Hamilton Lane Incorporated
HLNE 5.5Price and target zones价格与目标区间
In the buy zone在买入区间内
What the company does公司做什么
Hamilton Lane Incorporated is a private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies. The firm manages alternative investment strategies like direct credit, direct, fund of fund, evergreen and real assets.
For primary and secondary fund of fund investments, the firm focuses to invest in private equity, buyout, special situations, credit, growth equity, middle market, mature, turnarounds, mezzanine and venture capital funds.
The firm prefers to invest in disruptive technologies and innovative companies.
It prefers to invest in space, engine, alternative energy resources, environmental & facilities services, households durables, leisure products, textiles, manufacturing services, water purification, online training service, healthcare services & technology, energy, industrials, commercial services, internet software & services, consumer discretionary, health care, real estate, information technology, tech-enabled businesses, financials, utilities, and consumer services.
The firm prefers to invest in Africa/Middle East, Asia/Pacific, Europe, Southeast Asia, Korea, China, India, Latin America and Caribbean, United States of America, New York, Florida, Arizona, Nevada, New Mexico, Oregon, Washington, California and surrounding states, Australia, Japan, Brazil, United Kingdom, and Canada.
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Hamilton Lane Incorporated is a private equity and venture capital firm specializing in early venture, emerging growth, turnaround, middle market, mature, mid-venture, bridge, buyout, distressed/vulture, loan, mezzanine in growth capital companies. The firm manages alternative investment strategies like direct credit, direct, fund of fund, evergreen and real assets. For primary and secondary fund of fund investments, the firm focuses to invest in private equity, buyout, special situations, credit, growth equity, middle market, mature, turnarounds, mezzanine and venture capital funds. The firm prefers to invest in disruptive technologies and innovative companies. It prefers to invest in space, engine, alternative energy resources, environmental & facilities services, households durables, leisure products, textiles, manufacturing services, water purification, online training service, healthcare services & technology, energy, industrials, commercial services, internet software & services, consumer discretionary, health care, real estate, information technology, tech-enabled businesses, financials, utilities, and consumer services. The firm prefers to invest in Africa/Middle East, Asia/Pacific, Europe, Southeast Asia, Korea, China, India, Latin America and Caribbean, United States of America, New York, Florida, Arizona, Nevada, New Mexico, Oregon, Washington, California and surrounding states, Australia, Japan, Brazil, United Kingdom, and Canada. The firm prefers to invest between $0.25 million and $100 million in companies with small- to mid-sized enterprise values. It prefers to take majority stake. Hamilton Lane Incorporated was founded in 1991 and is based in Philadelphia, Pennsylvania with additional offices across Europe, North America, Asia Pacific and the Middle East.
Company facts公司资料
- Founded成立时间
- 1991
- Employees员工人数
- 800
- Industry行业
- Asset Management
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
👀 ANALYZED 8/12 — first file ever. WATCH, ~12% above the $80-92 zone. Hamilton Lane, the private-markets allocator. Passes this sleeve's test cleanly: 2.32% yield, 14.7% 9yr dividend CAGR, nine straight raises, never cut, 34% FCF payout — and the dividend survives a complete carry drought on management fees alone. The recurring engine compounds 15.6%/yr with zero down years and the blended fee rate has risen four straight years while the whole field discounts.
Red flags
- The reservation is earnings quality, not the dividend: like-for-like FRE is −16%, not the +36.8% reported, after a 2025-05-29 definition change confirmed by a filed restatement. Trim 18x fwd — deliberately below BX/ARES (~19.6-19.8x), which HLNE should not clear while its FRE definition is contested and governance offers Class A no recourse
🆕 2026年8月12日分析——史上第一份文件。 观望（WATCH）——好生意、价格公允、会计口径存疑。 ** Hamilton Lane——私募市场的配置方（母基金、二级市场、跟投、专户），$146B 自主管理 AUM + $914B 顾问类 AUA。 ⚠️ “$1 万亿”这个标题用错了分母——AUA 只赚 0.23 个基点，而且在 AUA 增长 10% 的同时它的收入下降了 10%；真正的生意是 $84B 的收费 AUM，费率 78 个基点。 ✅ 管理费 6 年复合增长 +15.6%，没有一年下滑；综合费率 连续四年上升（0.702%→0.778%）——没有费率压缩；每股自由现金流复合增长 +23.4%；公司层面为净现金，利息覆盖 21.7x，零并购；经济股数 8 年间年均仅 +1.2%，并且因首次进行的 $50M B 类股回购而开始下降。 💰 股息 +11% 至 $2.40，9 年复合增长 14.7%，从未削减，占自由现金流 34%——即使 carry 完全枯竭也能维持。 ** 🚩 但 FRE 的定义在 2025-05-29 被修改过（剔除股权激励费用，并把基于 NAV 的业绩收入并入），追溯重述证实了这一点——同一个 9 个月期间先后被报为 $165.8M，然后是 $186.1M。 同口径下 FRE 为 −16.0%，而报告值为 +36.8%；FY24→FY26 管理费 +29%，而保守口径的 FRE 从 $192.2M 变为 $191.1M：收费引擎没有经营杠杆。 ** 🚩 受控公司——B 类股以 21.4% 的经济权益掌握 73.2% 的投票权，A 类股东无法迫使公司披露那份能一锤定音的数据。 🚩 StepStone 从同一起点把费收做到 3.25 倍，而 HLNE 只有 2.02 倍，两者却都是 14x。 ⚖️ 即使把有争议的 carry 全部归零，收费引擎加资产负债表仍值 约 $80-90/股——下行是有底的。 ** 合理价值 $85-128，买入区间 $80-92。 🟢 $18.5M 的内部人买入已通过 EDGAR 逐笔核实，2025 年 9 月以来无人卖出——Rogers 以约 $90 买入 $9.99M，随后**又在 $78 加仓 $3.01M，越跌越买。 他们买在 $78-90，而不是 $103。 **
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 32%
- Revenue growth营收增长
- +56%
- Dividend yield股息率
- 2.78%
Competitive advantages竞争优势 from the thesis and the reports来自投资逻辑和报告
- The market is already removing the toll booths and paying for the manufacturing.
- Moat — real, narrowing, and pointed at the wrong enemy Claimed moat Rating --- --- 40-year proprietary data asset Real internally, weak as a product.
- And it is a moat against small allocators, not against BX/KKR/APO — they are the GP Switching costs on SMAs The premise is wrong — 30–90 day termination, per HLNE's own risk factor.
- Real lock exists only in drawdown funds Brand with pensions/sovereigns Real but losing relative share — see below Efficient scale in secondaries Narrative.
- HLNE's counter — diversification across managers rather than concentration in one brand — is real, and it is the only one it has.