HLNE - Earnings call transcript Q3 2025 | Hamilton Lane Incorporated

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Operator

Good morning, ladies and gentlemen, and welcome to the Hamilton Lane Fiscal Third Quarter 2025 Earnings Call. [Operator Instructions] This call is being recorded on Tuesday, February 4, 2025. I would now like to turn the conference over to John Oh, Head of Shareholder Relations. Go ahead.

John Oh

Thank you, Joanna. to Lane welcome Earnings fiscal and Call. morning, the QX Hamilton XXXX Good be Hirsch, we by and I which joined Today, will our on Erik release slide Chief website. Officer. Earlier are available press Jeff Financial Co-Chief this a morning, issued and presentation, Armbrister, Officer; Executive

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

operations, do business. current expectations or are our actual guarantee results may from of materially to These events and financial and those cause differ performance statements relating our plans, projections discuss performance future statements subject not and Forward-looking future to our forward-looking objectives, uncertainties projected. to position, and results risks that

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

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

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

income. non-GAAP based $XXX versus income, earnings of million GAAP the million grew XX% the XX%, our excuse net and revenue management Year-to-date by based Let's million translated by year start -- and GAAP period. XXXX, $X.XX with $XXX fee-related This on our advisory of $XXX the third adjusted prior EPS on quarter $X.XX fiscal of through of net into highlights. while fee of grew EPS me,

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

Erik Hirsch

Thank good you, John, everyone. morning, and

one, for recipe there talking believe Lane, level culture. singular, Another a culture results, spend firms talk have talk having the don't have very work culture. lot to at Hamilton maintaining for believe be firm. on takes At essential set believe real a successful a either about. the of be Because don't or clear, culture and But about focus is worth to a we us. I find culture strong success. believe cover never it we I moment every I'm and isn't we do a creating one we creating do we to that But before To quarter firm. is about nor that culture that a going Why?

by So Place it award's consecutive that, creation the is Lane private XXXX. achieve Money pleased for in this to the of and markets firms culture Hamilton Management affirming Work Best I a to Investments that has share to once recognized when as is been Pension XXth am the honored. receive & firm has year. X in only to since of The honor distinction. all only recognized been the firm in Notably, year every X again, special

be partner our assets Attracting their our do. associate One, they why are clients can our proud So reasons. business. call to and with you to with work essential our who love I Two organization shareholder, They retaining Two, ask talent is people. as and an a care? what to to care. people do they want

day globe. footprint who extremely continue all proud to serving thankful to attract and build us work and firm. our expand Hamilton our awards and tremendous the Laners around clients for and the culture every top a are Our help Juan and geographic like continuing I this come talent to

prior growth footprint. up funds a our results at $XX billion on addition with AUM solutions the now XX% result and from a and stood year of came year-over-year, quarter market compared I'll period. asset and value total and billion X% our move mandates. start or growth footprint or to at end to of at $XXX to both accounts. separate back-office quarter, technology of stood $XXX billion X% billion grew year-over-year. increase The variety AUA customized from This the the and our was Let's the specialized $XX and represents primarily

our fund existing Turning lines growth, ones. largely now are specialized produced we adding where of to fee-earning new AUM. another strong platform, driven product expanding quarter We by and

Our AUM prior the billion $X.X approximately to or XX% billion $XX at year relative stood total fee-earning and period. grew

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

of growth of fee shift AUM specialized be rate Evergreen where Today, was blended the it Considering excluding blended Our to base, over from retro very basis continues our the remains at funds, significant. XXXX, the XX XX installed fees. in we points, the went size from we fee this fee believe our impressive. When stands fee-earning impact benefit public points. products, basis towards most movement notably higher rate to

stood to year-over-year. X% earning and $XX.X Turning accounts. billion at separate here customized Fee AUM grew

including last and from exposure specialized and that are therefore, growth in co-investments mentioned continue in several is there. across location. quarter, We accounts. is obtained clients namely exposure, as coming our the see we type, geographic But clients secondaries funds, size instances increasingly transaction their via our captured mandate, and AUM separate And to

that account not within capital LPs the again, For within clients, example, of with in all raised, specialized funds, our and capital SMAs. clients most those XX% the captured of recent separate secondary fund, of XX% represented were

where momentum to Let's AUM $XX.X continues fee-earning to At strong. stood specialized funds now end, our billion. move quarter be at here

market, the we XX% This and robust representing funds and Over end, billion, prior alongside and quarter in to fund transactions. post of additional Evergreen of activity with increase quarter equity positive activity from I'll closes institutional our achieved our investment and inflows closed-end expansion managers growth begin is net which the XX fund, year the months, equity of fund for opportunities platform. Starting continued with past fundraising sixth that during an our relative $X period. stemmed our co-invest

quick update, arrangements the a Equity already our are the brought in of fee As and fees either expect overall raised carried which fifth lower $X.X prior net billion. held carried is being for the on over to in XX.X%. less X higher carried the capital over generate strategy. in fund, rate nearly Since to interest fund to in similar of the of economic additional LP an closes have for Opportunities we've From of capital this investors again, with $XXX last approximately assuming of management prior amount this than the difference $X.X interest fee rate committed standpoint, X from fund, reminder, for the a closed management invested fund which commitments, at interest its higher fund track we market. Similar or total this where has XX% based a is the offset Fund paid fund raise than billion, our in totaled life half year million more December record XXXX of a that for X with

Of in committed committed close, the based XX% This the For total the to raised the XX% funds on million net invested. XX% approximately in on resulted mix on dollars XX% capital uncommitted more first $X.X XX% since XX% net on and brings billion at context, $XXX the came capital invested on of and prior raised capital. invested. raised and net date

as days is we for the relatively from still early that on that and few this is We've deals to Given opportunities continue so far it invest fees management we will expect of robust. fund fund. pipeline increase closed fund, the a this

on infrastructure around Moving management for direct and and the refresher, this and generates Quick space product. our equity in centers second the a net strategy infrastructure basis. real to invested now secondaries fees assets product

inaugural $XXX up XXXX. Coming in fund. of date, the to look $XXX raised in million and wrap XXXX, and Through and January we to Our now alongside to Evergreen raised million fund fundraising retail now nearly in year alongside calendar nearly the investor our will we've funds. fund commitments

infrastructure grown in the As calendar billion, as strong of for across total nearly the XX, our million existing XX% XXXX. our net averaged $X.X XXXX, calendar stood XXXX. fourth remain Monthly having quarter nearly with we offerings, for the quarter newest offerings, including $XXX flows December -- platform nearly AUM of X at fourth

efforts. through nearly flows these in net For of market, our products for XX% demonstrates growing to inflows This inflows calendar for achieved monthly you monthly XXXX, XXXX. we infrastructure $XXX exclude when year in net the our strong from products, impact average ability calendar existing of expansion continue nearly distribution million and of continued million nearly represents versus performance the and $XXX X platforms net our growth monthly

to where This should As no this this management seasonality, simple varied sector in focuses on are quarterly causing think continues be won't portfolio platform year-over-year over or play calendar little all all mature, say than that forces, monthly heard different the attention to and I growth our here, expect and linear be business, that growth institutional you've growth to is month-to-month. over variability. a rebalancing overall model. and us Market we pays

grew to a net XXXX, is and capable stemming what creating of all on performance. XX%. are substantially management to from platform doing. our that combination and new XXXX, XX%, XXXX For creating base, growth, a exactly watching XXXX from each Again, retail, grew total substantial is clearly is larger flows we remains annualized focus AUM Evergreen net From while that of we despite the flows month,

technology Now a our quick update partnerships. on

with expertise the we of low traditional tap opportunity private Hamilton liquidity markets. funds. investment partnership Republic's blockchain private and enable to increased investors, leading potential the providing to private XX market investors individual out minimums digital in Lane's seek us solution solutions this serving market Republic, offer sometime long-standing this market a to intend will for and into aligned with January partnerships to now first a scale partnership, investment cover leading continue announced financials. platform to We pass leading the for assets. half that, the call offering to we mission expertise, retail with new access I'll this featuring is the who of with technology first Through markets will platform, who expected to the and year. And Jeff, in compared digital year, individual launch our On and global the for companies are investors with private greater

Jeffrey Armbrister

XXXX, you, Year-to-date, fiscal prior advisory good XX% Erik, for the fees growth management with and our morning, in period. achieved strong year business versus Thank and up we've everyone.

to same that secondary $XX.X compared the our recent revenue fund This closes billion AUM were from Our by in raised last secondary final XX% increase platform or the specialized $XX.X primarily period. year the increased prior primarily fund billion by stemming our period. prior $X versus in in fee-earning held and of latest funds driven million $X.X fiscal a over from to Evergreen our that most million, XX year the fees the year $XX.X fund months. Retro for close million was

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

For now that be fees the driver direct fiscal current equity of our secondary finished year XXXX, our the fundraising. of funding primary market has retro will quarterly remainder fund

latest comparison XXXX of and the largest generated going and fund in funds on fundraise is specialized retro some have of institutional during This year-over-year Our fees revenue represented first largest the thus growth quarter XXXX. secondary year our our history fiscal expected the forward. to impact amount fiscal

existing increased increased customized from period clients million the by to due and activity. to prior Revenue accounts. the offerings to continued Revenue our prior $X.X monitoring, $X.X period. addition investment on year X% to reporting, the separate year compared million and of accounts, analytics data new or compared re-ups from Moving

Year-to-date, the Lastly, to fees. up our incentive is component fees the are XXX% prior incentive of $XXX final and relative million year totaled period. revenue

fees secondary we the the portfolio both During result secondary was market we participant the monetizing related generated that management strong and our buy sell portion of a are as portfolio and our funds an quarter, active of incentive the side. to the on in

The unrealized recognized the year fees now of billion. last turn to balance stands the $XXX.X prior period, incentive while is up carry from having $X.X approximately XX balance XX% carry at now our Let's during million unrealized balance. months. The

year can prior $XX.X by increased fee-related increased expenses and compared primarily prior primarily our prior wirehouses Total associated and expense increased earnings, $XX.X other calls. commissions an and million savings year-to-date driven as we increase the expenses, where thing product headcount, came Total period. XX%. being compensation million period, by and in revenue-related up $XX.X indicator for including with at business year-to-date on on discipline $XX.X the with we we've or of parts FRE have expenses. the million FRE incentive are margin be with a this period is to third-party successfully revenue-related to higher come, of to were related fee-earning year year also million earlier. continue XXXX the while relative that discussed equity-based and of our at we result which good growth Evergreen G&A cost offered relative compensation to the overall FRE, offset growth a seeing benefits in prior management the compensation by U.S. AUM XX%. the to margin increased discussed Moving fee quarter expense came expenses, compensation. G&A with discretion. Fee-related And in driven to Fiscal

and expense compensation of results, in years. flowing As the next last incremental certain we've expect an our associated awards. to quarterly of through this on full that our through that increase equity-based performance call, we quarter's The continue mentioned expect granting with X that we is expense is impact

remains Our line growth also overall some investing on wrap our continue and initiatives manage with and while management balance our in expenses We firm healthy philosophy aim of now commentary in with profitability fee sheet. growth unchanged. profitability. I'll up to maintaining growth supporting

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

we the and continue firm. With growth, strong our capital for in our to long open alongside levered, of the continue balance be for evaluate we modestly important these we questions. growth invest utilizing continued will term, our now sheet clients. In support up to that, an sheet liabilities, as we'll we'll to regard to component continued call our continue Over investments view the our of balance and

Operator

Instructions] comes JPMorgan. first from question [Operator Worthington at Ken The

Kenneth Worthington

into and Evergreen customers. further SMA greater dig to by product wanted of the I adoption fund your

or other? higher one the there for higher something generally are clients So when transition are that's Or this breadth on maybe first, given price features? the Is portion? the they the funds what are to sort And is simple to product driving the else side, from funds? these is the willing getting from Evergreen one and pricing to it Or migrating as fees other? SMA they pay of structure structure

Erik Hirsch

It's Thanks, Eric. Ken.

Let me take that in pieces.

of specialized co-investing exposure, I the have an some of increased think well. of I simple driving think that's part wanting as and first SMAs fund to as the awareness done to what's benefits secondaries

do for fee fee can from portion have You you us a experience. mitigator, the that term IRR a secondary see market lead that leading to capital are we're great the And in GP selection great co-investment a co-investing is solution longer it's J-curve because showing it's that co-investment investors fee so early positive just a on pay early diversifier, our similar. Again, coming fund to of that we who's fee current they transaction. the a free to exchange the more willing volume less is providing that huge more

the a also and the customer cost diversification customer. benefit to again, So driver. benefit the to the That's

a it's Evergreen, institutional that over we going as will time. In that we're tool early, think that on see but expect to adoption investors fully utilize should terms of I institutional

valuation value people more dates. frequent Some will the

mechanisms. the value liquidity will people Some

value occurring those of people that's in type will the investing vehicles. Some

are so time, that they all But today, think I no compression it's to we're going the paying likely we rational we're space. that here, rate. higher And understand see not and fee over in Evergreen a

impact the the and quickly be We will. certainly scale massive. volume sitting I is of How of think that's out the of to business that occurs sort in public But sort simple different. is what's We've seen will determined. and no there -- that be equity ours that's that and markets, all

more a what's this the choice if certainly think even sort institutional both the And think from to comes as slightly and large end, very we'll but about That's time fee I retail And reduced here. matures. thinking we're so offering rate, customer customer key think the of at is sector whole our that I over I scale happening. watch

Operator

The at next Sachs. question comes Alex Goldman Blostein from

Alexander Blostein

the were then on gross you really with you when seen hoping sales the was possible between channels where dynamics months wealth the guys seen Evergreen trends over down of and I it how and products product a dynamic gross dig I break do that redemptions? And more funds you can think evolving? guys in you we provided sales competing you gross firms well. update guess, We've couple in products in then last into of guys the aggressively, secondary the competitive other and envision the coming importantly, number helpful. and the most dynamic to about dedicated private equity have out Is the as

like evolve? you little competitive how large, feels getting the it So it's that more that definitely is curious set I see a crowded. but TAM understand

Erik Hirsch

to happy that. so take Erik, Alex. Sure,

question no and whole products shelf firms choice focus that and franchises eager to of all absolutely area today. a there's launching is the I are of think that on more this multitude products are there's the for so launch

what it think, going is successful. to for not that So means unexpected. I does everyone think be mean? us, I uniformly don't that

brand, I going some we head are. all see start, dynamics about of feel positioned frankly, good of about We the forward, changes And matter think we're at that coming. see for better how we some even we the scale, where look as feel immensely. technology we inevitable we

partnerships, go. tokenization the time amount of retail think different some I we think, of a spent see strategic a effort where foreshadowing we talking be should movement sort of about of beginning I to and the and

offers view retail And cheaper, faster, sort cetera. that. world going is Our token et that the think really are to easier, investors we simple, want of blockchain

going we're whole But establishing We're those education that so a prepared we're fully locking so lot at be of nipping platform compete. today, there's the us people. strategic already of to of here, puts billion relationships, We a done. that. it's But competitive. think a ahead sort to $XX to expect a playing in fact partnerships and lot And race we of again, long be

compete. hearing don't But all sober to to us expect be think going frankly, have and to we're others -- that not or, that is of sort work this are I going we're We from harder. just that you're easy to

So sort that's what that. about say I of would

for and All today of first question, of management, on terms will reported that, I myself In numbers net. are solely we the the inflows. tell you that the part we focus net

minor we of totality redemptions We seen some have the -- the are across platform.

totally success. of the think you be One, sort your a to it expected. call. in I of I alluded can be that's victim to own

strong really have vehicle the who had want So harvest now years, if and ago long exposure, time back a entered might have X-plus for to that like we sort clients swell you've seen performance of trim rebalance. that last some value gain, significantly

think of clients part I do vehicles the of allows is to beauty these that. it

trying to focus And of try big mistake. trend performance line, some any extrapolate relative month that's month on to to so one I think of any point in out flow look at my or single and a

aperture I look looking not managing and line, trend in about of a at think the to how and at people month-to-month. business. to wider happening the a business need what's sort of at sort much And think we're what's how we're certainly that's this happening on

Operator

from next [Operator Cyprys is Morgan Stanley. Michael Instructions] at question The

Michael Cyprys

year-on-year. guys continue commission up to put third-party expansion been to navigate with able fund So also yet notable you margin the complex, expenses strong you've nicely growth and across Evergreen the

taking or should out expansion as the Or that margins about there? next third-party about we expansion, absorbing expect on Hamilton should look it as a thinking So think And to the Lane, standpoint year as products? think Evergreen bit FRE more profile it more broadly, be some to we maybe able we expense How trend continued margin X? incremental efficiency you we from more the commission to the should we could costs Is is from the that over here? how stability? of margin the for drive about an you're talk little well, steps

Erik Hirsch

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

stability. I more think it's

I think you to of alluded sort it.

very definitely flows that wires accretive. a that, margin, the us good with fact here holding that. first a noteworthy. I on are very, to job think that I growth we're given margin year, we're Team lot not the coming is fact The think, has that done from the in of seeing, fund that growth and

we've One, benefit really I think technology we're and lot balance of partnerships, of capital sheet successfully very seeing invested X a cost benefits. the that. into reaping we're

So that management or whether or being faster, done historically systems, tasks from by increasingly have done tasks by that's would data been more benefiting efficiently people, technology. are analytic those we data ingestion

to of again, management. expect The relationships, And the and vendor scale second reexamining to the some a to good at sort insurance, you gain efficiency. mature, just that team thing the cost showing and is also would doing we're things for as ways as business that all kudos look maturing financial continues business to

fees. the combo of think of sort I on that rising and to able so seeing we've kind is been And the commission of been what has being offset able

Operator

[Operator Instructions] at Next question Fargo. comes from Wells Mike Brown

Michael Brown

comments you back a of and think Wanted then maybe and into equity-based here about expect a next should little just year-over-year? What's of -- back terms that this year-over-year to what from year for outstanding, the And back bit? on shares on the your well? half just when circle on Can clarify that as we the could on also, maybe of a growth the comp. we any basis in traject how kind view year

Jeffrey Armbrister

this Yes, is Mike, Jeff.

as year. we about a Just $XX at per of million we've expense, the equity-based on to mentioned run expect that on rate prior comp calls, be

impacting the the is million $X fully that you quarter. expense quarter that had a first This that's the increase quarter about in and

X, we're where year impact x million on X about equity-based coming that's the So up $XX with XX, per the comp.

Erik Hirsch

pieces as reminder, just, of X so Mike, comp. equity a Erik, And you've got it's

sort You more a you had co-CEOs in that taking was done then recent the new XXXX. of over employees an award in the of a to award to And variety done role. had X

Board very targets. Our we what is set aggressive stock think

$XXX target -- And $XXX, both $XXX target there at sort X was in One it those the sub awards, share. was was time of for were of a range. the at $XX If at last was stock then you the where about the think a was one triggers. of share, a share and

the shareholders, with team with aligning increasing value and on incentives and management think a go-get that. big shareholder for I significant So alignment

crossed shares over needed year. were met. we that's clause not been both XX-day and years point, the sort x a The was are Jeff's be both because hands also number average of $XXX They $XXX of has has a in this there. service, mark volume-weighted there that to not of Again, kind of to a price. So employees' so which and

a continue there. on a to of tool of $XXX retention very think have was we share. I that And to target, good So last the that sort owners part focused continuing be which the are of

Michael Brown

just Erik, to equity-based clarify maybe Is of Or can the kind at? comp? of on all-in incremental is that you that where kind an million an incremental $XX running were number? you

Erik Hirsch

think I seen Well, said was, in Jeff you've amount what X full the quarter.

what And will the quarter this amount so future you years. quarters, saw that be to in current X in -- similar will see that you

Michael Brown

Okay.

Okay. that internally changing of look lenses, course, but at you, Is way is perhaps ever or the it about there any something under both discussion [indiscernible]. of kind that

Erik Hirsch

deal [indiscernible] that. quarter It's over to kind and are of beginning this with crossed

on feedback certainly find we what be think most and and shareholders helpful. would to we analysts beneficial welcome So

Operator

Hall KBW. Aidan from comes question next at The

Unknown Analyst

defending technology Maybe to a you have the that with comp, kind changes? guys like just to margin comp, of ramp of excluding think is of your and of rate more base that run Are manual just nice recently I in utilizing the comp on implemented equity-based the those heard the incentive changes is but this not comp that comments about Or kind compensation. like base the of change the fair equity-based right kind tasks extrapolation and some of fee-related historically of the about there firm, to kind see level the from like over quarter-over-quarter? way kind at here? the

Erik Hirsch

Sure. It's Eric.

a here. couple I pieces of think there's

-- had protection. benefit of have the sort standpoint, business. an targets. margin through reaching more of flowing equity piece those been the from been focused on year the there's we of think comp I employee certainly We this incentive incentive Obviously, obviously,

having So employees. at about which result, end of comp and [indiscernible] perspective we're retained sure in multi-lever sort a the and times is pulling make as at different that we're I management, achieving to think, happy thinking looking

And it's levers we having sort can that goal. luxury that so the multiple achieve hands have in -- to of our adjust of ultimate we

this comp. to carried That of So I and years that the ratio That necessarily sort years stayed of exception flow-through and with years. all employees. the wouldn't of about portion so XX% of the has extrapolate of seeing of flowing basically out, static or for interest

can So extrapolate. you that part,

the year-to-year. decision can what Our we vary do around with pool bonus

that one say, a not is have now that well, sort I so formula. some one would I And of

what can is remained we've been very that has steady and prior as well. frankly, you looked since had think comp years I at total look back the you very, if that to ratio public

Operator

Goldman from a question follow-up is Alex next The at Blostein Sachs.

Alexander Blostein

firms is margin total improve? in actually to, second the lot that my operating going of years that room around trying about have incentive kind some about subsidize of these Erik, ultimately sort you income equity-based to is about across of what we a of to trying and is you business guys think to given with comp, there like manage you're get it is, total day, And geography, operating ecom. income as Or of be and of case, at operating the the could compensation total that in opposed should well? the to I'm it's I the all as be FR answered guess for end to included however thinking of to the dynamic and quarters margin thinking FRE I margin fair income this you're margin they do if we what it. part to of question. fungible especially should about? where But compensation people play the think that's ultimately stability when But margin, kind with But

Erik Hirsch

still. Erik, the it's for Alex, thanks follow-up, So

is think period, think a over it's don't think whether also to operating time picture, sort margin certainly margin And changing. think us I sort of for right continue margin. that we have I public. in I or since it dynamic FRE expansion. is the think operating I I if longer-term of pull that I in some see But to going from about that to terms stability big longer have levers way the of macro had to of mean margin amount about

management a and we're kind certainly quotes around increase margin, base of the the that I is equity-based flows here storm by today, and that platforms. time. The on kind think, comp will to think weathering change not kind being of, from of the expense of all I use where through back of here it years will are of installed eye a wire I'll sort the push that. sort in of But goes to meaningful of in so of good as for bit relative a air coming dramatic business say those be over stable as that job the to with in and continue the us earlier of dynamic to commissions amount

So very of commission the kind time. for still the of over business the reduce the in of early We're will impact totality innings this.

didn't way, not that's I probably over first-class get a equity it But that a forever would a as well. be unrealistic. comp we impact that's problem. as Now think think the again, if And is issue. I great time, But thing the reduce by bigger, just bigger, bigger,

both moment sitting And those of with dealing in simultaneously. here so again, we're a time with sort of of

Operator

for call Hirsch Erik questions. closing will are There over back further the no turn comments. I to

Erik Hirsch

When time. appreciate front of of effort. higher back exciting, I'll building quarter. think today. matters. the than open appreciate the We team. the growth People is for think proud Juan I We a never positions, thanks to applying look thought extremely what of people number of is I be part I I started, it your are culture we're a We're opportunity. at for it's want for the the work, special. where go the that. is here We reiterate. what thrilled and today. firm of terrific have this hard with support, we We and in call lot been We us And to

Operator

your and Ladies concludes you please we We thank participating, for disconnect that gentlemen, your Goodbye. and this today. conference lines. for you ask

Hamilton Lane (HLNE) 4 Feb 252025 Q3 Earnings call transcript