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Hamilton Lane helps pension funds, insurers, sovereign wealth funds and wealthy investors build portfolios of private equity, private credit and other private-market assets. It selects third-party funds, invests alongside them and buys existing fund interests. Clients can give it authority to invest through a tailored account or pool their money in Hamilton Lane’s specialized funds. Advisory clients instead retain investment decisions while paying for recommendations and oversight.
Management and advisory fees supply most revenue, with specialized funds contributing the largest share and tailored accounts the next largest. Management fees generally apply to capital investors have committed, capital already invested or the portfolio’s net asset value. Advisory clients mostly pay fixed annual fees, so a larger portfolio does not automatically mean more advisory revenue. Hamilton Lane also earns a smaller, variable stream of profit-based fees when certain funds and accounts meet contractual performance conditions.
The business depends on attracting and retaining client capital, finding investments and putting capital to work as older investments return cash. Fees based on net asset value also move with valuations, while profit-based fees depend on investment gains and, often, exits. Clients outside the United States provide most management and advisory fee revenue, but no single client supplies a large share. As a registered investment adviser, Hamilton Lane must act in clients’ interests; rules governing its registered funds also restrict certain transactions with affiliates.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
StepStone Group Inc. competes with Hamilton Lane for substantially the same institutional and wealth clients, building tailored private-market portfolios, committing to new funds, buying existing fund interests and investing alongside funds, while also selling advice and portfolio analytics. Its separately managed accounts are a useful place to watch competition for customized portfolios.
Ridgepost Capital, Inc. competes with Hamilton Lane to build clients’ private-market portfolios through tailored accounts and funds that commit to new funds, buy existing interests and invest alongside other managers. Watch its recurring management and advisory fees: most come from committed capital typically locked up for ten to fifteen years.
The Carlyle Group Inc. competes with Hamilton Lane for investors’ capital through AlpInvest, which builds private-equity portfolios and invests in funds. AlpInvest, rather than Carlyle’s broader credit business, is the business to watch against Hamilton Lane’s new-fund commitments, purchases of existing fund interests and direct investments.
Ares Management competes with Hamilton Lane for institutional and wealth investors’ money in private credit, purchases of existing fund interests, private equity and real assets through funds and tailored accounts. Watch fundraising through intermediaries alongside repeat commitments from institutions: both show its reach into client groups Hamilton Lane also serves.
Blackstone competes with Hamilton Lane for investors’ private-equity, credit and real-asset allocations, and both earn income tied to investment performance. Watch Blackstone’s performance revenues, including its share of fund profits after specified investor returns; they provide a comparison for Hamilton Lane’s incentive fees, not a matching fee formula.
KKR & Co. competes with Hamilton Lane to manage institutional and individual investors’ private-market capital; those client allocations support recurring management fees at both firms.
TPG competes with Hamilton Lane for investors’ private-market allocations through private-equity, growth, credit and real-estate strategies. Watch those individual platforms rather than total assets alone: TPG’s asset growth also includes acquisitions.
Brookfield Asset Management competes with Hamilton Lane for institutional and wealth clients buying private-equity, credit, real-estate and infrastructure investments. Watch the capital on which Brookfield earns fees: money raised through its products supports base management fees and potential performance income.
Apollo Global Management competes with Hamilton Lane for clients’ private-equity allocations, but its substantial retirement-services business makes company-wide results a less direct comparison. Its private-equity monitoring and investment-deployment fees are closer to the investment-management business Hamilton Lane operates.
Blue Owl Capital Inc. competes with Hamilton Lane’s private-market funds for institutional and wealth investors’ capital through private-credit and other alternative investment products.
Affiliated Managers Group’s affiliated investment firms compete with Hamilton Lane for mandates to manage clients’ private-market money. Watch their private-market assets separately: they managed approximately $146 billion as of December 31, 2025, distinct from their liquid alternatives, equities and other strategies.
Brookfield Corporation’s asset-management business competes with Hamilton Lane for clients’ private-market capital, but insurance and operating businesses make its overall results a less direct comparison. Focus on fundraising that adds capital on which it earns management fees, rather than growth driven by rising listed-affiliate share prices.
Hamilton Lane Incorporated earningsThis company
Hamilton Lane earns much of its recurring revenue from specialized funds and customized accounts, and this report will show whether those fee streams are still growing.
Read management and advisory fees from specialized funds and customized accounts alongside fee-earning assets, Hamilton Lane’s measure of assets on which it earns management fees. If both grow, client assets are supporting a larger recurring fee base; if assets grow but fees lag, rate step-downs, changes in fee bases or slower deployment may be limiting the conversion. Then separate incentive fees: they depend on fund performance and investment realizations, so they are less dependable than management fees. Together, these figures show whether Hamilton Lane’s growth rests on a stronger recurring fee base.
StepStone Group Inc. earningsSTEP
StepStone Group’s report will show whether institutions and wealth investors are still committing capital to the tailored private-market portfolios it and Hamilton Lane both offer.
Look at whether StepStone Group’s separately managed accounts are growing, then compare that with Hamilton Lane’s customized-account business and fee-earning assets. If StepStone’s accounts grow more strongly while Hamilton Lane’s customized-account business weakens, competition for mandates from the same kinds of clients may be intensifying. If StepStone slows while Hamilton Lane holds steady, Hamilton Lane looks more resilient, but that does not prove capital shifted from one firm to the other. The comparison shows whether demand for tailored private-market portfolios is holding up and how much competitive pressure Hamilton Lane may face.
