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Hamilton Lane
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Updated Aug 4, 2026
Hamilton Lane Q1 FY27: Incentive fees surge 170% YoY to $114M, driving FRE margin expansion to 53% and Adjusted EBITDA up 61%
Hamilton Lane delivered a breakout first fiscal quarter of 2027, with total revenues of $275.3 million — a 56% year-over-year increase — almost entirely driven by a 170% surge in incentive fees to $114.0 million, led by evergreen fund realizations of $86.8 million. Fee-related earnings reached $124.5 million (up 49% YoY) with margin expanding to 53%, while unrealized carried interest of $1.5 billion across 3,000+ assets and 120+ funds signals durable future realization capacity. Fee-earning AUM grew 12% YoY to $83.7 billion, with specialized funds growing 25% YoY, validating the firm's multi-year push into scaled product diversification.
Tone: bullishRevenue
$759M
HLNE 10-K · FY 2026
Employees
785
Revenue FY2025
$713M
Founded
1991
Profile
HLNE 10-K Item 1 · May 21, 2026Hamilton Lane is a global private markets investment solutions provider offering discretionary and non-discretionary investment management, advisory, and reporting services across private equity, private credit, real estate, infrastructure, and related asset classes. The firm serves a broad institutional and private wealth client base through customized separate accounts, specialized commingled funds, and advisory mandates. As of March 31, 2026, it managed approximately $142 billion in discretionary AUM and advised on approximately $905 billion in non-discretionary AUA.
Read filing description ↓ Collapse description ↑
We are a global private markets investment solutions provider dedicated to private markets investing. Since our founding in 1991, we have partnered with clients to design, implement and oversee portfolios of private markets funds and direct investments to help them access a diversified set of investment opportunities worldwide. As of March 31, 2026, we had approximately $142 billion of discretionary assets under management ('AUM'), and approximately $905 billion of non-discretionary assets under advisement ('AUA'). Our clients include a broad range of investors from large global institutional investors to private wealth clients. Our clients rely on us for our private markets expertise, industry relationships, differentiated investment access, risk management capabilities, proprietary data advantages and analytical tools to navigate the complexity of private markets investing. We offer a variety of investment solutions to address our clients' needs across a range of private markets, including private equity, private credit, real estate, infrastructure, other real assets, growth equity, venture capital and impact. These solutions are constructed from a range of investment types, including primary investments in funds managed by third-party managers, direct investments alongside such funds and acquisitions of secondary stakes in such funds, with a number of our clients utilizing multiple investment types. We currently have approximately 785 employees, including approximately 265 investment professionals, operating across 23 global offices supporting our platform and servicing our clients throughout the world.
Primary products
- Customized Separate Accounts
- Specialized Funds
- Advisory Services
- Distribution Management
- Cobalt LP
- Reporting, Monitoring, Data and Analytics
Business segments
End markets
Geographies
“We compete primarily in the advisory services area of the business with firms that are regionally based and with a select number of large consulting firms.” Competitive position, as stated in the filing
Revenue commentary · FY 2026
Total revenues increased from $712.963 million in fiscal 2025 to $758.993 million in fiscal 2026, driven by growth in management and advisory fees partially offset by a decline in incentive fees.
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