Earnings call transcript Q1 2024

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Operator

Good morning, afternoon or evening. My name is Jayel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Hamilton Lane Fiscal First Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. A supplemental slide presentation to accompany the prepared remarks can be found on the company's website. there a remarks, session. speakers' the will question-and-answer be After [Operator you. Instructions] Thank

you to I of call Oh, conference. time, this turn Shareholder begin would Mr. Head At Oh, like the your John over Relations. may to

John Oh

you, Chairman; QX XXXX joined and CFO. Lane by Atul Thank the Giannini, CEO; will Today, fiscal Good Varma, welcome earnings morning, to Jayel. Erik Hamilton I Mario call. be and Hirsch, Vice

release and our Earlier slide which this a morning, on we are website. press issued available presentation,

results, we will quarter's to remind statements. Before we the we want you that be discuss forward-looking making

to our financial objectives, Forward-looking expectations statements discuss current and performance results and plans, projections operations, relating our of business. position, future

actual statements to materially from results and not do events future those are projected. forward-looking risks or that subject uncertainties performance, our to These and differ guarantee cause may

discussion are only of revise fiscal Hamilton the statements undertake file with any These please included required, update as review the subsequent we of no risks, today Lane's factors risk we obligation these or reports made the to SEC. and as statements For of cautionary and, in except XXXX them. and XX-K a forward-looking

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

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

Beginning with the highlights. financial

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

for on the which XXXX. fiscal fiscal last year XX% this targeted dividend year, $X.XXX We per the increase equating for track a us have also share keeps share to over quarter, of declared per $X.XX

now that call the to over With I'll turn Mario.

Mario Giannini

everyone. throughout and on Thanks, a appointments back morning, senior the several firm. leadership made take around good few a John, and the want weeks I announcement touch moment we to

goals our best Our put but clients, our on all, of path shareholders them and continued focus are hire partners. for appointments the the With and retain growth. personnel personnel the simple, show and and a people, successful for path resources, our philosophy that clearly being absolute reflect on results ensure changes internal continued allows delivering one

announcement, Global As into most Varma Hamilton the role saw Head part concluded last successful Lane the and at our at last new our Xth. his adviser which Atul CFO Lane achieved has Jeff that Equity fund effective August Hamilton years of was week's become this recently platform, earlier spent you Armbrister that of growth will a Jeff moving under and and a year. raise will has here Direct leadership, five be senior strong

five final reporting spent of finance-related certain to number oversight in he a activities, equity where management private provided Director their private Prior financial and operational major XX functions all analysis including firm, Lane, cash a for portfolio the in with as years Hamilton years Jeff investment joining Managing for flow and also equity, at participated and companies.

will firm are of company. experience, being we well skill strategic set us now strong seventh Jeff's tenure serve We investment a well year our into as think public and and

Atul and for his thanking his as Let service here leadership me CFO. during tenure by end

estate, real International's private including recognized Hamilton market XXXX managers This five-year Private capital we and largest equity private XX amount a list and impact Equity measures in of capital debt, Lane period. the across different was Impact's to classes, the asset infrastructure, together take Before raised Private the brings and of opportunity focused private over move results, quarter's this new want list. that to recently I highlight

The positive, returns. list firms a social represented on impact this of measurable intentional are financial alongside environmental or of united common by approach pursuit

We the XX and focused to this recognized of largest of honored continued platform. capital as be managers to one impact are growth the forward of look

turn Erik. I it will now over to

Erik Hirsch

Thank you, everyone. good Mario, morning, and

Turning to the results for the quarter.

year-over-year, AUA footprint, approximately at both a our to footprint the $X specialized X% our define AUM decrease which represents separate came Our and as asset of total or we billion X% billion accounts. year-over-year. stood and which sum $XXX AUM growth our from funds customized was and

year-over-year, the reporting expiration down or advisory net $XX billion primarily AUA of mandates. result and of nearly X% was

lockstep a reminder, true of a reduction despite was revenue does but necessarily the with variety AUA, As with AUA for in not those advisory move whereby This period, a increased. can reasons, this for changes. in associated revenue AUA fluctuate

period, stood fee billion the to XX% our stemming across both fund now positive AUM. $X.X Turning and customized and or $XX our nearly at specialized earning year separate relative to fee-earning Total from funds AUM billion accounts. flows prior grew

separately, specialized Taken period, billion the separate fee-earning $X.X funds. And time our from over accounts. came came billion customized net of $X.X same AUM from our

products fee-earning the blended the rate been specialized continuing is AUM most increasing towards over Our notably across the from platform growth past in strong. mix shift This stems where our the has of funds, higher rate few Evergreen fee quarters. our fee

from detail $XX.X months. XX on earning Fee customized additional XX% our the our stood growing customized billion, to AUM past separate accounts accounts. separate over now at Moving

clients. across to the and type, size continue of growth see the rotation We geographic coming

Over XX% base. gross the came the accounts last customized existing into client of than more our separate XX inflows months, from

continues a power the installed that remainder base the new you relationship While despite market with this plenty clearly offer from very tells recurring relationships that to coming flows, opportunities. the of to large model, also of the of it speaks

from $XX.X continues our specialized quarter-end. stood our Moving at to Fee AUM be specialized to funds. funds earning at Momentum billion here strong.

This growth months, continued and funds market, our an expansion stem period. investment XX year last increase from inflows for net in of robust Evergreen of billion, additional the the positive of to closes $X.X relative activity achieved prior platform. Over XX% we currently representing

of of we quickly with touch an million. a million quarter held for with fee billion. raise upon total retro also fund brings of quarter. earning XXXX market our drivers to close in the Fund fundraising fourth and June close will This generated $XXX the I'll for this calendar in that On $X.X additional nearly strategy of over fees two growth pipeline VI encouraged of the this The fund XXth, This the remain AUM for we in ahead totaled us. remain coupled the $X.X the Secondary strong demand into quarter.

we be lies ahead. what to accomplished what excited Evergreen Moving and where have platform, the already continue now we to about

at As across stood of the of $X.X platform AUM quarter-end, billion products. over our three

monthly six net This the the average XXXX, first months compares million $XX $XXX For calendar of over a million averaging monthly calendar is inflow. of for year platform to XXXX. of

existing performance relationships. two Our our with recall in by strong successfully we and onboarded had the wirehouses our announced preeminent adding success here new by growing driven both channels Last of quarter, by product. been PAF and been expanding for distribution and has the that we that US

over early those days a encouraging short gross just uptake with channels inflow $XXX two still of seen million few already in very months. from there, While we've

more revenue clearly to brings separate state It pausing inflow. $X of inflow nearly worth than of here a account Today, gross is Evergreen $X point.

dollar carried deal-by-deal every interest. potential Evergreen Additionally, of generate capital the to has

and to during year product continue our believe offering the serves differentiated XXXX to point. that growth we've achieved calendar is We validate that

Our building investors brand, these in both access on to point we scale success. private experience products unique and and and approach our markets further a with the provides forward in look

strategic forward through our ways technology most partnering to talk and data that now path most leading highlights gears companies of the demonstrates extend value partnership we cutting-edge and new This recently and with strength shift and me is the analytics optimal Let capital. why balance technology proprietary beyond sheet initiative. just in in that our announced believe both

balance with and a to We our tool one new and investment on announced seeks markets investors private benchmarking, data-centric intelligence intermediaries Hamilton AI-powered we and private and private asset combine strategic that investments Lane's technology come information help sheet and of educate high-quality wealth TIFIN's together provides and AI This the and diligence TIFIN, launch their assistant. will have capabilities around class. conversational to existing market forecasting data

into and markets. a the is extension powerful wealth This private platforms for this being intended set this brand segment digital TIFIN, jointly integration market the marketplaces and investors was venture Hamilton first is be a and as owned within directly by within its company and kind We for private the advisers used It NewCo allocating of management. NewCo the us. markets to believe also up by to Lane

call cover Atul And to that, financials. over now I'll turn the with the to

Atul Varma

you, Erik, everyone. and good Thank morning,

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

Evergreen a $XX.X earning period. Fund. XX% increased was prior in our This to billion $X.X revenue and fee XX Secondary billion raised increase million primarily driven funds Our specialized last in since in the the platform to latest by inception compared our $X.X year or months AUM

in fees the amount from in $X.X versus Retro Fund million, quarter market period. for Secondary prior stemming were our minimal primarily the approximately year

investors into to a during close. come a pay fundraise that As back first fund's reminder, closes the retroactive later dating fees

generate closes additional retro to Fund for VI. if we subsequent hold fees We expect Secondary

period and $X.X existing Moving to compared year asset, primarily year decreased coming and other continued addition from of separate clients, our the prior or due Capital from increased Revenue reporting onto solutions. XXX technology offset activity. sale to million the accounts. prior the XX% from to accounts the increases re-ups partially new $XXX,XXX advisory due period customized Revenue our by of in revenue offerings to investment compared several

incentive prior the a of last carry-eligible for which the the period component year, fees that catch-up period. XX% is fiscal several fees quarter our that Recall are of revenue down $XX.X vehicles in. of and the to Lastly, relative fees. amount were totaled large incentive final Incentive generated our to year due million

incentive now carry billion. additional detail carry turn XX unrealized from our some $XXX.X recognized The fees period, having stands on $X.X Let year while at me flat of unrealized the the last now is to months. million prior balance balance The during balance.

$X.X compared decreased by compensation year incentive by $X.X compensation Total fees. primarily lower Moving million, decreased to expenses. Total amount expenses with the of prior million a associated with benefits driven decreased period.

$X.X million, expense. as increased travel G&A expenses well and expenses, third-party revenue-related driven such as by fund commissions as primarily

earlier. XX% were management period earnings the AUM prior a growth and as up discussed fee-related of to result the Our fee year relative

on G&A I commissions, X on, result expand a want on Erik US take to wirehouses. to increase, product now third-party of live a mentioned being and this and increase which our move will minute to begin component of I what around a Before our earlier as Evergreen caused

that distribution total the to the dollars amount channels have upfront That fund. come in into flows The there. those fee and the when associated from raised close applied made the payment an through wirehouse was dollars

in over is year come course However, the the corresponding as long dollars of as earned fund. the from the the invested client fee management we in same those for

This dollars creates a associated timing those the mismatch those in between and bringing flows. of costs with revenue

a as during the quarters G&A the While their will with the this revenue cost years. are come cause gaining with increase traction it in is shows clients, we upfront to our offsetting wirehouses it eventual positive and subsequent and to

I'll sheet. with wrap here on some our balance commentary up

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

view investments we component of long-term, capital an alongside our balance invest these the to growth our we'll important our and as continued clients. sheet continue Over

call be modestly continue we my our call up levered. last the Q&A, to earnings for regards In as liabilities, be this Mario noted, And will open be to Hamilton a we before Lane. to for as transition. working Jeff smooth we'll senior into be ensuring and I closely the a transitioning role, with move CFO, Armbrister, our adviser seamless and will we incoming role

achieve Lane we Hamilton to to able the proud I'm my to of want sincerely for during been as serve. growth and thank CFO the tenure opportunity have

open With up that for we'll questions. the call

Operator

first of from Cyprys Stanley. you. Please Morgan Instructions] Thank line Your go question Michael [Operator of ahead. the comes

Michael Cyprys

first Thanks wish for morning. -- the Maybe next Atul, working good question. with you. all your you Hey, best just been taking in great adventure. It's the

maybe a question So on just the outlook. fundraising

into the And look what sort in out stand of You And market just Secondary months? here come as coming market for over the on today sense remind of XX in these what back Maybe you to been as over the raising Fund. next the we can XX us newer you look making strategies what's to have next progress could market months? some terms where good make raising? see the funds out might guys funds the we

Erik Hirsch

Fund, Secondary Mike. kind the Erik. market and as Sure, the through Currently, at market really the of is It's least end in calendar of mentioned, I XXXX. focus in

fund, in credit a that Our fund kind strategic opportunities of market. perpetual

offerings. there three evergreen So that also is then the and

primary the really focus the team that's right So now. sales for

have we that's other year, next pieces. equity, into you variety out direct a of whether as look know, we As other or products, infrastructure,

see sequence to sort those deploy we continue as as and we of we'll capital. so market conditions And

Operator

you. Thank

of ahead. from comes question next Kenneth Your the go JPMorgan. Please Worthington line of

Kenneth Worthington

outlook backdrop in And Hi. environment calendar wanted you as for more the the market Good see the the calendar Can It about around year? if year morning. a confidence quarters? carry realized constructive you does like for in I improving talk the the has drive seems realization to macro coming improved. well. following the we you look that And of as back beginning half into and environment see

Mario Giannini

on of that nine happens just on you what Hi, if and ours as of next it's there, Ken, companies as months. much preparing want by impact terms be would see We probably will macro-outlook. to I the look numbers. as And strategics much carry have about think six for and markets you they whether We say seems out to partners looks It just depend stock over very do exits a feel conversations is be very guess would happen what it on positive, increase over market say your you it that course macro function in very next obviously the lot talk have I That of anyone's with months an but the exits, And improving. Mario. that about general to will the stay because it's is six as realizations. activity. obviously of affected said, a acquisition backdrop. good those the how would then the carry really the But to hard suspect certainly with who strong

Kenneth Worthington

Okay, you. great. Thank

Operator

Please ahead. next the Sachs. Your of go question line from Blostein Goldman comes Alexander of

Alexander Blostein

I Hi. Thanks. operating business. to ask around you wanted the a leverage morning. Good question in

have over with XX%, margin pretty an of quarters. consistently been You last running FRE several about the guys

along FRE the two And you of platform on if distribution time? near-term, the scale trajectory know as G&A? maybe a think can I think on us to don't more then you to I framework So your given continues margins I fronts, you success about curious pickup. deployed Evergreen, on know, that's So impact of helpful. into because do guess, cost maybe the in wires something like one, X, provide about could don't a and how hoping was near-term assuming over give through of how how a more will little it's color structure gross translate of there's the lines the bit management but Thanks. I ultimately $X G&A impacts by sales why fee I'm and around and a, lag, based that that be capital would

Erik Hirsch

Alex, Sure, Erik. it's

start piece. me Let on the first

very you job. I at do sort think I'll management to mean continued think I if say, of has margins, a good look I

cost As in activity We're you know, kind we're environment. a in environment. rising rising of a

a that's specifically, sort manifesting few So itself for different in us of ways.

more more So more more are sales travel, and over conferences years. two activity. are were is client there people. of There generally there Therefore, offices three or sort more than there the more are salespeople, there last just

kicking very still seeing every leverage sort in, distribution you numbers sort margin. and and seen, on cost us FRE maintain margin, So while allowing way, operating both increasing all that, significantly think as management that have to of of in of good form. kind consistent our our steady activity of shape as think, the I noted, That you the is, we b) a) are despite

we capital of they to the set operating management, think to margin again show think also up continue geographic like setting continued focus for today. from We've right leverage launches, feel we're not at numerous in margins for eyeing that our on new think product growth. I is we growth, new place that that with see activity. now, to return will where significantly invested are seen sales always I and of and benefit terrific continued primarily there's looking but being places on where increase for new also generally balancing I itself, trying pieces the kind for expansion And ourselves

Turning to your question. second

issue than and I'm channels for wirehouses, is those us. the time of client capturing sure have wire of when said, who paid house the Atul which timing That been to players whereas seen fee the in have here, other at itself us. that management paying on a essentially a the these this is longer distribution onetime As and are over fee kind time is there's with you subscription,

So the to that upfront cost comes at comes then revenue beginning kind the of and us later.

we're as So to when kind when Atul that's what really issue out paying recouping. timing of just versus It's saying. a we're is

Operator

Thank you.

next Your from Financial. line UBS comes ahead. question go of Please Adam the of Beatty

Adam Beatty

all morning you the to best Atul. and good Thank and

that investment Just that. assistant NewCo conversational the developing and wanted to the about around you're ask

to with wirehouses as distributors the kind in of from end of and mainly Thank of development terms to curious any Just it or product base, Also operationally feedback interested to Will participation either that? Lane would transparent? envisioned clients label much be that in And TIFIN user is or you. or involvement big going headquarters of of white kind what's some of gotten be Hamilton kind be? users that? or or mix a the FAs you've finally, or other it end how of more the visible the

Erik Hirsch

Erik. it's that. Adam, Sure. take I'll

is step back We know? I high. is wealth, know do think as interest and frankly, interest level as private what level at happening not we, And we is. as in no look knowledge high what's we

is there And to is occurring as mismatch those the an asset participants. newer in is this that market so educational class

in into two think and that good investing will focused arming things. two, people market We with intelligence. that I One, those comfort brand more we're good as believe data on knowledgeable, our expanding participants for and us, their are rise. channel

distribution Lane led by the to And target the NewCo, chatbot. TIFIN be of done TIFIN is by AI adviser, kind team. come create and is have sales together the financial audience this will what Hamilton So

If Magnifi, TIFIN's at products, AI-driven. you now, deployed products also deployed. is look of one other their they as are an that are large where is example, where

about could distributed so be incorporated And I channel. think about directly think that But on into this being something it powerfully think software to more chatbot be able a already those platforms. into the as FA broader offering as

into add-on tool quartile of in as advisers of what really about technologies, to a technology-driven, variety as it top again, think a is And question adviser an vintage that outperform AI or can allow going private to XXXX, immediately performance of terms, back for chatbot better giving So that be that. a then financial kind financial a simplistic the some ask chatbot them such private the XXXX are those in analysis piece was credit by is user-friendly some that Hamilton to tapped database, parent Lane trying And it them a them decisions. good to make empower or way. better educate, that powered is Again, year, to equity? did charts quantitative and data to underperform in

So kind addressable as see broad and first landscape. a a ourselves we very large partnered competitive where had in already of And we advantage as has market. see see channel. good today see a with mover frankly as this don't we We that this success really having a market who somebody

Operator

you. Thank

Your the of ahead. question KBW. Brown go next of line Mike Please comes from

Michael Brown

taking my Thanks question. great. Okay, for

then this fee maybe mix catch-up you just And fees. about retroactive dynamic starting the quarter? in, more, longer innings should are what rate terms think may So term, had in you fees but sounds this quarter, quarter? into shift And like just point think some compare there the fee I for views do next to rate be any of here? how could guys guess, wanted we how the about to, ask I you It

Erik Hirsch

It's that. Mike. I'll Erik. take Sure,

been I as driven I moving than XX separate at account mean, account separate as gross dollar funds up of on a worth If gently fee of the the the And pieces. really noted, of kind happening, revenue kind what power look rate in specialized two particular, of in and has we by faster you typical evergreen that right. One, noted, being basis what's is worth. a sort into growth been dollar,

product. we marathon not mean innings we're here, So very of inning, I in early But a again, the in running Evergreen think we're sprint. a terms for

of few have proud kind and that only and we're for of something that aspire of $X we a we're sort that look XX see been that the sort to. So we this year plus at to we of a sort billion years, other at participants again, as history and XX today. we've of look at around plus But

So this as we early. see

together So continues that right. going shift move to of -- including continue extent that over rate the to sort to sort of the you're that to those funds, specialized to things see happen two those that faster, grow Evergreen

if the to us But fee On at into historically, tended a look bit ball. we're retro fundraisers have piece, you a looking barbelled. again, little our crystal be

in bit middle at at beginning, activity the bigger then So little the quieter very bigger a end. the and

period extent the towards come Secondary larger relative going raised time result back fees fund raise, to retro the being strong closes. fundraising with have coupled longer is subsequent very to those what with So we those for to as the into products Fund higher past that amounts a the we're forward in we going raising with of today, end

Operator

Thank you.

ahead. next Your of line the Wells comes Fargo. go Finian Please question O'Shea from

Finian O'Shea

Hi, everyone. morning. Good

seeing like returns back? supply it's great sort play Thank credit, private or Just less Would golden age a say something you more or you're is that competition like market a on great high-level and where question out. they you're of secondaries there equity terms, for private the you. the opportunity holding how seeing say

Mario Giannini

Mario. it's Finian,

private don't age. was back market higher termed rates. interest says said it I age, are question, a well, and anytime One that know credit that of On favoring golden is go, golden age, But shouldn't are just golden a you I credit. a secular a look trends there lot the anyone you have

good. that's So

fairly morning some a there regional of credit people has has private I banks you'll capital think back The of one less of pulled the that deal, as areas some going this been supplanted about lot in -- some bank competition obviously other as private far a credit the in had out scale these and forward. terms issues United platforms a of bank of and was The of see credit pulled All and more news doing States certainly because talked provider the have of have are better that of there's beneficiary players. private large credit basically that. the

market very yes, be having in say good bank here. that believe I little will a So then you private one that and time how continue the know will And long tighter certainly credit can in markets long that, And public the a the last. will no is as credit as markets would to in that be the case. really

Erik Hirsch

take And part that Erik, Finian, I'll the on it's second the of secondary space.

mean, think really to the that the continue a seems as at, been on now. secondary markets not become It market has of I rebound, looking unlikely. that depends might right one, golden increasingly you're that, what part era I although

have distressed of certainly pockets little traditional You on seen kind selling of LP portfolios.

there Some gotten pricing has more interesting.

so there and On GP-led getting getting are done, be deals to I assets, there Those pricing to tend deals, more been has repeat pricing done, continues and that interesting. tighter. less the trophy be

interesting opportunity nothing again, to So would but golden think deem we be like. today kind echo point the on I side, that credit era Mario's set, of to

Operator

you. Thank

Morgan have follow-up line Please Stanley. Michael Cyprys of question We ahead. go the from a of

Michael Cyprys

then the quarter the sticking it's where more areas just be sourcing are capabilities, thinking credit had seems compelling broadly on marketplace Great. could next funds you and you to for of that the opportunities contextualize strat to about work some the some help couple to just the of about bit well to a of healthy. investment credit that credit. as might can over talk the maybe in most terms Maybe in vehicles taking you and ops? credit, you with that years? able Maybe put that you seeing pretty and talk as guys Thanks your you're further guys bring in your how follow-up. of platform, deployment And about expanding was whether It little the

Mario Giannini

know we're side, one it's Yes. is credit another. opportunity that terms Michael, don't interesting of I the looking on particularly that in any the mean more Mario. at investment than area I

companies landscape and -- you I It's across It's think small. industries. described, companies large I as landscape. credit as entire it's all the the in

where a look look the a return would or I more situations whatever is risk a is when say flow one more kinds so to the company different does additional on interesting those of in set It just we than reasons. at for function needs a opportunity that that particular where whether And it of capital company another. profile is, segment true oh, us. And company interesting say, situations, of is you it's robust isn't particularly cash this really

going entire across it the is the scale in think markets. I what's of on credit

products for market do a way that's the or new the in the enough terms additional that In areas, reach and that's I of new way robust don't think the enough we're areas but set in you I areas to additional say are additional products, it, terms opportunities. to of know the general expansion and that I that. strong But that always at sure, offering opportunity looking to set is or that credit need basic of for additional expand you say amount that good that would across basic is have opportunity

Operator

you. Thank

another Please have go JPMorgan. Kenneth question ahead. the from follow-up Worthington of of We line

Kenneth Worthington

Thank is more before if Is you. time cadence for runs there year? you're Secondary there to we'll Great. transition fund? demand? is on opportunities, think actually, XX? it calendar in has question end two to the separate through out? closings that VI, expect see at option the thus likely into of closings you the is the on Also you How that credit, would I been do raised then XXXX, And of extend fundraising And point what strategic what XX. a And far much

Erik Hirsch

Ken, it's Erik.

look the you We'll on we're We VIII. $XXX series. we've Fund hope for the raising remember are series. on actually that if basically on VIII, there of years, credit those and Fund we're and to So between get at question, couple eventually. But per been last aspire so XX. annual And million million $XXX

versus isn't we're the -- we've -- that with where we eight raised others. for so cadence And changing are --

we'll So market sort end the the the we of year. through will our to series, calendar be And will the then continue turn next be nine. to in in attention of which

Fund, ballish. a Secondary the On little again, crystal

always just to we expenses would demand guess to market what cetera. right And LP looking figure going cetera, think et when that the have close. year. balance to experience closes we're trying calendar is et to I'm et looks of sort extension. for an cetera, the between the we're we're at capital we make a to like, good and we two the crystal that out what of have client want now managing and So looks balling, then how and in. I about And That's of much are, If a assess just sure to where least like whether wanting end have

We we on decision the it's the we for past, customer that right certainly for not something investment done And we're would in unfamiliar that, with. and so occasion, if think have that. results, the best the that's consider

Operator

And further you. Thank this there time. are questions at no

So for to Erik this call transfer closing Hirsch I'd over to back to take opportunity remarks. like the

Erik Hirsch

summer. interest everyone for you you good thank the the Thank questions. a today. you and rest Again, wishing for of time Great. Thank for the

Operator

conference concludes This today's call.

may You disconnect. now

Hamilton Lane (HLNE) 1 Aug 232024 Q1 Earnings call transcript