Hamilton Lane announces fund closure after target reached

Private markets investment specialist, Hamilton Lane, has announced the closure of its Venture Access Fund (VAF) after it received 23 per cent more in commitments over its $500 million target.

With a total of $613.5 million committed, the fund hosts a venture portfolio of strong performing, oversubscribed funds and companies featuring a variety of primary and secondary transactions that intends to “accelerate capital back to investors and mitigate the J-curve, providing Limited Partners with a fee-efficient, best-in-class venture capital (VC) solution”.

The fund leverages Hamilton Lane’s expertise in venture and growth equity, with close to $117 billion in assets under management (AUM) and assets under administration (AUA), and is the manager’s first globally distributed venture product.

“We are thrilled to announce the final close of the inaugural Venture Access Fund, which surpassed our target fund size despite the difficult fundraising environment,” Miguel Luina, Co-Head of Venture and Growth Equity at Hamilton Lane, said.

“This achievement is a testament to the confidence our clients and investors have in our ability to access premier venture opportunities and navigate a dynamic market.

“VAF represents a unique opportunity for investors to gain exposure to what we believe to be best-in-class venture capital managers, breakout companies, well-priced secondaries and high-potential co-investments.

“Our institutional approach to portfolio construction and strong relationships aimed to deliver a high-quality experience to investors of all types.”

Hamilton Lane said the fundraise for VAF was primarily focused around a select group of investors, including public and corporate pension funds, financial institutions, Taft-Hartley plans, family offices and foundations and endowments.

“For those with scale, expertise and strong relationships, the current VC market presents compelling opportunities, driven by active company formation and rapid value creation from AI and other disruptive technologies, and lower overall capital availability,” Matt Pellini, Co-Head of Venture and Growth Equity at Hamilton Lane, said.

“Specifically, the opportunity set within the secondary market is robust, as the trend of companies staying private longer persists, causing existing shareholders to seek alternative methods of liquidity.”