Hamilton Lane Raises Firm Record $5.6 Billion for Secondary Fund

Hamilton Lane Inc. raised a firm record $5.6 billion of commitments for an investment vehicle that will focus on buying interests in private asset management funds.

That’s about $600 million more than the initial target for the new secondary fund and 40% more than the preceding vintage, Conshohocken, Pennsylvania-based Hamilton Lane said Tuesday in a statement.

Hamilton Lane, which oversees more than $920 billion, is expanding a business that has drawn increasing interest from private equity investors — or limited partners — looking to cash out their holdings, as they’ve been grappling with a slowdown in distributions amid a ...