Hamilton Lane Model Update

Research evidence excerpt

Hamilton Lane Model Update

J P M O R G A N North America Equity Research

17 May 2026

Hamilton Lane Overweight

HLNE, HLNE US

Model Update Price (15 May 26):$85.16

▼Price Target (Dec-26):$148.00

Prior (Dec-26):$166.00

We are marking our model ahead of Hamilton Lane’s C1Q26 earnings release. We

upgraded HLNE from Neutral to Overweight in April as part of our broader Brokers, Asset Managers &

ExchangesAlternative and Traditional Asset Managers positioning piece. More details can be

found at the linked research. Highlights include 1) HLNE’s flagship Secondary Kenneth B. Worthington, CFA AC

Fund is back in market. 2) Non-Fee Paying AUM already raised is becoming Fee- (1-212) 622-6613

kenneth.b.worthington@jpmorgan.com

Paying. 3) Infra Wealth is performing well and is at the $1bn threshold. 4) Investor

positioning and valuation support our recommendation. Michael Cho

(1-212) 622-3619

• Reflecting broader market volatility in the equity in income of investees michael.cho@jpmchase.com

line item. Hamilton Lane’s equity in income of investees below the line item Alexander Bernstein

reflect’s HLNE’s investments in its own funds as well as in various technology (1-212) 622 0369

alexander.x.bernstein@jpmorgan.com

opportunities. As of C4Q25 reporting, HLNE had $529mm in investments in

Madeline Daleiden

own funds, $426mm in consolidated funds and partnerships, and $215mm in

(1-212) 622-4911

technology related investments. We understand that this item hits the P&L on madeline.daleiden@jpmchase.com

a one quarter lag. For the impact of marks on HLNE’s investments in its own J.P. Morgan Securities LLC

funds, we reference the MSCI World Index. C1Q26 P&L impact should

therefore relate to C4Q25 returns, a period during which the index returned

2.87%.