HLNE - Earnings call transcript Q3 2022 | Hamilton Lane Incorporated

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the Hamilton Lane Incorporated Third Quarter Fiscal Year 2022 Earnings Conference Call. At this time, all participants’ lines are in listen-only mode. After the speakers’ presentation, there will be a question and answer session. [Operator Instructions] I will now turn the conference over to your speaker today, John Oh, Investor Relations Manager. Thank you. sir. ahead, go Please

John Oh

John Good XXXX, welcome will Earnings Giannini, Vice by all. Varma, and Lane CFO. be the QX Mario Chairman, Hirsch, Erik fiscal Call. CEO, Manager-Investor morning, you Relations to Atul and Hamilton joined Oh, Thank Today, I

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

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

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

XXQS be million sell Our note advisory earnings or grew and non-GAAP prior detailed to Starting EPS and grew in XX%, will to on results a our offer highlights, year-to-date adjusted of net that any financial income in over solicitation made financial $X.XX Lane's our income. purchase year-to-date file. call an million with of products. GAAP Hamilton $XXX while net nothing revenue period. fee based management interest Please XX% this of represents of our the versus of by based available the This EPS by fee-related year GAAP into translated on on $XXX $X.XX

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

Erik Hirsch

you, John morning, and everyone. good Thank

our firm. won and pensions Let work place it That Hamilton to prior, was management year, best have to while XXth in the a meaningful still this significant remains and me for an by we money and consecutive announcing nine accomplishment start Lane recently a investments. award won times named is by

distinction and Investments ranking since We first have in year began the XXXX. won this publishing Pension every

We one the management entirety have earned money to landscape across organizations distinction. of five the the of are only

this are firm and will while partners. extremely across to We consistent proud base growth the the geographies for the fostering and past experienced commitment to product inclusion our turn meaningful innovation, I has do throughout a ten and thing culture what the times, of lines, some With of right years recognition that, results to during and all has our is client employees, clients, excellence, striving for at and our quarter. remained

consistent continues year-over-year, growth geographic or client and trend. was client, customized and be came accounts, billion, AUM, $XX size of to type, funds total our region. which our under which to represents $XXX as we AUA, year-over-year, define footprint Our footprint, and assets stood the asset increase our at of under across diversified XX%, both management assets and advisement, separate our XX% AUM a specialized billion growth continuing and sum long-term from

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

at of As client region growth or AUA, across type AUM to $XXX for and came from our year-over-year. similar was and our geographic XX% in that billion

reasons, can does changes. those we in locksteps earnings not a but AUA fluctuate revenue move quarter-to-quarter calls, AUA necessarily As mentioned with on have of associated for the prior variety with

addition due office increase an to large saw of to prior mandate. back quarter a the the relative primarily dollars This AUA in quarter

gears technology shift me now and a strategic brief provide investments. update Let on our

the and [Indiscernible] leadership critical our in to view continued strategy We investing continue as to in class. technology growth

capital behind and a partner been simple. And Identify better, user growth, well we we've us we not strategic balance and that but and the become We believe that brand. out providers here, can Our The help them. the strategy expand make been sheet so only served can industry technology, their unique approach has of solution how partnership knowing their put a technology the seek with has their us now companies help far. given successful us accelerate speed as development, well. Hamilton Lane our

Aside implementing today. widely developing instrumental firm, cutting-edge from the that for our industry been technology we've are across technologies in also used

remain remain on In about addition, our investments of investments exhibit returns slate sheet across attractive current today. enthused our and we generated balance the that

realized included up Given the that this activities it's discretionary forward, the area, XX% to be has in continued appropriate to our off be in firm decided the will carving gains of going pool. we bonus

reduced much on not simpler we from shareholders we and a and on occur keeping be employees our compensation see a fixed way controlled. realized reward would only this to this gains. carried is this program, as well To with what cost our retroactive do While be align level interest clear, would while

quarter's updates the to two that investments specific on Now, have let few me strategic provide results. a contributed

last had the On agreed purchase Cobalt announced GP. we FactSet to call that

Statement. a million As fiscal non-operating gains Hamilton closed LP. line to transaction. That the in in quarter dollar transaction this is operate realized and officially income The we reflected own and amount Cobalt continues Lane our reminder the during on fully recognized Income $XX

at round Apollo. announced billion Next, over financing iCapital. The million iCapital an $X On company on update raised by $XX its Latest led valuation. a and December WestCap XXrd,

on success the transaction, $XX $XX I update is will achieving invested the of there. platform result position investment. our we originally new now are recognized this a million. move a valued at provide valuation, evergreen to $XX continued million. we an million As our on At We nearly our unrealized and gain

call, familiar for the benefit As on and reminder, with of a less these those the products. quick

wealth immediate subscriptions, and private exposure investors, direct to by private individual way provides and platform the markets, evergreen and channels with Our liquidity. monthly semi of

earn perpetual or to X%, carried represents of on able a is The a us, on interest across XXX management And fees either at type, we fee-earning, of value. a X% the earn basis. AUM, on For over fee depending net deal this asset where points. hurdle and we rate deal-by-deal management average it are platform basis XX.X%

for transaction-oriented, invested dollar exposure every is As these are no and vehicles eligible carried contain primary interest. exclusively fund

to the I'm of small at a size During very $X say this of scale future AUM billion we one continue our who the platform Mark. number that of and a the be have growth encouraged and quarter, surpassed We're managers platform now prospects. very to proud

believe, directly averaging flows levels, with Also benefit For January attractive our results fiscal nearly and million and despite line month growing retail and as market vehicles seen this are are these inflows. general increased tailwinds. this We in of to turbulence. public for demand we segment that we year XXXX, show, monthly of net well-positioned noteworthy, to were from our $XXX market are the

turn Let to earning AUM. me now our fee

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

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

resulted areas new be came existing clients, X. Raising and our four from these that rate secondary to same specialized we current separate fiscal fifth the blended time came Overall, of billion from clients, X. fees Growing Taken separately accounts remains in our fund elevated specialized XXXX. fiscal fee-earning fee $X.X from of retro large Last $X.X and AUM rate driven two and new benefited and X. period, steady. fund, components; platforms, blended our funds. our billion by year, adding key our existing continues the from primarily amount fee from coming Winning customized Growth an for X. over our funds. net in Re-ups

our rates normalized fees, levels. have trended amount this fiscal Given of back more fee the year-to-date, limited retro to

our earning Let's that up start that the to XX customized Fee-earning move I'll the XX% months. billion, for the AUM now are parts period growing two stood separate $XX.X accounts. fee make past AUM. our at over with --

growth We type, geography. and institution coming size, see the continue across to

last to customized component came separate from groups. relates XX% inflows client over base, this accounts existing of our this from gross into our it months, key a more remain As client growth. the than base the of existing XX Re-ups

by re-ups, base which for in expand growing provide base opportunities. we adding re-up addition a and future brand-new continue turn to relationships, In our client to winning

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

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

base. we that, I'll of of Over as achieved a AUM. months, Investments net I'll detail in on the resulting past our Brian XX AUM an update over turn some XX% Head well who with overall Gildea, billion And $X.X our on market will to in funds it of provide some increase our current in Global now as positive fee-earning inflows

Brian Gildea

everyone. and Erik you, Thank good morning

with I known funds My For Gildea fund. those all market, years on investing, with I've currently few I'll investment in for provide the selection. years. direct aspects equity our of oversee not direct I've In and and on over and primary XX name formerly industry the a Brian than updates call the co-investment secondary, pleasure activities, firm XX is the had been role, fund, our of in who I'll my for more now meeting. and as fund start our

$XXX total commitments, fiscal a to over on capital quarter, the held LP we rates the of bringing billion. close During fifth million $X.X

for the with well being are strong We with around shown the globe progress and product. this continue to raise fund the demand pleased

We be October XXXX in expect with to market fund of anticipated. additional through [Indiscernible]

our is focused Next credit annual series.

installment we quarter, our of for nearly A first closed and product's close held $XXX seventh fiscal this in history. close million, in the our is total series. largest first the During this

a of raised million installment of commitments. previous Our total $XXX LP

about we As you size raise, set, multi-year more with with management it a that And line amount whereby fees across a as the earning relatively opportunity a we invested set current and less has simultaneously would can the targeting lead about credit Therefore, see variability dollars some installment. on in raising our capital. structure, deploying from to continually deployment ensuring products and reminder, of is to traditionally which dollars unique funds period. strategy to a installment are sized

with XXXX. until of September to be in We market expect the installment this

Lastly, which to companies into impact fund, fund environmental and is our alongside partners impact. directly meeting focus immersed a on our with social second

During and the which first size raised a approximately impact to the nearly total this we're the space. encouraged is the This in of demand fund, quarter, fund our million, close you're million. of held brings by we seeing already double $XX $XXX second

We to calendar through will raise XXXX. continue capital

where some me our been It's AUM AUM Day and components. that evolved. of insight initial Investor since discretionary how some into has discussion Let time our turn our to we composition provided some of the

or in of our on provide some to cases doesn't year more is an only a necessarily growing This For those more, or the around some that X (b). change of interested our position, not for but you It presentation over investors overall and we following know referring basis be importantly, we a not regular the along materials, to indicator A. intend health an even performance of Nonetheless, that isn't I'll industry a and presentation. that in Page evolving. the in of dramatically It the data quarter as, seeing business. we're how are update

with the start latter. Let's

past driven [Indiscernible] largely been During grown private has years, net the of has segment five asset overall considerably. value that market. private equity by markets the shown the This growth

During that timeframe, equity has to more shifting performance of value, to this indicating and strategy. mix relative proactively also shifted both net dollars well, better are total more as this industry, asset allocated same the investors private

increasingly Hamilton has and would as in strategies. billion Lane $XX.X would and to each buyouts, addition players be credit, These equity equity in the $XX assets. $X.X be third $XXX market fundraising us in of billion billion growth dollars, these This market exposure over Including invested our a $XXX assets then quarter, in $XX.X private to be billion, private billion. down over $XX.X private equity, private and to of in billion. total turn figures real fiscal make we over equity, AUA significant billion this, this would we very In credit AUM, have to venture real of segments. traditional breaks outpaced If for other both

the relative overweight compelling X. Among for market set it the it shown as its turn factors. important we return towards see we and modest real strategy private Why all the a A most areas are the that opportunity chart, remained for few X. private characteristics, have The deepest in largest are highest is overall market does as the our speaks they finally, Because the products, clients’ offered the said, It market co-investments, continuing focused segment financial. that? generally and them markets either grow is that. over interest largest equity however, because across around to and now X. directly than today, segments, has With fact all business to in our been fees to Our in are as fundraising currently segments we performance, equity. segment, segment, this business. of secondary is is, higher offers absolute to all. the dedicated cover strategically to that, as That it three credit, assets. three have all in have three across or I'll We it Atul

Atul Varma

Brian and you, Thank Great. morning good everyone.

the versus three the XXXX, business our first fiscal solid year in XX% management For period. advisory of achieved we quarters with prior fees growth of

over specialized $X.X evergreen period million over to latest was driven platform year by million in-flows period. the the raise year revenue our funds prior Our X% in current $X.X date increased from billion Year-to-date our limited where to into on with compared retro $XXX Along fiscal was the prior fund. latest this year related to fees that direct relative from retro been in recognized given $XX.X direct equity year period have during fund secondary our fund. equity million of fees turned we

fees fund. typically a investments just And that We first subsequent to to fund generate come reiterate, pay closes products are expect of back as additional in retroactive to many see hold likely dating of many management closes direct into for we fees, you funds the you later spike latest for aware, fees. our raiser of the close. Therefore, equity as our retro

increased April existing the $X.X compared by clients. the subsequent increased that's team the from current. compared of quarter, pre Capital from Revenue driven from in $X.X we due re-ups to that offerings the to associated So with new our reporting million several customized year funds and period, other prior accounts maybe close XXXX. period managed our to million for separate the in time the accounts addition revenue the acquired and The in prior the revenue XXX -existing year of by which

million prior final in from component The $X revenue. a $XX.X was stemming saw incentive increase our revenue total management the of or our we compared the in to Incentive year-to-date business activity market. robust addition, In distribution million year of fees. period continued XX% is revenue fees ICU

additional on our turn carry Let to detail me now some unrealized balance.

in valuations, up from Given the year. continued trend the prior is balance positive the XXX%

Even just affects stands as we these it. remind of positions everyone, $XX.X at the carry fees that balance we now incentive we control $X.X billion. during And control thus, recognized don't million period. it to Unrealized don't time and

period. Although versus up some on now our to earnings, fee-related our color earnings were XX% the prior year

some capital. expressions $XX.X G&A As their our ramp expense a earlier our with and revenue growth while rent regard expenses of our with In year the the associated discussed Sheet. with total here result period. from FCC compared flat, essentially headquarters, increased compensation in prior were million, Which $XX.X Balance million. along with new on growth I'll our included the now with up commentary margin. along Total benefits increased -- to we expenses,

be to customized investments specialized and in funds. accounts separate continues asset our our clients largest Our alongside our

investments view component to important questions. capital long Balance continue In continued and it we'll liabilities, happy as for with we levered. term, be modestly we regard to Sheet our growth our Over call to the an open to we of continue our up and joining And invest our for alongside you these thank are that, the clients.

Operator

we while the compile Please by As reminder [Operators Instructions] a stand Q&A roster.

John Oh

any there questions queue? the in are Julia,

Operator

Yes.

of Stanley. Your comes Peter from Kaloostian Morgan first line question the (ph) with

Peter Kaloostian

taking morning. good for question. Hey, Thanks my

Just evergreen following of success retail the product. your

Erik Hirsch

you are Peter, there? still

Peter Kaloostian

I'm you still me? Can here. hear Yeah, Hey.

Erik Hirsch

Yeah. now. We can hear you

Peter Kaloostian

class, of or more additional on either just what saying with products billion following AUM, Thank evergreen targeted adding $X at exposure, your geography was now by sector? you. your are success I product Yeah. asset thoughts of the

Erik Hirsch

the Thanks I'll take that. Erik, question. Peter, for

be we includes do secondaries, platform retail today I to credit think the the and purposely, and That our ability allows side up on set to flexible. not us also equity but incredibly product co-investments. only for

way to with to we success. date, our really of built retail very product our the a innings to pleased that scale like go. is are side for growth early very in That very, while So aspirations are we're significant, long and very, would feel in

have able market deal the of products. and aggressively I certainly the aspirations undoubtedly launch flexibility of that for I vehicle think we'll time, a continue to to long mandate think conditions. over other given be that with grow But and will current we time changing

Peter Kaloostian

just may out? play has one in I that then of volumes. And If you. you. in big terms are Thank trend wondering in volatile trend lead, 'XX, on just add was you backdrop, in GP question a follow-on guys year-to-date terms just market continuing seeing I activity of Thank to know there a secondary more just what

Erik Hirsch

It's Peter. Erik, I'll Sure, that. stick with

you've in seen believe segment providing deal just been industry but just simply results that record are only maturing not next just of has that amounts see the what volatility this Operator, liquidity, think We sets, deal that generate ways The significant, to you But, opportunity mentioned secondary question. all so you particular are finding growing of see flow. growth. is and signs as ways of growth Great more the GP different more would I is flow, has of significantly. been continuing. market transact. part pointing that is additional provide market sector you flow, extent that to deal to that that to the led that, already is of people traditional Periods the the and could also

Operator

question from Worthington next Ken comes JPMorgan. with Your

Ken Worthington

alternative the products seeing on either It worth. all the we're evergreen or morning. publicly on good seems the question. retail Hi, traded net launching asset to high focused Maybe first like follow-up managers

much evolution second, then net as worth to what first, that your to bringing today? you Hamilton retail, into think Lane is factors extent the what in running maybe high products the are And alternative about So of distributors amongst the products? to competition other here going be or each And is success offering else? successfully products themselves How of ultimately, brand these versus are from the asset class, overtime? are versus to distinguish structure, how going these to something key

Mario Giannini

couple Mario. one restructures, to that from GPs its want some things. they it's all what the A look manager But Ken, we things There of if they want, single and you areas. you structure. from is I sorts companies think And think is today you as the that competition public multi-manager and lot I is of structures, people is of platforms at competition single-manager Thanks. what across offer. noted distinguish a that have distributor certainly some which a of want the

So you're not a is for product. together products you head But from that imagine, you say managers, and perspective, people We cited is both they competition space. It it put at product, will with is the for distinguished on doing well. have might as that will if shelf competing you and portfolios. robust and portfolios there's want diversified the look have distinguishing and those in you so features, different there of some if kinds that and brand the demand

terms it investment any have develop about In that what will think that how other Brand in from differently unlikely markets matters, any area. market matters when you matters. developed, and scale matters, it's how of performance develops, certainly

That's in that issue have you that that we've service of that distinguish don't equity, occur you brand, some in you client bear develop will market. to think will look has develop to a occurred it it over and to the both structure you will develop have a begin something private performance, products to be We to in it other those something that period that and just seen people features public at what allows among Again, of as that you these technology debt. in that public base. in different markets unique As that to in markets. have bringing the time, of development has

Ken Worthington

you. of million And fees, just 'XX. incentive over last generated incentive quickly Thank calendar on fees Hamilton the quarters Great. Lane in maybe about $XX four

but As his four no it than Erik control we prepared in you better size, have remarks, I quarters, a you'll guys we who view next think timing about was do. know the over and have the said

should in what we think So incentive volatile approach a we might how more about this? income be XXXX? should How

Erik Hirsch

will Ken. that. Erik, Sure, take It's I

you are Obviously, public exits to the particularly direction, the if see you across downward think interest private look the carriage I markets volatile, if as data as slowing. historically volatile tend also exits at markets more flow slows. they're in

reason than be So different no I shown what expect forward, there's us. history will think to going has that it

will that, carried would us, unique I for I to from. of think not but point our the sort I set think diversification back massive where be to of comes

it's expect different also structure. different across parts across it's market seen market across So future from a coming able of it's That the volatility, and business, to But very of capital different coming in different the what different on exits pick coming to muted sizes to you're the I up tons coming it's what's bit we've just depending because industries, across more of happening. historically. makes segments us again, little geographies, be different wouldn't

Ken Worthington

Thank you very much.

Operator

Your next question Ryan Goldman Bailey comes Sachs. with from

Ryan Bailey

terms at Good on coming all really in is private with of you're X Slide up call returns denominator equity conversations? against recent information the any investors? in the for And market on volatility I'm all the of appreciate impact public just relative some hearing wondering, morning. demand then, you've and the excess has had conversations there, effect and I had. what the

Mario Giannini

are sovereign interest higher it's investments, private that, which less essentially as you and to it. think Commitments public are equity, environment. at potentially been of volatility’s it's say rate essentially mean, have but I inflationary the I phrase -- today commitments I Thanks. Mario. either suite, is asked about would people it's obviously it, only has very said not would skill-based conversations not that early, it seen interesting, to for was it Ryan, Australia they so of People point. has affected factor increasing of or the may to this or yesterday, in they been focused clearly Australia, willingness And reducing Future fund denominator people's behavior their environment, on markets. not have ability in it what effect mean a the wealth terms I Fund are does commit a say and liquid,

are a to in people I'll as environment, So market. of thoughts if money the make to it markets public people do with not, easy focus, But on of sense easy as market the a at returns in people where suggesting markets. it public of I the they're happens, up, experience lot call moving private particularly that tend look think in part

over isn't three at market or people last behavior private weeks. no something So of when has how these four But next and more about might interesting like the what a hear changing become happen look that little you couple years, think over for many investors.

Ryan Bailey

Got it.

maybe that if continue we it's And roll-forward. Okay. can on discussion [Indiscernible]

If to you maybe assets given three credit the it increase about private relative today, from and in more real mentioned the mature five where some that private just think now, in that it market? industry terms years you secondary also equity you is mix, [Indiscernible] or in would maybe think as of benefits do that

Mario Giannini

Yes.

over think but to say. few think the to credit. Just we've grow. to in that rates, last seen credit public would Will into growth Hard with attractive, making to and private outpace guesses, I will private I even they from so very remains continue and rising a Private private you years, real will credit see as credit, migration equity? the continue assets

last increase. few to years, continue where real in in liquid in But movement I market think will have people equity by the again, equity about, over interest the and is public well that it has will to environment an driven as doing continue that private assets equity grow. not And So talked continue. things the as will

three would of areas. say a there's favorable I behind So, pretty trend all those

Ryan Bailey

for you question. Thank the taking

Operator

comes Robert Your with next from KBW. question Lee

Alex Murray

is Murray environments are provide gears post-COVID updated to guidance you Good would think or could able submerged morning, This for expenses Alex for Thank Rob. about a taking little, everyone. forward? question. any is Switching the expenses, be we on you going hopefully how my

Erik Hirsch

take Alex, happy Sure. to it's I'm that. Erik,

think the very we've you good tools of managing compensation. heard think done I section, job as in I a

think -- for that is have of tied to I part incredible it's to thing I the script, what we culture. think it's straight an built which not to years. I don't Best a Work is, frankly win this beginning at a mentioned of Places ten random

I think great great built a team. with culture a we've

to I is The thing is of economics this think I the now us not being the think flowing simply still on return causes to that rent to them to want helped part occurring to has all based have slowly certainly normal only firm. chase employees through, be here. but that

at levels. way I T&E stay reduced still suspect going to some that's for that time. You're seeing

are we're simply coming I the world. been as in parts quickly. has of think not back there some different parts adapted Travel in-person also significantly

So of clients adopted we're the there where while this, we years lot things have who do remotely. a happy a road teams and two think traveling, to after of also have I world they're to on

in that I still we're expect on wouldn't term. a around near muted think So expense change I to environment that the and

Alex Murray

mainly re-up, Great, one thanks. are If I up-sizing clients? new clients seeing you're customized can seeing from more you amounts, in Net-Flows your or clients separate accounts business, when

Mario Giannini

combination. a it's Murray, Alex

So can in the than or targets, much of has their any says, we allocation depends they that couple it happening, don't -- either there's point are that years. where clients, where more I trends it particular in they the in not overall. on less to is past this really are

Alex Murray

for Thank Great. my you taking questions.

Operator

Chris from Oppenheimer. comes question Kotowski next with Your

Chris Kotowski

better Good morning Evergreen of you're and funds, trajectory when quickly much of and the you a want thanks. a months sense back to were to I going little go the you to get raising of over wanted kind going were how white-space coming up there. to sense a the be the fund's you bulk what's opened and And where yet give also by platform the then to geography I of either by flow? of wonder, get into or and the from us can

Erik Hirsch

that. Chris, to happy it's and I'm Sure, take Erik

that very, heard you million in-flows last, net been on in of a over the have it us say script what month. $XXX would here that have the we think a about been I per year, has steady averaging is call very pace

that in those month, stayed flows average point we the this were -- incredibly think January even same. past they calendar, month made The I the the past same. remained

we I to legs two the is think what platform say has would it.

year a head has the U.S. The the non-U.S. before it got the because and a non-U.S. big over market start You've U.S. was

But the So tilted a today, the to has maturity simply not as its market view product a that on U.S. but flows. is start a as of big split non-U.S. issue, sizing had still that head just simply the we counterpart. market

Beyond that throughout We're not in coming geographies the seeing flows flows are coming Europe. Australasia weighted. disproportionately we're so across

we're geography. and type across So investor flows getting investor across

channels. the say levels our think We're we wire I wealth we're flow space or directly We're tied not to variety without a variety and houses. platforms white two is the achieving a going And vast. of on of these IAs. to one being would today

is, that continue the the trend expectation to that's our we scale is significant are exactly what in order And warehouse we that attract product So think attention. on. to to needs

So with of in-house, our massive incredibly flow underlying ahead team also, good would and We again, variety whitespace different point, targeting channels distribution see geographies. your as to wealth news these we're across of achieving that own levels a us.

Chris Kotowski

That's helpful. for you. Very Great. Thank me. it Okay.

Operator

next O'Shea, comes question from Securities. And with Fargo Finian Wells

Finian O'Shea

that you subcategories level able then secondaries, opportunistic Hi, starting provide everyone. forth? on to like lead X? to on morning. stratify And a fund for is color Good core into product higher so progress GP line Are the in secondaries the and

Erik Hirsch

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

just publicly investors updates that intentionally of hit it's would no that's product with point. There's to first I the announced, just just we've the because, we part us been again, launched So the market. is this say share for at but

it size and opportunistic date, think seeing industries, size lot are led but I led of of it's different geographies GP we're of of you us fund, the component not of to GP stratification kind and transactions, seeing different like seeing that it that, fund managers you're way. On across largely across handling a still are

Finian O'Shea

much. so you Thank Okay.

Operator

no are at time. more questions There this

Erik Hirsch

the attention. again, the we you. well. We Thank appreciate thank your and participation. Well, questions, wish appreciate everyone Great. We for once you

Operator

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

disconnect. You now may

Hamilton Lane (HLNE) 1 Feb 222022 Q3 Earnings call transcript