Hamilton Lane, Q2 2027 Earnings Call Transcript

Hamilton Lane’s fee-earning AUM and fee-related earnings grew strongly year over year, with growth increasingly driven by specialized funds and higher-fee strategies. Evergreen assets rose 42% year over year, and quarterly net inflows accelerated, though management cautioned that flows will fluctuate and growth will not be linear. The firm expects meaningful growth in specialized funds as several flagship products fundraise or launch, while expanding into GP-led secondaries and new credit strategies. Management expects annual fee-related earnings margins to remain in the low 50% range over the longer term.

Fundraising demand remains strong in secondaries, which management views as undercapitalized relative to opportunities, and it intends to scale the platform. Client mandates and new products support further growth, while the FactSet partnership is expected to generate recurring revenue and has room to expand. The exit environment is uneven: liquidity and fundraising vary widely across managers, and it is too early to identify a broad trend from recent interest-rate moves. Wealth-channel flows may also vary, as investor sentiment and product preferences shift.