HLNE - Earnings call transcript Q1 2021 | Hamilton Lane Incorporated

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Hamilton Lane Incorporated First Quarter Fiscal Year 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your speaker today, John Oh, Investor Relations Manager. Thank you. sir. ahead, go Please,

John Oh

Chairman; Good headquarters. XXXX welcome will Earnings Mario remotely Hirsch joined Lisa. we CFO, Lane to continue be the QX by work Vice Erik CEO; Fiscal Call. our Giannini Atul morning you, Varma to as Pennsylvania and from Hamilton virtually and Thank Today, I

to current we making forward-looking subject statements Before we we and results, statements be quarter's risks the want to These on may will actual our expectations that discuss the remind for business. you materially. cause that to results uncertainties based are the differ

For review file in XX-K included a the these discussion fiscal subsequent and of risks, with the risk XXXX Lane Hamilton please SEC. factors we reports the

important of We our in section performance available will Hamilton the also non-GAAP referring those the non-GAAP made on be can Investor as assessing Public business. earnings in of to be Reconciliation measures to view measures Lane Relations GAAP the materials website. found the presentation we of that

Our will be this when of products. slide note offer filed. in available detailed solicitation purchase financial is to interest Beginning that on an represents Lane's to call three. any results or our Please a nothing Hamilton XX-Q sell on made

EPS million income over adjusted management on of $X.XX, fee of and based non-GAAP the EPS grew For our based $X.X quarter our million revenue XX%, grew on GAAP income. $X.X net fee-related over versus of GAAP advisory This of the into period. approximately translated by XX% while approximately by also earnings and $X.XX, net prior year

Mario. year, to I'll XXXX. fiscal track us share per over this a the quarter, to We increase targeted now call per year keeps equating $X.XXXX $X.XX fiscal XX.X% the declared share over the that, have also last with turn With on dividend of for which

Mario Giannini

good John, Thanks, morning. and

begin thank me call, simply our did last on I you. by as Let saying

and forth the this for grateful sacrifices have put all extraordinary during and trying workers that volunteers period. are efforts We frontline

thanks are our whose lines. to members say also me clients, and of families front those on again Let many

for Lastly, update continuing various our a thank solid quick team deliver and up hard clients. Lane A very our to quarter for a and attributable step their to dedication. and had on work very We offices. you to the that's directly their Hamilton best

some today we've back to operating migration begun back of As to to see office positive more and the environment. normal a

is all heavily add lean thought there engage ways something a are of ramped number Tokyo, is of of production While activities. U.S. Seoul, centered to Hamilton U.S. we in closed, are and in offices showcase our value. limited clients safely Kong and perspectives well and up virtual where our locations, in-person the include of and situation these in are the for even our remains this a we outside and offices of our and early reopened These remain the world fluid, But Sydney. while have as of resumed And the days majority set we find Hong remote a it data nonetheless creativity continues, topics. around unique and to know, on various new working technology One pieces data. and and on we we to in is new become our series Lane series and alive call events. hosting data hard the We've innovation we've encouraging. continue

Beginning turn for on now slide quarter. the some results me Let four. to

region. AUM, represents assets X% billion which the AUA, type, approximately quarter and was both management; continues footprint, size define be we US$ or assets of accounts and under footprint across the footprint highlight approximately geographic XXX funds we Here with X%, our diversified our and continuing growth our stood to US$ AUM long-term advisement. from billion, a for growth Total came and separate asset under and trend. to quarters, prior specialized as client our which year-over-year, our increase at sum Consistent customized total of X asset client year-over-year,

lines we across simply remains winning business of focus and and are pleased continued growing Our both success. with the

As growth which X%, US$ or type at with was in AUM, for from across year-over-year, similar what XX billion to our came geographic we've our seen client and region. approximately AUA,

have we prior in changes. necessarily fluctuate call, AUA earnings AUA variety a that As can And in with of with does the revenue not those quarter-to-quarter reasons, but mentioned move for associated lockstep to no while the of and previous this generation. revenue exists AUA dollars between to continue in will saw an the we scale AUA direct relative quarter dollars increase quarter, correlation emphasize

Let me over turn Erik. to now it

Erik Hirsch

and good morning. Mario you, Thank

X. Moving to on Slide

fee-earning our AUM. highlight we Here

As and is with basis fees. separate of point management driven funds the a combination fee-earning our accounts customized reminder, AUM our specialized

our of will grew separate $X.X accounts. billion our continue specialized or up driver our We makes fee-earning and business of advisory our Relative that prior total significant to over most customized is as year and across stemming the AUM flows both it this XX% positive fees. funds the period fund to from management emphasize XX%,

clients; nearly net our continue came separately, that $X.X key four components by What from have came our fund of is Taken Growth platforms; AUM have new these from in see remained time $X.X over customized and existing driven raising fee-earning funds. rates you to adding accounts steady. fee four, period, past: same the our funds. separate also billion from specialized three, specialized billion be the that here re-ups highlighted clients; growing our segments two, in we two winning and one, our new and existing

separate Slide billion, X. customized AUM accounts XX $XX.X over our to approximately stood Moving growing at X% from past the Fee-earning months.

the avenues accounts the size What is that from see We months here also a type, of you location clients. separate over XX of continue from last the gross than more include XX% that of the see existing and geographic into customized clients. coming to growth inflows variety came

the component this base You've client we've the key AUM. our a that fee-earning past from segment re-ups growth say achieved heard in us remains of existing in of

base base future a opportunities. re-up as winning relationships. client expand in continue noting, we brand-new closed separate addition Worth and again from both once our well existing adding this business in provide which as to relationships, by In for to growing quarter account brand-new we turn re-ups,

funds. Moving Growth here to specialized to be continues strong. our

well executing are business like the and product our set a from across investors remains globe. suite diversified We coming the around rest of of demand robust our

achieved last current of XX Over we billion, nearly of months, positive resulting is still $X.X this nearly months fee-earning the secondary Much in inflows in the AUM. past in to increase attributed growth a over XX% fund market. our XX

the achieved with pleased be to continue we've thus far. results We

additional And million we ability size have add raised. product before, is this of approximately to for billion find noted our for it and current Last the raised of this to this quarter we to until During largest complete as bring total billion. to approximately At secondary that here. surpassed previous comingled interesting remain we which the level was year recent the deployment. the single we $XXX closes dollars optimistic point the fundraising this continue held serving of on now fund totaled we October secondary and ever and fund, commitments have capital. already LP fund our opportunities this we've $X.X environment current some We $X.X up

drivers This product. will that at as million, fund a and/or net here with the an highlighting may it press white power the think positive Lane AUM $X.X respond initiatives, establishing for quickly ability just success positive continued this this recognize total presence closing million Hamilton fund Given quarter, over what space for to largest I well raised $XX targets started by to interest were positive, we the our inflows of generate by of that will on time. across We of Fund. think our semi-liquid as over the reported more inflows deliver continued The positioned. to impact prior And next clients. And early to that we that label importantly, the modest results fees we and retro offering, investments our well in this the did end a fund to fees platform are various market that have have while of environmental was by in capital you in being wants brand-new fund of in believe the speaks amount grow our our along social to seen impact. fundraising use quarter. the the closing the on Evergreen announcement credit a

to Before the turn I highlight the valuations reminder. cover want on the quickly over impact and movement call in unrealized I financials, to an Atul to important provide to

lag the of reminder. report sold a made it would for the Further, most methodology. estimate that be of XXst. point-in-time is best were as First March a It the We valuations results be so our follow reflect to industry, carried and alongside and what basis day. the asset clients the valuations worth interest the investments for quarter our quarter this one of our on unrealized

reflecting related these the this driving in ultimate interest be drops unrealized and the Given carried view not value to assets. the we of and valuations temporary

Additionally, our pools several quite large capital of young. are of

will asset that to the marks will With specifics financial volatility managers. the less was than to our other company significant and traditional diversity also update. of our that, of rest You many in base across turn fund cover the and due note positions Atul our underlying I over the to

Atul Varma

of XXXX. you, for highlights everyone. and shows first fiscal Erik Thank the quarter Slide presentation eight of good morning financial the the

year advisory fee period. our management the to growth and solid continue versus We in see business with prior XX% up

the to in year Our recognized secondary to prior $X.X driven between increased fees our billion $X.X prior We $X.X period. periods. in AUM by Co-Investment or the million in year fund period compared fund period from the in XX% retro the fee-earning from compared million specialized funds latest from secondary Fund added year current over our latest revenue million $X.X

for to prior year $X.X million of to $X.X offerings in accounts of revenue later the period which prior approximately you million and fee for $X.X compared closings first our re-ups X.X% fund fees occur. our from total in compared component incentive of products year were you final to Therefore, period. The dating new or closes to the quarter million Revenue many from the accounts for the separate from period the fund's and increased management had addition existing our related investors our increased many to typically of see into Revenue subsequent a approximately advisory are Incentive several back that of aware, the fund likely due fees spike reporting close. the fees. revenue. retroactive come customized pay raise of clients. As is

provide detail unrealized our Moving on carry to slide balance. we nine, additional some

on earlier, unrealized Erik valuations reflect one our carry basis. lag As quarter mentioned balance a

assets, XXXX, early is balance in diversified and last balance number across good the geography XXst, carry quarter to our the industry a the relatively as valuations of still While continues March of investment down portion reflecting from with be the well of life.

Turning to profiles which earnings. our XX, slide

travel period decreases as $X to revenue fee, year earnings ago. result We headcount. strong remain due expense, growth total fee commissions. year period. earnings earlier. consulting, discussed and prior talent compensation an of add the and we up class were to expenses newest With by professional benefits a compared and $X.X in the increased to continue in million including of operating our XX% million selectively primarily our and performance million analysts due decreased increase $X.X to G&A a regard to Our in weeks mode -- fee-related Total welcoming and expenses the versus prior few growth increased

our on XX. to Moving sheet slide balance

one and our our our March unrealized a clients specialized investments these balance And carry our balance, in separate on like investments valued basis accounts as sheet funds. quarter at are XXst. asset valuations largest alongside on reflect is and lag Our customized

generate an grow for long-term, and senior modestly component expect business alongside and continue the the be our capital clients. view and up call that, for are and to questions. of to our our liabilities, returns as We our continued we'll as these largest our grows. And solid to important joining would growth regard sheet our with to balance In thank open to we Over you investments it levered. we happy investment liability we continue our invest the debt is

Operator

question first the Ken from Thank line [Operator our today JPMorgan. of from Instructions] Worthington And you. comes

Your open. line is

Ken Worthington

question. my materially pretty last up the first for was compensation taking on was growth compensation Good and comp. down. Base Maybe while incentive Hi. you morning. Thank outlook compensation year, from

how next million comp incentive right levels how think or through the it's year that year's before? components? to for hiring year on seen the right $XX forward? should the So comp, the about to in call I XX the grow base level so? last And Does And to at now. we grow rate compensation it think, with run us that Is months these different look should we've maybe or over continue

Atul Varma

Hey, take can it's Atul. I that. Ken,

things two year was quarter the One employees in saw happening. -- a we you from what So added people ago.

with and really revenue quarter up talked we sort strong G&A But of headcount other due T&D about lower expenses, growth year. about lower So strong as and because to we was operating a was year-to-year. the had XX% this

a was normally we As accrual bonus result than see. higher the

year we as with And bit. what expect about We'll G&A little come headquarters, happen T&D to a year. compensation on we're would we So would starts likely talked see back back. later goes two likely quarters as bonus the ago, the you'll come to the will And and moving which in the decrease. recall that new accrual

year-to-year with you basis, or it were where we I in if find so year it to annualized And looked think perspective an from line a at ago. a be you'll

Ken Worthington

that just comp? comp base That's Okay. is total or

Atul Varma

going will be of where higher ago. are so to higher, be headcount. But -- in be in will will revenue was bonus a salaries the year accrual of I benefits as comp, terms a the with be it That of because see, percentage line and -- the total it you'll think

Ken Worthington

you. Got

like And in Okay. a been is like level It Thank we've I reporting, and in know sequentially. looked advisory seen. growth that you. smaller then have the might but highest this XX% at revenue up came line, advisory

we're about nice think like you specialized inflected Has any side? part advisory than separate accounts expected? through we the business? should see growth the can into funds, really reason flow it better read there the and the customized have we any on that is how And of this So the anything into growth may seeing for to

Erik Hirsch

for Thanks the consulting say it is read One continues line would that of business recall item to multiple business past. into than nature the perform components about that in really I Erik. talked well. Ken, there's the that question. to the nothing And pure-play to that has it's it. we've other advisory

and is kind The other then piece technology. back-office distribution of other the is

as to cobalt to part an that move this past, and on advisory. AUM. as of But our that base the into also area after continue of a just So not beginning you're said growth acquisition the advisory them that over well is to them into see contributions is hook increase we've then as adding in

think this the a is that doing growth business and well reflects simply So is -- I that.

Ken Worthington

much. Okay. Great. Thank very you

Operator

next our the line Michael comes And from of Morgan Stanley. from Cyprys question

Your is line open.

Michael Cyprys

distributions billion we account the quarter separate particular to Thanks Good the call for it of a looked morning. there? on higher there elevated Hi. on were separate taking out a side, out question. coming $XXX accounts. bit just side. year distributions Maybe looks in million the like the $X.X meaningfully Anything of the It the separate than saw or account so ago that about

Erik Hirsch

It's is Mike. take I'll issue. Erik. a This really Sure that. timing

come begin the at new But existing the happen having online. large this get gets quarter that in time tranches is couple rollover the you inked we rarely separate to have what have new exact accounts and of same to So roll over. a commitments fortune contract some occur of the the

the I particularly this looking we quarter-to-quarter, not past useful. think So at we've think said is in

you year-over-year sort what taken that that's see gets this of look here. exactly muted. at think and away And I think I going you're noise when to

on the mismatch re-up activity. timing of So some

Michael Cyprys

Got it.

And then at Okay. picture. bigger just a maybe

in-person and and to the you model, you're providing offering the maybe little prop new about process today you key do is there in different diligence a to diligence the But to get funds manager? of us think managers aspects clients given service approach value is travel new meetings. new fund limitations out As and you funds. do the current business diligencing diligence can this evolving how a there. of bit around from that year, behind have talk What your new remind your about and maybe differently and conviction on your a one you each how here others GPs that many that and environment Maybe

Mario Giannini

it how Mike, with question. they of Hey, and things one a It's do and to it's talk It's GPs good clients companies. Mario. portfolio we the that

do the a offices us that sense places first do different in where in perspective of things have to difficult thing that. provides lot have our people is an advantage the one can it's if I know very, of very office where from think we you to

time, last we're But or the Zoom have all of of the a or looking are I seen first this period lot you're been think of in been a relationships, past. again short whatever remember thing that. the it's the managers our remotely even using managers has is we Teams over new lot at done for given us almost depth -- of

it's know at someone all. So not we don't

who or with over people us yesterday For knew XX were all two meeting a with years. of example, the new we some fund a on XX last

So before know. who someone you or to you talking met generally never you're just not have don't

is I the will kinds you you kinds to evolve leverage done. think you we I diligence see those settings. of is things think those leverage to in the you working relationships So way have people of is try begin then what And

You managers go parks aspects how setting think you lot diligence meet core do I that socially the in you to management to said at you, months A think them they be But and as call relationships and either teams or stories remain ways. a Zoom fashion. a same. in over leverage But or we of that creative. very creative new of online. people is ways on in things it deals And meet next the hear figure the of distant the can as to past out we're doing or look the I all I few going get

Michael Cyprys

Great. Thank you.

Operator

Alexander line Goldman from Sachs. comes from of next Blostein question Our the

open. is line Your

Alexander Blostein

Thanks, wanted great. you secondaries thoughts to your question. I market. taking guys the Thanks ask the for around

that fund with doing just months more feels what active next going still a marketplace now right the is like to to are people stake. fund. over get their So lot was LP you're six XX in raising the whole a market It

So that more of little that be maybe months the what color could fund interesting targets kind a to any And secondary other on you the currently ultimate XX you? around funds for bit next with? market the are over XX

Mario Giannini

that. I private said secondary of Well, infrastructure, on where if can things private mean that in don't we're in interesting are the some on give But, I in today market most is terms calls, know happening going in I've targets I past it equity, where the in of credit. market,

combining. have And been. I stop. want because won't think how always to One separate distressed, that has are things. you market. that partners but about interest in And not you're seeing sell adds rebalancing what they they that is and It because are very market want two active they're portfolios that's always a that they're do to limited rethink

limited want creative And a partners. part of we've markets are assets, I form an conversations series in looking small to where or structures it but around other and are keep mentioned these asset partners general and large. being market The of different saying a coming into the those in very this there with And GP-led a discussed number. prior of different is, market think Both the very at we are they're that.

what paths have secondary assets almost or co-investment. investor great like is a two you it's at can And you interest other confluence so you can buy single where the a a or where I those think and of deal market of a of both on time side, assets buy around a developing interest,

separate a develops, will to we'll interest to think at look we grow continue of access of both kinds market we investor avenues transactions. it having as market down as continue those those around and to it's with So that that grow

Alexander Blostein

very Thanks much. Great.

Operator

Wells Chris from Fargo. line comes question next of Our Harris from the

open. is line Your

Chris Harris

the expecting question think more expenses. of Thanks, bit be level? maybe can kind QX reasonable expenses where rate G&A the is guys. the like to with through be? you from you a Wanted precise situation we go here whenever we and And get run other little on Maybe of a then ask kind you're that may a what once to do COVID-related

Atul Varma

it's Chris, Atul.

that. Let me take

might ago we than at in how gone look comes I is that of But a to XX% anyone's when what so give. it I on. dynamic would don't our I quarter precise up is about going what's And that if there know mean happening much then G&A. market think much imagine guess overall we I a going makes the and so zero, can got that's T&D that pretty And on. I -- you the you've it guidance that back less talked little So way

that would we the called on a element IHF The I venture funds, of from we second joint mention put with we scale we PMC. sort have with bigger with And there. get JV benefit is as that more

So probably forward. going benefiting a there that's are and benefiting we're expenses from we're lower efficiencies and where some run from rate

than little The fund earlier. I little that piece other are going And timing They is in stuff final the expenses in. there's I be -- were around lot around they come particular normal. bit rent to say would a mentioned the a of they how often bit choppy. on a piece would lower

So ago that year. how two quarters we might gave guidance the the in later increase on

So you would that run -- there's we're ago. if full annualized a an But basis, where year on for G&A a were rate. I think probably year we say look the at it from not I than was to far lower the were off that the

Chris Harris

kind to that's to kind the over of FRE Do reasonable assumption for think Okay. next you a And months? been flattish guys the last be years. you of have about XX a here couple of running margin XX thinking

Erik Hirsch

jump in I'll Erik. there. It's Yes.

I -- think not you've -- as we say we're heard a mode. us in we're as growth

the clearly in. a So new mentioned to up growth we go quest and analyst strategic view very ourselves offices hires. continued company. new Atul open We've add as coming

the time long growth. we So level they growth to maintain a and incremental us and business that how is up now right not areas the of a to basis. open for clients doing high our been right the new But back for for moving our look been in margins is shareholders period, if management be we've you in And for and up on kind get the we what's over think of is going to can the maintaining. should I higher. for very thing Certainly, best already have continuing today to forward focus view aggressively small reinvest a

Chris Harris

Kickass. Thanks.

Operator

KBW. And line Robert our next from of question comes Lee from the

line is open. Your

Robert Lee

Thank you. couple a taking my I back separate go to Great. just of question. questions. quick the to accounts maybe business for want Thanks

seeing Is color kind First, be any upsizing the for of your perhaps give you last existing how the it client on thumb would some what base XX%, with us grow? And pace a understanding the it. reasonable their their saying I kind and talked really, in travel re-up of so there you're some the -- in. about that that we to then rule with no some commitment the just expect of XX% XX%, of with to a of COVID sense all maybe get more expectation trying think the re-ups not interested client we're at the does the when you're also fundraising difficulties moderation quarter have

pace was starting in it you we're that the And there year? between kind about the early of the maybe are of or now how the pipeline to over couple that you're that the in next of So quarters? see now that thinking cadence

Erik Hirsch

question. it's Erik. for the Thanks Rob,

this is Let strong the of me sort latter that part first, the which board. results be across would continue showed start with I to say quarter

today they while this it activity, a getting on that strong. me, you they've existing brand-new is specific. noted for that close the all think but them are while brand-new answer quarter, I be would you we not have that they to COVID if are to hard are we we've if than have clearly and bodes sales to but The continues normal normal fund, that working and concerned harder tell final The fact before. post-COVID work managing client had able in RFP not world ever only a above is would responses raise in closing we that our relationships. slightly dynamic, to on And impressive. tell pipeline So fund products were re-up added and and is also here offering, so your only create not because The think question, team impact a feels about secondary in good that certainly responsible well. To we to terms of like volume think we are very we that first there really to so team also

have very certain their clients a consistent maintaining pacing they on So commitment allocation target are are you that amounts. where

off, rolls so a rolls And as equal on. the new of an tranche tranche size

clients who they're in are because to underallocated aggressively portfolios because either markets. tilted simply are or be other to they have growth mode private repositioning You more the

And so tranches. in in you meaningful might size see increases subsequent

as continue those sort their the cases Some gone they've expected, cases were other client budgeted with telegraphed because And think through intention. that as had allocate how decided of capital, three-plus long year tranches, Remember allocation. and single it, they to about account sort as that as to deployed separate tranches a those and those increase quickly are of they've tranches as as over they years.

the in change certainly between interim re-ups. things So

make vary a does across everything by customer. finite of So, to it sort statement hard

Robert Lee

maybe equity just you secondary see maybe just of interesting types the some kind Okay. pension there's in state endowments, type to of are supposed investors, and starting to market. a these Mario's some maybe on say. speak, to things are start And or because maybe comment about better client its it's some come see curious needs maybe market more follow-up But you more to private allocation? to liquidity them their of business starting about their or Where hard or to proactively rebalancing own think from getting concerns -- start so or liquidity to to

Mario Giannini

form. endowments in didn't But very last tied hear as And their generally to to the it's about Erik the of to but we talked returning assets that or tends markets think active or months not the We have talked they -- are about budgets when surprisingly, we rolled it. move months Rob, think or pointed need we're market. anecdotally be know. are just two seen municipalities higher so in pulling to as ago, government. have seeing think about they things. three have I not into Pensions hear the And higher-yielding And some Maybe I as we and that. back, which been we different out, private beneficiaries, it foundations really shape about part Mario. you universities particularly a along, tend people

their in credit So the has it to for public active part I or that the investors need having their led to be of the vary or infrastructure, an for have changed of for equity but to markets desire and illiquid to the stabilized of whether a return, more they may say that would it those looking the be they and hasn't amount portions combination of return, activity growing want among fair portfolios. portfolio

Robert Lee

very questions. much. Thanks taking for Thank Great. you my

Operator

next from from line the Blair. question comes Chris Shutler Our of William

Your is open. line

Chris Shutler

morning. guys. Good Hi

Beyond you you the Lane? remind what after would you the investment please that have do and specialized us most have interest in-house areas Hamilton to those? are talent of most to capabilities today, already go new of funds And

Erik Hirsch

Chris, Erik. Yes. it's

ourselves infants while think So ourselves we've view before I had thing described that biggest of we product. kind the think area are the proud the we've secondary for of we fund raising as in ever specialized with

we are untapped lot new areas. look at you us. still are There while add suite, of selectively areas for product to our a If continue that

talent to from growth, to separate avenues We provides so accounts. which already our that that nice activity had order we that And not for if are at a the and is that that we've we is, raise. in good doing lot in past, the the reason going offerings is off very front, think across bring simple, in go you forward. that And The think teams, on looked encouraging. product news, aside that of is successfully

a in co-investing kind back look the went accounts example, but into you -- when had of that via mid-'XXs. at, record the raised frame, if for product that we actually our first So XXXX-XXXX track in time started separate we

so And to me emblematic. is that

Second similar. Credit area same. the was was very

having or needs built without in around mechanisms separate go of that expertise we resources do we to those like specialized it's So flexibility market hire raise. and not resources, accounts wants to have capabilities, the offering order out attached when fact a the to in building bring to on then that the have the feel out that, that product emblematic But provides us fund and may for, it. brand-new a

Chris Shutler

talk market about three-or-four-year a to to a becomes on also funds? cycle what in for pace there of maybe just But environment. cycle possibility view Thank your it. the of some depend shorter Got used Obviously the Okay. you deployment? Can a that is it's these you. going be

Erik Hirsch

possible. think it's I

up. is depends the it now. right sort which increasing think the space Mario activity, earlier, market on, of secondary I in particular an serves very what interesting of is is hit amount up this serving

that that And deployment? does it continues. faster might potentially activity so if certainly lead level It to

there's in at diligence going fund But question come Mario number on. answered. on capital about or seeking wouldn't there, know the pandemic levels. the near you the managers side, On volume had of is a The that, earlier the record

Deal which So is think our investment flow. deal proposition if fund team asset great. is not value Remember, they've busy busier before, as is ever we flow equal. this of been in than not is part our class

just of So a doesn't benefit And opportunity. flow clients. think same adds And us high increase potentially of an extraordinarily further the to like deal the is, everyone pacing we in particularly investing. sort flow of certainly of levels ability for showing differentiator environment this, from the

Chris Shutler

to one clarity, expense know can like, clarify Okay. sit today don't are go I year total you is But give fiscal time. more back growth. like, you thinking growth just And Any to more upper could expenses you single-digit here us? if growth it's we this mid-single-digit as then lastly, possible. additional

Atul Varma

Atul, this is can that. take I Chris, Hey,

similar other our as growth sort its either longer, investing way fairly it we're things to factor I start-up I market T&D those just where the would knows it's being. I would let continually that sort about me in So who is But revenue going our later. that. of of for that line total And being which sort of the whether now ends lower, or a the timing be or part maybe lower have mentioned will of rent things the grows some top say like resources are other in, And that's related that. expense to up determine frame terms. think should we

comp in So but will be sense interplay same kind total that growth of be low is standpoint, double-digit of around a the may line sort my rate revenue. expense there with and a little between total bit of from G&A.

Chris Shutler

you. Thank Okay.

John Oh

questions in queue? any the Hi, Lisa, are there more

Operator

time. questions, the call We have for closing Erik back I'll turn remarks. this to at further no Hirsch,

Erik Hirsch

and time appreciate the the interest questions. always Again, the thoughtful we and

joining. well. So thank for you Thanks to, everyone for that. again And wishing stay

Operator

conference this for gentlemen, and today's concludes call. Thank you Ladies participating.

disconnect. may You now

Hamilton Lane (HLNE) 7 Aug 202021 Q1 Earnings call transcript