revenue. These fees are typically charged as a percentage of committed capital or net asset value, with blended fee rates averaging 61 basis points across the platform. Incentive fees and carried interest represent the second major revenue stream, generating $129 million in the most recent quarter when fund performance triggers distributions. The company maintains approximately $1.3 billion in unrealized carried interest, providing significant upside potential as portfolio companies mature and are sold. Carried interest is typically earned at 15-20% of profits above preferred return thresholds. The firm's paying customers include institutional investors such as pension funds, endowments, foundations, insurance companies, and sovereign wealth funds for the separate accounts and specialized funds businesses. High-net-worth individuals and retail investors access Hamilton Lane's strategies through the Evergreen platform via financial advisors and wirehouses. The technology solutions business serves both existing clients and third-party asset managers seeking private markets data and analytics capabilities. Several factors influence Hamilton Lane's profitability margins. Positive margin drivers include the scalability of the platform as AUM grows, higher-margin specialized funds and Evergreen products, and technology solutions revenue with minimal incremental costs. The firm benefits from its global scale and established relationships that provide deal flow advantages and lower client acquisition costs. Margin pressures include increased competition for talent driving compensation costs higher, regulatory compliance expenses, technology infrastructure investments, and third-party distribution fees for Evergreen products sold through wirehouses. Market volatility can impact both fundraising timelines and the realization of carried interest, creating revenue lumpiness. Additionally, the firm's growth investments in new products, geographic expansion, and technology partnerships require upfront spending before generating returns.
Competitive moat
Hamilton Lane's competitive moat stems from several interconnected advantages built over three decades in private markets. The firm's scale and global presence with $958 billion in total assets provides significant deal flow advantages, allowing access to exclusive investment opportunities and preferred terms with general partners worldwide. This scale also enables the company to offer comprehensive solutions across the private markets spectrum, from fund investments to direct deals and secondaries. The company's proprietary data advantage represents a substantial moat, with decades of performance data across thousands of private market investments stored in its Cobalt platform. This data provides superior due diligence capabilities, risk assessment, and portfolio construction insights that smaller competitors cannot replicate. The firm monetizes this data both directly through technology solutions and indirectly as a competitive differentiator in winning mandates. Client relationships and switching costs create additional defensive characteristics. Institutional clients typically maintain long-term relationships spanning multiple fund cycles, and the complexity of private markets investing creates high switching costs. The firm's track record, established processes, and global infrastructure make it difficult for clients to replicate these capabilities internally or through smaller competitors. However, Hamilton Lane faces meaningful competitive threats. Large asset managers like BlackRock, KKR, and Apollo continue expanding their private markets capabilities and distribution reach. Technology disruption could democratize access to private markets data and deal flow, potentially eroding Hamilton Lane's information advantages. The firm's dependence on institutional relationships makes it vulnerable to shifts in asset allocation preferences or regulatory changes affecting private markets investing. The strength of Hamilton Lane's moat is moderate to strong in the near term due to scale advantages and data superiority, but faces long-term pressure from larger competitors with greater resources and potential technology disruption. The firm's ability to maintain its moat depends on continued innovation, global expansion, and successful development of retail distribution channels.
Risks & safety
Hamilton Lane demonstrates a strong financial position with moderate margin of safety considerations: • Liquidity and Solvency: The company maintains $284 million in cash and short-term investments against $123 million in current liabilities, providing substantial liquidity cushion. Free cash flow generation of $42 million in the most recent quarter supports operational flexibility. • Debt Management: Debt-to-equity ratio of 51% is manageable for an asset management firm, with total liabilities of $766 million against $924 million in shareholders' equity. The firm generates strong cash flows to service debt obligations. • Valuation Metrics: Trading at 29.9x trailing earnings and 8.4x book value, the stock appears expensive relative to traditional value metrics. However, asset management firms often trade at premium multiples due to recurring revenue streams and scalability. • Fee-Based Revenue Stability: Approximately 72% of revenue comes from management fees, providing relatively stable cash flows even during market downturns. The $1.3 billion unrealized carried interest balance offers significant upside potential. • Market Sensitivity: Private markets valuations and fundraising activity remain sensitive to interest rates, market volatility, and investor sentiment, creating potential revenue volatility during economic downturns. • Growth Investment Risks: Ongoing investments in technology, new products, and geographic expansion require capital deployment before generating returns, potentially pressuring near-term profitability.
Recent development
Over the past several years, Hamilton Lane has executed a comprehensive strategy focused on product diversification, technology advancement, and global expansion. The firm has significantly expanded its Evergreen platform, growing AUM from $3.7 billion in fiscal 2023 to $10.7 billion in fiscal 2025, representing the company's fastest-growing business segment. This growth has been driven by successful partnerships with wirehouses and the launch of new semi-liquid products across infrastructure, secondaries, and venture capital strategies. The company has made substantial technology investments to enhance its competitive position and create new revenue streams. Key developments include the expansion of the Cobalt data analytics platform, strategic partnerships with Northern Trust for private markets data solutions, and investments in emerging technologies like blockchain tokenization through partnerships with Securitize and other platforms. The recent investment in 73 Strings, an AI-powered data extraction platform, demonstrates the firm's commitment to leveraging artificial intelligence for operational efficiency. Product innovation has been a major focus, with Hamilton Lane launching multiple new specialized funds including infrastructure opportunities, venture and growth strategies, impact investing, and strategic credit funds. The firm successfully raised $5.6 billion for its Sixth Secondary Fund, representing its largest institutional fundraise to date. Additionally, the company has expanded its direct investment capabilities and co-investment offerings to meet growing client demand for these strategies. Geographic expansion continues with the opening of new offices, including Shanghai as the firm's sixth Asia-Pacific location, reflecting the company's commitment to capturing opportunities in high-growth international markets. The firm has also strengthened its distribution capabilities through expanded wirehouse relationships and the development of new channels for reaching retail and high-net-worth investors. Leadership transition has been another significant development, with the appointment of co-CEOs Erik Hirsch and Juan Delgado-Moreira as founder Mario Giannini stepped down, ensuring continuity while bringing fresh perspectives to drive future growth initiatives.
HLNE company profile · for informational purposes only — not investment advice.
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